TAX YEAR 2021: minimum tax rates

ISLAMABAD: Federal Board of Revenue (FBR) has updated rates of minimum tax to be applicable during tax year 2021 (July 01, 2020 – June 30, 2021). The FBR issued Income Tax Ordinance,... Read more »

Minimum tax to apply on non-resident PE companies

KARACHI: The minimum tax on turnover has been proposed to impose on non-resident companies having permanent establishment (PE) in Pakistan. The amendment in Section 113 of the Income Tax Ordinance, 2001 has... Read more »

General rate of minimum tax proposed at 0.5 percent

KARACHI: Federal Board of Revenue (FBR) has been proposed to reduce the general rate of minimum tax to 0.5 percent in the upcoming budget 2020/2021. In its proposals for budget 2020/2021, the... Read more »

Commercial importers, traders require filing annual returns, maintain complete record

KARACHI: Commercial importers and individual traders are required to file income tax return and maintain complete records of transactions, a tax analyst said. Read more »

Tax Amendment Ordinance: minimum rate reduced to 0.5%

ISLAMABAD: The government has reduced the minimum tax rate to 0.5 percent from 1.5 percent for traders having turnover up to Rs100 million. Read more »

PTBA recommends retaining alternative corporate tax or minimum tax

KARACHI: Pakistan Tax Bar Association (PTBA) has recommended the tax authorities to retain either Alternative Corporate Tax (ACT) or minimum tax, as existence of both regimes is inappropriate. Read more »

Income Tax Ordinance 2001: minimum tax on income of certain taxpayers

KARACHI: Federal Board of Revenue (FBR) has said that the minimum tax shall apply to income of certain taxpayers including individuals and corporate entities. Read more »

Salary tax slab of above Rs800,000 to pay Rs2,000 as minimum tax

ISLAMABAD: Federal Board of Revenue (FBR) has said that salary individuals having taxable income above Rs800,000 to Rs12,000 shall pay Rs2,000 as minimum tax for Tax Year 2019.     According to... Read more »