Karachi, January 17, 2024 – Pakistan has taken a significant step to boost its economy by announcing a tax amnesty for certain foreign currency transactions during the tax year 2024.
KARACHI: Pakistan has withdrawn tax amnesties for industrial promotion through Finance Act, 2022 by making certain amendments to the Income Tax Ordinance, 2001, READ MORE: Pakistan expands tax exemptions under foreign treaties Analysts at PwC A. F. Ferguson & Co. explained amendments made through Finance Act, 2022 to Sections 59C, Section 65H and Section 100F […]
ISLAMABAD: The Federal Board of Revenue (FBR) has explained tax amnesty granted on equity investment for already existing or new industrial under taking. The government has granted immunity from questioning of source of funds through Income Tax (Amendment) Ordinance, 2022. A new section 100F has been inserted to the Income Tax Ordinance, 2001 to give […]
ISLAMABAD: The federal government on Thursday launched a tax amnesty scheme for setting up new industrial units. The amnesty scheme has been introduced through a presidential ordinance. Under the amnesty scheme, the Federal Board of Revenue (FBR) will not ask the source of funds to be utilized for setting up the new industrial undertaking. However, […]
ISLAMABAD: Federal Board of Revenue (FBR) on Friday notified changes made through presidential ordinance to tax amnesty scheme available to developers and builders. The Presidential Ordinance has been promulgated on January 19, 2021, which is called as the Income Tax (Amendment) Ordinance, 2021 and it has been enforced from January 01, 2021. Through the ordinance […]
ISLAMABAD – A tax amnesty providing relief on undeclared money to builders and developers for new housing projects is set to expire on December 31, 2020.
KARACHI: The government has announced an amnesty scheme for investors in order to boost housing/construction activities in the country at a faster pace. Under this package sources of investment made to a housing project may not be asked if the investment made through a valid bank account by December 31, 2020 and projected identified for […]
ISLAMABAD: Senate of Pakistan has recommended that tax amnesty i.e. immunity from explaining source of income for builders and developers should be extended up to June 30, 2021. The investment in the construction sector have been granted immunity from Section 111 of Income Tax Ordinance, 2001 and investor as an individual is required to open […]
ISLAMABAD: The government has given an amnesty to illicit money in case of investment made into to construction industry as no question of money to be asked under Income Tax Ordinance, 2001. Federal Board of Revenue (FBR) on Monday issued the Tax Laws (Amendment) Ordinance No.1 of 2020 after the approval from the president. The […]
KARACHI: Federal Board of Revenue (FBR) to offer many incents through amendment to income tax law in order to comply with the announcement of the prime minister to grant tax amnesty to construction sector. According to highlights released by Arif Habib Limited, the following incentives to be offered by the FBR: 1. Special tax provisions […]