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Pakistan Revenue

Tag: Tax Laws (Second Amendment) Ordinance 2019

Withholding agent condition withdrawn on individuals with turnover up to Rs100 million
Jan 3
Taxation

Withholding agent condition withdrawn on individuals with turnover up to Rs100 million

ISLAMABAD: Federal Board of Revenue (FBR) has withdrawn the condition on individuals to act as withholding agent in case the business turnover is up to Rs100 million. The government through Tax Laws (Second Amendment) Ordinance, 2019 introduced major change to Income Tax Ordinance, 2001. Under section 153 of the Ordinance, individuals having turnover of Rs50 […]

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Commissioner empowered to cancel business license
Jan 2
Taxation

Commissioner empowered to cancel business license

ISLAMABAD: The commissioner of Inland Revenue has been empowered to cancel business license of person on violation of tax laws. An amendment has been made to Section 181D of Income Tax Ordinance, 2001 through Tax Laws (Second Amendment) Ordinance, 2019 to empower commissioner to impose fine and penalty and cancel business license. Federal Board of […]

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Minimum rate reduced to 0.5%
Jan 2
Taxation

Minimum rate reduced to 0.5%

ISLAMABAD: The government has reduced the minimum tax rate to 0.5 percent from 1.5 percent for traders having turnover up to Rs100 million. Federal Board of Revenue (FBR) issued salient features to explain changes made to Income Tax Ordinance, 2001 through Tax Laws (Second Amendment) Ordinance, 2001. The FBR said that the standard rate of […]

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Exemption in import certificates facilitates manufacturers
Jan 2
Taxation

Exemption in import certificates facilitates manufacturers

ISLAMABAD: The government has facilitated manufacturers in obtaining exemption certificates for import of raw material. The Federal Board of Revenue (FBR) issued salient features to explain amendments to Income Tax Ordinance, 2001 brought through Tax Laws (Second Amendment) Ordinance, 2019. A major change was introduced under which a manufacturer applies for exemption certificates to the […]

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Tax Amendment Ordinance: exemption, incentives announced for foreign investment in debt securities
Jan 2
Taxation

Tax Amendment Ordinance: exemption, incentives announced for foreign investment in debt securities

ISLAMABAD: The government has announced a comprehensive package of tax incentive and exemptions to attract foreign investment into debt securities. The Federal Board of Revenue (FBR) issued salient features on Wednesday to explain amendments to Income Tax Ordinance, 2001 brought through Tax Laws (Second Amendment) Ordinance, 2019. The FBR said that the existing foreign exchange […]

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Tax Amendment Ordinance: consumer goods to be confiscated on failure to print retail price
Jan 2
Taxation

Tax Amendment Ordinance: consumer goods to be confiscated on failure to print retail price

ISLAMABAD: Tax officials have been empowered to confiscate goods where importer / manufacturer failed to mandatory print the retail price on consumer goods. The government introduced Tax Laws (Second Amendment) Ordinance, 2019 on Wednesday through promulgated through presidential ordinance. Federal Board of Revenue (FBR) issued salient features of the ordinance and stated that penalty had […]

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