Pakistan Revenue
KARACHI: officials in the Federal Board of Revenue (FBR) have said that through Tax Laws (Second Amendment) Ordinance, 2021 various clauses of Second Schedule of Income Tax Ordinance, 2001 have been deleted that have allowed tax exemptions from total income.
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KARACHI: A minimum penalty of Rs10,000 has been fixed for defaulting withholding statement where no tax is required to be deposited. Official at the Federal Board of Revenue (FBR) said that the amendment has been brought into Section 182 of Income Tax Ordinance, 2001 through Tax Laws (Second Amendment) Ordinance, 2021. Chartered Accountants said that […]
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KARACHI: Penalty amount for late return filing has been reduced up to 75 percent in order to encourage people to make compliance of mandatory filing of declaration of income. Sources in the Federal Board of Revenue (FBR) said that the reduction in penalty amount has been made part of the Income Tax Ordinance, 2001 and […]
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KARACHI: The tax exemption regime transposed into tax credit regime and certain businesses have been allowed 100 percent tax credit with mandatory requirement of income tax return filing. Chartered Accountants at PwC A. F. Ferguson & Co. in a commentary on Tax Laws (Second Amendment) Ordinance, 2021 said that income / profits and gains of […]
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KARACHI: The immediate withdrawal of tax exemptions to certain business into tax credit regime may create complications for taxpayers in the income year.
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KARACHI: Federal Board of Revenue (FBR) has been urged to restore tax exemption for inter corporate dividends, which has been abolished through Tax Laws (Second Amendment) Ordinance, 2021.
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KARACHI: The federal government recently introduced amendments to Income Tax Ordinance, 2001 through a presidential ordinance namely Tax Laws (Second Amendment) Ordinance, 2021. According to a chartered accountant firms following are the key changes made through the Amendment Ordinance: (1) Exemption for inter corporate dividend for those group structures which are eligible for group relief […]
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ISLAMABAD: Federal Board of Revenue (FBR) has restricted the benefit of tax concession to 62 non-profit organizations (NPOs) under Tax Laws (Second Amendment) Ordinance, 2021.
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KARACHI: The apex trade body of the country has expressed reservations over withdrawal of tax exemptions ahead of federal budget 2021/2022 and said that it will adversely affect trade and industry. Mian Nasser Hyatt Maggo, President of Federation of Pakistan Chambers of Commerce and industry (FPCCI) in a statement on Sunday said that under the […]
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ISLAMABAD: The concessionary rate of tax allowed to exchange companies on cash withdrawal has been linked to active taxpayers list. The amendment has been brought through Tax Laws (Second Amendment) Ordinance, 2021, officials in Federal Board of Revenue (FBR) said. The rate of tax is 0.15 percent under section 231A on cash withdrawal by an […]
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