Tax on deemed income arising from capital assets in Pakistan

Jul 8

Budget 2022-2023, Taxation

Tax on deemed income arising from capital assets in Pakistan

KARACHI: A resident person, who owns capital assets in Pakistan, will be taxed on deemed income arising from capital assets for tax year 2022. An important amendment has been made part of the Income Tax Ordinance, 2001 through Finance Act, 2022. Experts at PwC A. F. Ferguson & Co. explained this provision of the ordinance […]

by Faisal Shah

Apr 25

FPCCI demands reducing income tax slabs to five

KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Monday urged the government to reduce income tax slab to 5 – 7 from 11 slabs. FPCCI President Irfan Iqbal Sheikh proposed the simplification of personal income tax slabs down to 5 – 7 from the current 11 slabs. Interestingly, IMF has also recommended […]

by Faisal Shah

Budget salient features related to Income Tax

Jun 12

Budget 2020-2021, Taxation

Budget salient features related to Income Tax

ISLAMABAD: Federal Board of Revenue (FBR) issued budget salient feature related to income tax presented through Finance Bill, 2020. INCOME TAX RELIEF MEASURES • Deletion of Withholding Taxes To augment efforts towards simplification of the withholding tax regime, the following withholding tax provisions are being deleted: Section 236R: Collection of advance tax on education related […]

by Anjum Shah

Draft law for collecting income tax from small shopkeepers

Dec 7

Taxation

Draft law for collecting income tax from small shopkeepers

ISLAMABAD: Federal Board of Revenue (FBR) has drafted special procedure for collection of income tax from small shopkeepers. FBR sources said that an agreed mechanism between the FBR and small traders would be implemented from next week. They said that it would be another big achievement of the tax agency after convincing the banks for […]

by Anjum Shah

Income tax collection from doctors surges by 135pc; services sector contribution falls by 8.2pc

Nov 15

Exclusive, Taxation

Income tax collection from doctors surges by 135pc; services sector contribution falls by 8.2pc

ISLAMABAD: The income tax collection from doctors has witnessed unprecedented growth of 135 percent in fiscal year 2018/2019, according to official statistics of Federal Board of Revenue (FBR). The FBR revealed that the tax collection from doctors increased to Rs2.83 billion in fiscal year 2018/2019 as compared with Rs1.21 billion in the preceding fiscal year. […]

by Anjum Shah

Budget 2019/2020: Salient features of income tax

Jun 12

2019-2020, Budget, Taxation

Budget 2019/2020: Salient features of income tax

ISLAMABAD: The federal government has announced various revenue and relief measures in income tax regime in the budget 2019/2020. Following measures has been announced: Relief Measures Payment of refunds through promissory notes: Huge amounts claimed by taxpayers are stuck up in refunds causing a liquidity crunch for businesses. These refunds have accumulated over a long […]

by Anjum Shah

FBR unveils basic concepts of income tax

Mar 9

Taxation

FBR unveils basic concepts of income tax

KARACHI: Federal Board of Revenue (FBR) has pointed out basic concepts of income tax for persons intending to get registration and filing income tax returns. The FBR said that knowledge of basic concepts would not only ensure that the tasks are performed easily but also in the prescribed manner. Taxable Income Taxable Income means Total […]

by Faisal Shah

Finance Supplementary Bill: Major changes introduced to income tax

Jan 24

Budget, Supplementary Budget 2019, Taxation

Finance Supplementary Bill: Major changes introduced to income tax

ISLAMABAD: Federal Board of Revenue (FBR) on Thursday issued salient features of changes brought into income tax regime through Finance Supplementary (Second Amendment) Bill, 2019, presented on January 23, 2019. The major changes introduced to tax laws are as follow: — Simplified scheme for small shopkeepers In order to broaden the tax base this provision […]

by Anjum Shah

Complete VAT system planned under medium term fiscal framework

Jan 13

Taxation

Complete VAT system planned under medium term fiscal framework

ISLAMABAD: The government has decided to eliminate special procedures and reduced rate taxation for moving towards complete Value Added Tax (VAT) regime under medium term fiscal framework, sources told PkRevenue.com. The sources said that the framework will envisage drastic reduction in tax expenditures by removing exemptions and excessive tax credits from incomes tax, sales tax and […]

by Anjum Shah