Pakistan Revenue
ISLAMABAD: Federal Board of Revenue (FBR) has withdrawn the condition on individuals to act as withholding agent in case the business turnover is up to Rs100 million.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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ISLAMABAD: Federal Board of Revenue (FBR) has withdrawn the exemption of advance income tax on electricity bills to industrial and commercial consumers. The exemption has been withdrawn through Tax Laws (Second Amendment) Ordinance, 2019. The FBR said that in terms of clause (66) of Part-IV of the Income Tax Ordinance, 2001 exemption from collection of […]
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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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KARACHI: State Bank of Pakistan (SBP) on Thursday said that the tax amendment for foreign investors to generate great interest in government securities. In a statement the central bank said that the tax amendments will help to deepen the capital market, generate greater interest in the longer-dated government securities, diversify the investor base, and reduce […]
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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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ISLAMABAD: In a significant move aimed at promoting digital accessibility and e-commerce in Pakistan, the government has reduced the advance tax on the import of mobile phones.
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ISLAMABAD: The government has facilitated manufacturers in obtaining exemption certificates for import of raw material.
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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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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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ISLAMABAD: The government has massively reduced sales tax on imported mobile phone valuing up to $100 to Rs200 from Rs1,320 through amendment to Sales Tax Act, 1990 through Tax Laws (Second Amendment) Ordinance, 2019. The FBR notified the revised rates of sales tax on imported mobile phones. The amendment has been made to Ninth Schedule […]
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