Sales tax on mobile phones reduced by 85% to promote digital economy: FBR

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. Read more »

Up to 75% capital gain tax exempt on immovable property sale

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. Read more »

100% tax exemption allowed on inter-corporate dividend

KARACHI: The government has allowed 100 percent exemption on inter-corporate dividend to companies entitled to group relief. Read more »

KTBA seeks FBR clarification on tax ordinance

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. Read more »

Procedure for conducting audit of transfer pricing cases unveiled

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. Read more »

Baggage false declaration to be treated as smuggled goods

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. Read more »

Traders given tax incentives

KARACHI: Federal Board of Revenue (FBR) has allowed tax concession to traders to bring them into tax net. Read more »

Taxpayers’ declarations to be checked for money laundering

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. Read more »

FBR empowered for closure of automatic audit selection

ISLAMABAD: Federal Board of Revenue (FBR) has been empowered to conclude cases which were automatic selected for audit. Read more »

Withholding agent condition withdrawn on individuals with turnover up to Rs100 million

ISLAMABAD: Federal Board of Revenue (FBR) has withdrawn the condition on individuals to act as withholding agent in case the business turnover is up to Rs100 million. Read more »

Exemption on electricity bills for commercial, industrial consumers withdrawn

ISLAMABAD: Federal Board of Revenue (FBR) has withdrawn the exemption of advance income tax on electricity bills to industrial and commercial consumers. Read more »