Additional Tax on Windfall Income Becomes Act of Parliament
Islamabad, June 27, 2023 – The national assembly has passed the budget proposals, making the additional tax on windfall income a law, according to experts.
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Tag: income tax
Pakistan Imposes 10% Income Tax on Bonus Shares Issued by Companies
The government of Pakistan has introduced a new measure through the Finance Bill, 2023, which imposes a 10 percent income tax on the issuance of bonus shares by companies to their shareholders. This tax is implemented under a new section, 236Z, of the Income Tax Ordinance, 2001.
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Lahore High Court declares tax on deemed income as illegal
Lahore High Court has declared the imposition of income tax on ‘deemed rental income’ of properties as illegal.
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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 […]
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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 […]
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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 […]
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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 […]
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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. […]
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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 […]
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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 […]
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