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, …
FBR Increases Custom Values of Raw Materials Used in Soaps, Detergents and Cosmetics Read More »
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 …
Govt Abolishes 15 ‘Expired’ Exemptions from Income Tax Ordinance Read More »
In line with the vision of the Prime Minister to provide maximum facilitation to the taxpayers and under the guidance of Chairman FBR, a Centralized Income Tax Refund Office (CITRO) has been established at FBR in order to facilitate taxpayers by releasing income tax refund payments directly into their bank accounts in an expeditious and …
Tax Refunds to be Paid Through Automated System of CITRO Read More »
The government has decided to allow six sectors to avail 100 percent tax credit after withdrawal of income exemptions from IT services and IT enabled services; coal mining; green field industries; renewable energy and ship building projects. Highly-placed government officials told Propakistani that the Income Tax (Second Amendment) Bill, 2021 has proposed replacement of income …
Prime Minister Imran Khan said that the taxation system should be reformed and structured in a way that facilitates businesses and helps the country’s economy grow. He made these remarks on Friday while chairing a meeting that was attended by the Finance Minister, Hafeez Shaikh, Minister for Planning, Asad Umar, and Minister for Industries, Hammad …
The Federal Board of Revenue (FBR) has revised the functions, jurisdiction, and powers on the Directorate General, Intelligence and Investigation-Inland Revenue and its officers. The FBR has issued an SRO.272(I)/2021 here on Tuesday to superseded the S.R.O. 115(1)/2015, dated the 9th February 2015. Under the SRO.272(I)/2021 issued by the FBR here on Tuesday, the functions …
World Bank’s Senior Tax Specialist, Sebastian James, has pointed out that Pakistan’s tax-to-GDP ratio dropped below average during the last two fiscal years. He also pointed out that overdependence on withholding taxes was adding to the economic troubles of the country. He said that withholding taxes create distortions, as they created cash flow problems for …
Pakistan’s Tax-to-GDP Ratio Raises Alarms Among Tax Experts Read More »