Tax Collection by FBR Surpassed 32.5% in FY 2021-2022’s First Half
On Saturday, the tax collection for the first half of the fiscal year 2021-22 (July-Dec) increased by Rs287 billion. According to numbers released by the Federal Board of Revenue (FBR) on Friday night, the provisional revenue collection data for the months of July to December of the current Financial Year 2021-22 have been announced […]
Company Registrations Increases to 51 Percent
LAHORE: According to a top Securities and Exchange Commission of Pakistan (SECP) official, the digitalization and standardization of the company incorporation process, as well as integration with other government agencies, resulted in a 51 percent increase in new company registrations in FY 2020-21. While inaugurating a commission’s facilitation desk at the Lahore Tax Bar, Aamir Khan, chairman SECP, also briefed […]
WHT Likely To Increase on Cellular Services
KARACHI: In the forthcoming mini-budget, the government is mulling increasing the withholding tax (WHT) on cellular services from 10% to 15%. The decision directly opposes the federal budget’s announcement of a cut in the tax on phone calls for 2021-22. Furthermore, it is harmful to the economy’s digitalization drive and undermines the ‘Digital Pakistan’ agenda. WHT […]
Non-Filers’ Income and Tax Liability May Be Computed By NADRA
The National Database and Registration Authority (NADRA) is likely to compute non-filers income and tax liability this month using 14 million financial transaction records provided by the Federal Board of Revenue (FBR). According to sources, property transactions, vehicle purchases, registration of cars with provincial excise offices, buying and selling of movable and immovable properties, utility […]
Big Retailers: PoS Integration by December 10
To avoid disallowance of input tax claims and the establishment of tax demands, the Federal Board of Revenue (FBR) has mandated 482 identified Tier-I Retailers (large retailers) to integrate with the FBR’s Point of Sale (POS) system by December 10, 2021. On Friday, December 3, 2021, the FBR issued Sales Tax General Order No. 6 […]
Indefinite Hold on New Property Valuation Rates
According to an FBR announcement, the Federal Board of Revenue (FBR) postponed the implementation of revised property assessment rates until January 16, 2022. Taking note of several complaints received from various stakeholders across the country, including real estate agents and town developers, about extraordinary rises in property rates as a result of the recently-notified property […]
