KARACHI: Tax practitioners have pointed out that banks are deducting withholding tax on proceeds from exports of computer software and IT enabled services, which are granted 100 per cent tax credit. Muhammad Zeeshan Merchant, President, Karachi Tax Bar Association (KTBA) in a letter to Asim Ahmed, Chairman, Federal Board of Revenue (FBR) sent on Wednesday […]
ISLAMABAD: The government has granted income tax credit for person who integrates the point of sales machine for real time reporting sales or receipt. According to budget 2021/2022 documents, amendment has been proposed to Income Tax Ordinance, 2001 through Finance Bill, 2021. A new section 64D has been proposed for the purpose, which states: “Tax […]
KARACHI: Federal Board of Revenue (FBR) has been urged to reintroduce income tax credit on registered sales in order to provide incentive to documentation of economy and increase the tax base. Karachi Tax Bar Association (KTBA) in its recommendations for budget 2021/2022 submitted to the FBR proposed the reintroduction of tax credit on registered sales. […]
ISLAMABAD: A tax credit granted to encourage companies for enlistment in stock exchange has been abolished through Tax Laws (Second Amendment) Ordinance, 2021. Sources in Federal Board of Revenue (FBR) said that Section 65C of the Income Tax Ordinance, 2001 has been abolished through Tax Laws (Second Amendment) Ordinance, 2021. They said that this concession […]
ISLAMABAD: Federal Board of Revenue (FBR) has proposed to withdraw tax credit available for establishment of new industrial establishment as the facility was misused by existing industrial units. The investors have tax credit under Section 65D of Income Tax Ordinance, 2001 for five years. However, many misuses of exemption/concession claims under section 65D of the […]
ISLAMABAD: The government likely to withdraw tax credit available to companies for enlistment in stock exchange. The withdrawal of tax credit is part of proposal to rationalize tax exemption regime in the country. The law to withdraw tax exemption and incentives may be introduced soon. The tax credit for enlistment is available under Section 65C […]
ISLAMABAD: Federal Board of Revenue (FBR) on Wednesday said there is proposal to widen the scope of tax concession to IT services and IT enabled services by allowing 100 percent income tax credit. A statement said that there is proposal to widen the scope of tax concessions available to income from the export of software, […]
KARACHI: Sindh Revenue Board (SRB) on Friday said that input tax credit for resident taxpayers receiving services from resident outside is available with certain condition. The provincial revenue body said that the SRB-registered service recipients who receive taxable services from a foreign service provider (not registered with SRB) shall be entitled to claim input tax […]
KARACHI: Federal Board of Revenue (FBR) has been proposed to restore tax credit to sales tax registered persons for documentation of the economy. In its tax proposals for budget 2019/2020, the Pakistan Tax Bar Association (PTBA) said that the provisions of this section were applicable in case of sales made to the sales tax registered […]
KARACHI: The tax authorities have allowed tax credit for an individual against investment made in shares and insurance. Federal Board of Revenue (FBR) recently updated Income Tax Ordinance, 2001 explaining the tax credit to individuals for investment in shares and insurance. Section 62: Tax credit for investment in shares and insurance Sub-Section (1): A resident […]