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 exemption from total income. Following are the clauses that have been deleted through Tax Laws (Second Amendment) Ordinance, 2021: […]

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 […]

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 […]

KARACHI:  The immediate withdrawal of tax exemptions to certain business into tax credit regime may create complications for taxpayers in the income year. In a commentary on Tax Laws (Second Amendment) Ordinance, 2021, chartered accountants at PwC A. F. Ferguson & Co. said since the amendment ordinance has been enforced with immediate effect, businesses which […]

KARACHI: Federal Board of Revenue (FBR) has been urged to restore tax exemption for inter corporate dividend, which has been abolished through Tax Laws (Second Amendment) Ordinance, 2021. PwC A. F. Ferguson & Co. Chartered Accountants in its commentary on the Tax Laws (Second Amendment) Ordinance, 2021, said that at present, inter corporate dividends are […]

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. 1. any Sports Board or institution recognised by the Federal Government for the purposes of promoting, controlling or regulating any sport or game 2. The Citizens Foundation. 3. Fund for […]

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 […]