Special Addition! FBR Will Gather ‘Windfall Levy’ From Sectors Earning Exquisite Income from A Previous Couple of Years
ISLAMABAD: The Finance Act 2022; is likely to introduce a new idea of taxation, ie, ‘Windfall Levy’ within the earnings Tax Ordinance, 2001 for egregious taxation of the capacity sectors making superb income, but now not depositing the due amount of taxes. A windfall tax is a tax levied via governments in the direction of […]
SECP Alert! The Release of Stewardship Framework for Institutional Investors By SECP
On Monday 16th May at the SECP headquarters, the media professionals had witnessed a piece of power-breaking news. The Securities and Exchange Commission of Pakistan (SECP) declared an interminable, responsible, and value creation engagement of Institutional investors with the investee businesses. The SECP announces a healthy long-term value creation Stewardship framework. Underlying the basic guidelines […]
IMF Asks Pakistan for Changes in Personal Income Tax
Islamabad: The International Monetary Fund (IMF) has reiterated the changes in personal income tax in Pakistan amid the economic downturn and political differences in the country. Recently, a meeting was held between the tax officials of Pakistan and the international lender where the issue was raised about the reforms in the personal income tax to […]
FBR Surpasses The Revenue Target For Eight Months
The Federal Board of Revenue (FBR) surpasses the revenue target set for the eight months in the current fiscal year (8MFY22). FBR collected Rs 3.79 trillion against the target which was set at Rs 3.53 trillion. The tax collection in the current fiscal year has been exceptional so far and has been surpassing all the […]
PM praises FBR for Surpassing Tax Revenue Target
Prime Minister, Imran Khan, praised the Federal Board of Revenue (FBR) on Wednesday for exceeding the February revenue target. The target set for February by the FBR was 441 billion rupees. The Prime Minister took to his Twitter account to announce the big news of target being achieved by the Federal Board of Revenue. The […]
Retailers Slam FBR for Sealing Premises
Lahore: Retailers slammed the Federal Board of Revenue (FBR) decision allowing field officers powers to seal an integrated retailer’s premises without even a show-cause notice. The FBR gave another notification on the 16th of February, which permits FBR field officials to seal an integrated retailer’s premises without even a show-cause notice. According to section 150ZEO […]
PM Imran Khan Announces Zero Tax for Registered Freelancers
Prime Minister, in the inauguration ceremony of the e-commerce portal, announced zero tax for registered freelancers as the country hopes to increase its Information and Technology Services export. The inauguration ceremony of the e-commerce portal was held in Islamabad on Tuesday with the motive to promote E-business and freelancers. The e-commerce portal is intended to […]
Government Plans Tax Cut for Small Businesses
Karachi: The government has lined up several tax exemptions for small and medium sized enterprises, the finance minister said on Saturday a move aimed to achieve five percent growth target set for the current fiscal year. Finance Minister Shaukat Tarin said sectors such as housing, information technology and trade needed a special focus to achieve […]
DNFBPs Obliged to Register with FBR
The Federal Board of Revenue (FBR), under the Act of Anti-Money Laundering, must ensure that the real estate agents, developers, precious metal and stones dealers, jewelers and FBR supervised accountants are registered as designated non-financial businesses and professions (DNFBP). However, financial institutions, lawyers, law firms, notaries and non-FBR supervised accountants will fall under other competent […]
FBR Aims to Collect 8 Trillion Rupees Revenue By 2023
Islamabad: The chairman of the Federal Board of Revenue (FBR), Dr. Ashfaq Ahmed, indicated on Wednesday that the FBR seeks to collect Rupees 8 trillion of revenue by 2023 which will set Pakistan’s economy in a new direction. While talking to the journalists, Dr. Ashfaq stated that the Prime Minister, Imran Khan, has his vision […]
