ISLAMABAD: Section 6 of Income Tax Ordinance, 2001 deals with tax chargeability on certain payments made to non-residents. The Federal Board of Revenue (FBR) issued the updated Income Tax Ordinance, 2001. The Ordinance incorporated amendments brought through Finance Act, 2021. Following is the text of Section 6 of Income Tax Ordinance, 2001: Section 6. Tax […]
ISLAMABAD: Federal Board of Revenue (FBR) on Tuesday said the amended income tax law attract 200 percent penalty amount of tax evaded in cases of undeclared offshore assets. The FBR issued income tax circular to explain the changes brought through Finance Act, 2019 regarding offshore assets and tax evasion. The FBR said that through the […]
ISLAMABAD: Persons having offshore undeclared assets in Panama and Paradise leaks can avail the latest Asset Declaration Scheme 2019, according to a presentation made by Federal Board of Revenue (FBR). According to the presentation made available to PkRevenue.com, Panama and Paradise leaks/offshore property holders can also avail the latest asset declaration scheme 2019, which is […]
ISLAMABAD: The government has proposed severe punishment for tax evasion through Finance Bill 2019. According to commentary on Finance Bill, 2019 by EY Ford Rhodes Chartered Accountants, the country in the recent past had witnessed a lot of hue and cry in respect of undeclared assets / wealth accumulated and held abroad by resident of […]
ISLAMABAD: Federal Board of Revenue (FBR) has established Directorate General of International Tax Operations to initiate legal proceedings in undeclared offshore assets by Pakistanis. The FBR issued notification to set up the directorate on March 29, 2019. The directorate will have head office in Islamabad and its subordinate offices will be at Lahore, Peshawar, Multan, […]
ISLAMABAD: The federal government has set up Directorate General of International Tax Operations for recovery of tax in undeclared off-shore assets and incomes. According to Finance Supplementary (Second Amendment) Act, 2019, the directorate has been established under new section 230E of Income Tax Ordinance, 2001. The new section is as follow: Section 230E: Directorate General […]
ISLAMABAD: Federal Board of Revenue (FBR) on Monday said that the proposals in the Finance Supplementary (Second Amendment) Bill, 2019 to further empower the revenue authority for tightening noose around undisclosed offshore assets. The FBR in a statement said that it enjoys powers to raise immediate demand and effect recovery on provisional basis in case […]