Disclosure of beneficial ownership by companies General: These notes represent our views and comments on the draft rules proposed to be inserted in the Income Tax... Updated 02 Mar, 2023 07:13am
Print ‘Advance to Deposit Ratio’: Higher rate of tax will not apply on banks for TY 2024 ISLAMABAD: The higher rate of tax for “Advance to Deposit Ratio” will not apply on banks for tax year 2024, ... Updated 01 Mar, 2023 09:05am
Print Debt and debt instruments: Profit on debt and capital gains given tax exemption ISLAMABAD: The Federal Board of Revenue (FBR) has exempted income tax on profit on debt and capital gains from debt... Updated 24 Feb, 2023 08:44am
Print Industries/sectors earning over Rs300m: SC directs payment of 4pc super tax within a week ISLAMABAD: The Supreme Court of Pakistan (SC) has directed the industries/sectors earning income above Rs300 ... Updated 24 Feb, 2023 08:50am
Business & Finance ‘Tax liability on estimations’: FTO asks FBR to revisit its order ISLAMABAD: While disposing of a complaint, the Federal Tax Ombudsman (FTO) has directed the Federal Board of Revenue... Updated 04 Feb, 2023 10:18am
Print Non-filers: Govt considering imposing WHT on banking transactions ISLAMABAD: The government is considering to impose withholding tax on banking transactions of non-filers of income... Updated 24 Jan, 2023 09:01am
Print Tax demand in respect of Q2 2022 advance tax: IHC sets aside order of DC IR Islamabad ISLAMABAD: The Islamabad High Court (IHC) set aside the order of Deputy Commissioner Inland Revenue, Islamabad... Updated 05 Jan, 2023 08:54am
Print KTBA not happy as FBR issues audit notices to taxpayers KARACHI: Federal Board of Revenue (FBR) has started issuing audit notices under section 177 of the Income Tax... Updated 02 Jan, 2023 08:44am
Print Super tax to be applicable in TY23 and onwards: SHC ISLAMABAD: The Sindh High Court (SHC) has held that super tax on high-earning persons will not be applicable for the... Updated 23 Dec, 2022 08:59am
Print Sec 7E of IT Ord: BHC issues notices to FBR ISLAMABAD: Balochistan High Court (BHC), Tuesday, issued notices to the Federal Board of Revenue (FBR) regarding the... Updated 21 Dec, 2022 09:59am
Pakistan ‘Politically-exposed’ persons facilitate smuggling: As yet no mechanism in place to effectively curb forex outflows LAHORE: Changes in law and tax provisions have failed to provide mechanism to control unauthorized foreign currency... Updated 17 Dec, 2022 01:07pm
Pakistan Money laundering, tax evasion: Rs0.5m fine imposed under AMLA-2010 and Rs0.1m under ITO-2001 ISLAMABAD: The government has imposed a fine of only Rs0.5 million under the Anti-Money Laundering Act 2010... Published 09 Dec, 2022 05:58am
Business & Finance Multiple audit notices to senior citizen: FTO directs FBR to revisit orders under IT Ord ISLAMABAD: The Federal Tax Ombudsman (FTO) has taken notice of the harsh treatment of the Federal Board of Revenue... Published 17 Sep, 2022 04:27am
Opinion Deemed rent–indeed, a bad law This is the second article on the subject. A concept of tax on deemed rent has been introduced by the Finance Act,... Published 14 Sep, 2022 04:45am
Business & Finance Advance tax on immovable property: FBR withdraws holding period exemption Sub-section (3) of section 236C of the Income Tax Ordinance, 2001 has been omitted Updated 10 Aug, 2022 09:37am
Pakistan DGIP will now report to FBR member ISLAMABAD: The Federal Board of Revenue (FBR) has directed the Directorate General of Immovable Property to now... Published 29 Jul, 2022 06:14am
Print Tax rate on income of banking firms enhanced Rises to 39% for tax year 2023 compared to 35% Updated 22 Jul, 2022 09:23am
Print Capital assets in Pakistan: Tax on ‘deemed income’ challenged in LHC LHC issues notice to Attorney General of Pakistan Updated 21 Jul, 2022 09:49am
Business & Finance Capital assets: Tax on deemed income applicable to TY22, onwards ISLAMABAD: The Finance Act 2022 has clarified that the tax on deemed income would be applicable for Tax Year 2022... Updated 02 Jul, 2022 12:12pm
Business & Finance FTO directs FBR to keep record of WWF refunds ISLAMABAD: The Federal Tax Ombudsman (FTO) has directed the Federal Board of Revenue (FBR) to maintain a separate... Published 08 Jun, 2022 06:19am
Business & Finance SECP proposes amendment to Section 100B of ITO ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has proposed measures to the Federal Board of... Published 03 Jun, 2022 06:26am
Print Banks: govt mulling raising super tax rate ISLAMABAD: The Federal Board of Revenue (FBR) will propose “Super Tax” on certain sectors having annual turnover... Updated 31 May, 2022 10:11am
Print E-notices given legal cover by FBR ISLAMABAD: The Federal Board of Revenue (FBR) has given legal cover to electronically-served notices in cases where... Updated 21 May, 2022 10:50am
Print Withholding tax on profits: SHC bars banks/tax dept from making deductions ISLAMABAD: A Division Bench of Sindh High Court (SHC) has barred the banks/tax department from deduction of... Updated 11 May, 2022 09:51am
Opinion State gifts, tax evasion and rule of law “Qui sentit commodum, sentire debet et onus” This famous legal maxim states that those who receive an advantage must... Published 22 Apr, 2022 05:36am
Print Taxpayer can’t be forced to produce record for tax year beyond six years: SC ISLAMABAD: The Supreme Court of Pakistan has held that the taxpayer cannot be compelled to produce the record for a... Updated 21 Apr, 2022 10:33am
Pakistan Orders of FTO can only be challenged before President: LHC ISLAMABAD: The Lahore High Court (LHC) has declared that the orders of the Federal Tax Ombudsman (FTO) can only be... Published 19 Apr, 2022 05:32am
Pakistan Appeal against IHC verdict: SC defines the term ‘first time in a tax year’ explicitly ISLAMABAD: The Supreme Court has declared that the term “first time in a tax year” in Section 23(1) of Income ... Published 23 Mar, 2022 04:58am
Print Amnesty scheme: FBR empowers Commissioner IR to re-compute tax ISLAMABAD: The government has empowered the Commissioner Inland Revenue to re-compute the tax payable by the... Updated 07 Mar, 2022 09:59am
Print FBR’s sectoral audit selection illegal: SHC ISLAMABAD: The selection of income tax audit of various sectors by the Commissioners on the instructions of the... Updated 22 Feb, 2022 10:46am