Karachi, November 11, 2023 – The fiscal landscape of Pakistan has witnessed a remarkable surge, with tax collection from profit on debt skyrocketing by an impressive 103 percent, propelled by the prevailing high-interest rates, according to an official report.
Karachi, August 3, 2023 – The Federal Board of Revenue (FBR) in Pakistan has issued an official notification revealing the tax rates on bank deposits and national savings schemes under Section 151 of the Income Tax Ordinance, 2001.
Section 28 of Income Tax Ordinance, 2001 has allowed expenses to taxpayers against profit on debt to the extent used in business purpose.
The Federal Board of Revenue (FBR) has introduced a pivotal addition to the Income Tax Ordinance, 2001, with the incorporation of Section 7B. This section specifically addresses the taxation of profit on debt derived by individuals or non-corporate entities.
ISLAMABAD: The Federal Board of Revenue (FBR) has said that interest income earned from investment in federal government securities will be taxed at the rate of 15 per cent under Final Tax Regime (FTR) with effect from July 01, 2021. In an explanation to Finance Act, 2021, the FBR said that interest income earned by […]
KARACHI: Withholding income tax collection from profit on bank deposits registered 11 percent growth to Rs54.55 billion during first nine months (July – March) 2020/2021, sources said on Monday. The collection of withholding tax from profit on bank deposits was Rs49 billion in the nine months of the last fiscal year, officials at Regional Tax […]
ISLAMABAD: Federal Board of Revenue (FBR) on Wednesday said that the general rate of tax is 15 percent on yield on investments. However, it is reduced at 10 percent where annual profit is below Rs500,000. The FBR issued Income Tax Circular No. 07 of 2020 to clarify tax rate under Section 151 of the Income […]
KARACHI: Federal Board of Revenue (FBR) has updated rate of tax on profit on debt applicable during tax year 2021 (July 01, 2020 to June 30, 2021). The FBR issued Income Tax Ordinance, 2001 (updated June 30, 2020) after incorporating amendments introduced through Finance Act, 2020. The FBR updated the rate of tax to be […]
KARACHI: Federal Board of Revenue (FBR) has updated tax rate for profit on debt to be applicable during tax year 2021 (July 01, 2020 – June 30, 2021). The FBR issued Income Tax Ordinance, 2001 (updated June 30, 2020) after incorporating amendments brought through Finance Act, 2020. The FBR updated following rate of tax on […]
ISLAMABAD: Federal Board of Revenue (FBR) to obtain information of deposits, payments and profit on debt of account holders from banking companies. According to news rules proposed through SRO 686(I)/2020 issued a day earlier, to be inserted into Income Tax Rules, 2020, the banks shall be required to furnish information in the manner as specified […]