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
Business & Finance Newly-opened, re-designated business accounts: Banks are bound to provide info: FBR ISLAMABAD: Banks are now bound to provide information of newly-opened or re-designated business bank accounts to the... Updated 21 Jan, 2022 11:24am
Print New tables to be re-notified on Feb 1: Property valuation rates held in abeyance ISLAMABAD: The Federal Board of Revenue (FBR) Tuesday held in abeyance the new property valuation rates notified... Updated 19 Jan, 2022 09:26am
Print Digital mode of payment: Deadline extended to Jan 31st ISLAMABAD: To avoid penalty on the corporate sector, the Federal Board of Revenue (FBR) has granted another ... Updated 05 Jan, 2022 10:43am
Opinion No one be judge in his own cause! In Karachi one Additional Commissioner in an order passed under section 122(5A) of the Income Tax Ordinance 2001... Published 24 Dec, 2021 05:43am
Print Digital mode of payments: FBR extends deadline to year-end ISLAMABAD: The Federal Board of Revenue (FBR) has granted another extension for the corporate sector to switch over... Updated 02 Dec, 2021 09:44am
Print IT Ord 2001: LHC stays enhancement of income/ assessment of taxpayer ISLAMABAD: The Lahore High Court (LHC) has issued a stay order against the enhancement of income/assessment of a... Published 28 Nov, 2021 05:52am
Print Corporate sector: Deadline for digital payments extended ISLAMABAD: The Federal Board of Revenue (FBR) has further extended the deadline for digital payments by the ... Updated 02 Nov, 2021 09:45am
Print WHT on import of drones donated by China abolished ISLAMABAD: The Federal Board of Revenue (FBR) has abolished withholding tax on the import of drones donated by the... Published 02 Nov, 2021 03:50am
Pakistan FPCCI criticises bank account attachment provision in law KARACHI: Mian Nasser Hyatt Maggo, President of the Federation of Pakistan Chambers of Commerce and Industry has... Published 14 Oct, 2021 04:14am
Print PBC irked by restoration of CCIR’s powers ISLAMABAD: The Pakistan Business Council (PBC) has expressed serious disappointment over the Federal Board of... Updated 14 Oct, 2021 09:27am
Business & Finance AOPs/companies asked to pay advance income tax by 25th LAHORE: The Federal Board of Revenue (FBR) has sought all the Association of Persons (AOPs) or a company to pay ... Published 22 Sep, 2021 03:48am
Pakistan NADRA empowered to share citizens' details with FBR ISLAMABAD: The government has given legal backing to the National Database and Registration Authority (NADRA) to... Updated 18 Sep, 2021 03:01pm
Print 103 tax credit cases: FTO directs FBR to recheck record ISLAMABAD: The Federal Tax Ombudsman (FTO) has directed the FBR to recheck/reexamine the record in 103 tax credit... Published 12 Sep, 2021 03:45am
Business & Finance Manufacturing units, industrial undertakings: FBR initiates probe into wrongly claimed tax credit ISLAMABAD: The Federal Board of Revenue (FBR) has started an investigation against the manufacturing units and... Updated 21 Aug, 2021 03:47pm
Print Tax Laws (Third) Amend Ord being promulgated: Anomalies in Finance Act 2021 to be rectified ISLAMABAD: The government has decided to promulgate Tax Laws (Third) Amendment Ordinance, 2021, to introduce some... Published 19 Aug, 2021 02:56am
Print Import of 61 items: WHT exemption extended up to Dec 31 ISLAMABAD: The Federal Board of Revenue (FBR) has extended period for exemption of withholding tax on the import of... Updated 14 Aug, 2021 11:44am
Business & Finance FBR issues tax rates on immovable properties LAHORE: The Federal Board of Revenue (FBR) has issued updated rates of withholding tax on sale and purchase of... Updated 13 Aug, 2021 11:11am
Business & Finance ‘Profit on debt’ CDNS to charge 30pc WHT on persons not appearing in ATL ISLAMABAD: The Central Directorate of National Savings (CDNS) will charge 30 percent withholding tax on “profit on... Updated 04 Jul, 2021 09:42am
Print Tarin defends tax arrest clause but vows improvement ISLAMABAD: Finance Minister Shaukat Tarin Friday categorically dismissed the Senate’s demand to abolish the powers... Updated 26 Jun, 2021 04:56pm
Business & Finance Finance Bill 2021: Senate adopts nearly 300 recommendations ISLAMABAD: Senate Thursday adopted its nearly 300 recommendations including those related to Finance Bill 2021 as... Published 25 Jun, 2021 04:20am
Print Concealment of income tax: IR officers’ powers to arrest any person withdrawn ISLAMABAD: The government has taken the final decision to delete all income tax provisions from the Finance Bill,... Published 19 Jun, 2021 03:23am
Print Sec 203A will be revisited: Tarin ISLAMABAD: Finance Minister Shaukat Tarin Wednesday assured the Senate Standing Committee on Finance that the text ... Published 17 Jun, 2021 03:27am
Business Income Tax Ordinance: FBR contemplating introducing maximum tax cap LAHORE: The Federal Board of Revenue (FBR) is contemplating to introduce a maximum tax cap in the Income Tax... Published 08 Jun, 2021 04:09am
Print SHC strikes down Section 5A of Income Tax Ordinance 2001 KARACHI: The Sindh High Court (SHC) has struck down Section 5A of the Income Tax Ordinance 2001 by declaring it ... Published 02 May, 2021 03:23am