Tax

The Federal Board of Revenue (FBR) has been barred from initiating proceedings against legally valid declaration under the Foreign Exchange Regulation Act, 1947, Protection of Economic Reforms Act, 1992, and the Anti-Money Laundering Act, 2010 (section XII-A of the Schedule) with respect to assets, income or expenditure declared under the amnesty scheme of Voluntary Declaration […]

Dr. Reza Baqir, Governor State Bank of Pakistan, and the relevant stakeholders discussed the cross-cutting issues pertaining to the National Database and Registration Authority (NADRA), Pakistan Telecommunication Authority (PTA), and Federal Board of Revenue (FBR). The attendees suggested the formation of working groups to address specific issues related to taxation in digital financial services, integration

The Federal Board of Revenue (FBR) has released a list of 988 projects registered with the FBR to avail tax amnesty scheme under the Prime Minister’s incentive package for the construction sector. The FBR has uploaded the names and complete addresses of the 988 individuals, companies, and firms registered under section 100D of the Income

The government has promulgated the Tax Laws (Second Amendment) Ordinance, 2021, to withdraw 76 corporate income tax exemptions and allow tax credit facility to many sectors from March 24, 2021. Officials told Propakistani that the government has also given exemption of sales tax on auto-disable syringes and raw materials used in the manufacturing of such

With growing concerns on the quality of service parameters, including call drop, call quality, and data throughput, Pakistan Telecommunication Authority (PTA) has decided to amend the cellular mobile network quality of service (QoS) regulations. The proposed regulations would be called ‘cellular mobile network quality of service (QoS) regulations 2021.’ QoS refers to the ability of

The Federal Board of Revenue (FBR) has extended the deadline for the furnishing of the Taxpayer’s Profile required to be submitted under Section 114A to 30 June 2021, and issued a circular in this regard on Friday. Earlier, the FBR had also issued a statement declaring that the names of thousands of taxpayers will be

The Federal Board of Revenue (FBR) has conveyed to the IT services or IT-enabled services that no tax has been imposed on the IT sector under the Income Tax Second Amendment Bill 2021. Senior FBR officials were responding to the queries and concerns of the IT sector regarding the replacement of the income tax exemption

The Federal Board of Revenue (FBR) from March 1, 2021, has revised upward customs values of raw materials used in the manufacturing of toiletry products like soaps, detergents, shampoos, body gel, hair creams, and cosmetics etc. According to the valuation ruling 1521 of 2021 issued by the Directorate General of Customs Valuation Karachi on Monday,

The proposed ‘Income Tax (Second Amendment) Bill, 2021′ on the withdrawal of corporate income tax exemptions has abolished 15 time-bound exemptions from the Income Tax Ordinance, 2001. The review of the draft of ‘The Income Tax (Second Amendment) Bill, 2021′ revealed that many time-bound exemptions that had expired over the last many years still exist