ISLAMABAD: A charitable organization is entitled for 100 percent tax credit only on filing annual return of income for the tax year, according to Tax Laws (Second Amendment) Ordinance, 2021. Sources in Federal Board of Revenue (FBR) said that the exemption regime has been replaced with tax credit for charitable organizations. Through Tax Laws (Second […]

ISLAMABAD: Tax credit of 25 percent on capital investment on an industrial undertaking has been allowed under Tax Laws (Second Amendment) Ordinance, 2021. Sources in Federal Board of Revenue (FBR) said that a new Section 65G has been introduced to Income Tax Ordinance, 2001 through amended ordinance. According to the new section: “65G Tax credit […]

ISLAMABAD: The filing of income tax return is mandatory for persons engaged in exporting computer software to avail 100 percent tax credit. Sources in Federal Board of Revenue (FBR) on Saturday said that the exemptions for IT and IT enabled services had been withdrawn through Tax Laws (Second Amendment) Ordinance, 2021. However, a tax credit […]

ISLAMABAD: Tax credit available for establishing new industrial unit has been withdrawn through Tax Laws (Second Amendment) Ordinance, 2021. However, those units already availed the concession would remain eligible till the cutoff time. The Federal Board of Revenue (FBR) on Friday posted Tax Laws (Second Amendment) Ordinance, 2021 on its website. According to tax analysts […]

ISLAMABAD: The tax authorities have reduced penalty amount to half on making false or misleading statement under various sections of Income Tax Ordinance, 2001. Through Tax Laws (Second Amendment) Ordinance, 2021 promulgated a day earlier, the penal amount under Section 182 for misleading or false statement has been reduced to 50 percent from 100 percent […]