ISLAMABAD: Federal Board of Revenue (FBR) has reduced sales tax on imported mobile phones by 85 percent in order to promote digital economy in the country. The FBR has reduced sales tax on import of mobile phone valuing up to $100 from Rs1320 to Rs200. In an explanation to sales tax related amendments made through … Read more
KARACHI: The government has exempted capital gain tax up to 75 percent in case an immovable property sold by government employees of army personnel after completion of three years. According to BDO Audit Consultancy Firm, Clause (9A) of Part III of Second Schedule provides a 50 percent exemption on capital gain derived on first sale … Read more
KARACHI: The government has allowed 100 percent exemption on inter-corporate dividend to companies entitled to group relief. Analysts at Topline Securities on Tuesday said that as per the Tax Laws (Second Amendment) Ordinance 2019 issued on Dec 28th, the government has allowed 100% tax exemption on inter-corporate dividends, to companies entitled to group relief. To … Read more
KARACHI: Karachi Tax Bar Association (KTBA) on Monday urged Federal Board of Revenue (FBR) to issue necessary clarification related to issues in recently promulgated tax ordinance. The KTBA sent a letter to Syed Shabbar Zaidi, Chairman, FBR and pointed out anomalies in the Tax Laws (Second Amendment) Ordinance, 2019 for clarification. The KTBA highlighted that … Read more
KARACHI: The Director General of International Tax Operations has been empowered to select and conduct transfer pricing audit of cases under section 230E of Income Tax Ordinance 2001. Federal Board of Revenue (FBR) in explanation to Tax Laws (Second Amendment) Ordinance, 2019 said that previously, there was no provision which specified the procedure to be … Read more
KARACHI: Any misdeclaration or false declaration of baggage carrying by passengers or crew members shall be treated as smuggled goods and penalties will be applicable related to smuggled goods. According to Tax Laws (Second Amendment) Ordinance, 2019 through which amendments have been introduced to Customs Act, 1969. As per interpretation of PwC A F Ferguson … Read more
KARACHI: Federal Board of Revenue (FBR) has allowed tax concession to traders to bring them into tax net. The tax concessions have been granted through Tax Laws (Second Amendment) Ordinance, 2019. Tax experts at PwC A F Ferguson Chartered Accountants said that pursuant to the agreement between representatives of federal government and trade bodies on … Read more
ISLAMABAD: Financial Monitoring Unit (FMU) has been allowed to obtain information of taxpayers from tax authorities to check income tax returns and other declarations for money laundering and terror financing. The FMU has been granted access to taxpayers’ data through amendment introduced to Section 216 of the Income Tax Ordinance, 2001. The amendment has been … Read more
ISLAMABAD: Federal Board of Revenue (FBR) has been empowered to conclude cases which were automatic selected for audit. The recently promulgated Tax Laws (Second Amendment) Ordinance, 2019 empowered the FBR to issue procedure to conclude cases that were automatically selected for audit. In its commentary, PwC A F Ferguson Chartered Accountants said that through the … Read more
KARACHI: The government has announced massive tax relief to foreign investment in debt securities considering the attractive environment due to higher interest rate in the country. The foreign investment in domestic debt market including government securities including Market Treasury Bills and Pakistan Investment Bonds, is around $1.5 billion during first six month (July – December) … Read more