When are you a Resident Individual in Pakistan?
Historically, an individual was only considered as resident in Pakistan if his stay was for more than 182 days in any tax year. However, The… Read More »When are you a Resident Individual in Pakistan?
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ATL
ST Returns not Mandatory for Software Exporters
An exporter of IT & ITeS is charged to concessionary final tax rate of 0.25% on export proceeds realized if such exporter is registered with… Read More »ST Returns not Mandatory for Software Exporters
Automatic issuance of exemption certificate u/s 152
For ease of doing business, automatic issuance of exemption certificate has been provided under sections 159 and 153 of the Ordinance. However, the same facilitative… Read More »Automatic issuance of exemption certificate u/s 152
Restriction on non-ATL persons to claim benefits of capital assets exclusion u/s 7E
Section 7E was introduced through Finance Act,2022 whereby every resident person is treated to drive, as income, an amount equal to 5% of the fair… Read More »Restriction on non-ATL persons to claim benefits of capital assets exclusion u/s 7E
Rationalizing Super Tax u/s 4C
Super Tax on high earning persons was introduced through Finance Act,2022 providing for graduated tax rates ranging from 1% to 4% on income slabs starting… Read More »Rationalizing Super Tax u/s 4C
Fixed tax on retailers & traders withdrawn
The government has withdrawn the fixed tax on retailers and traders. Any new scheme of tax on retailers will be planned and implemented in consultation… Read More »Fixed tax on retailers & traders withdrawn
UPDATED FBR VALUATION OF IMMOVABLE PROPERTIES
FBR has updated rate of valuation of Immovable properties in the following jurisdictions. Abbottabad Attock Bahawalnagar Bahawalpur Chakwal Dera Ismail Khan DG Khan Faisalabad Ghotki… Read More »UPDATED FBR VALUATION OF IMMOVABLE PROPERTIES
Freelancers & Payoneer in FBR’s Crosshair
In what was termed as a mega scam, FBR estimates that billions of rupees earned by freelancer in the past few years have gone undeclared… Read More »Freelancers & Payoneer in FBR’s Crosshair
Income Tax Refunds to be automated via CITRO – FBR
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… Read More »Income Tax Refunds to be automated via CITRO – FBR
FBR issues the clarification on tax exemption from Income of Exported IT Services
Federal Board of Revenue (FBR) has clarified news circulating on social media about a proposal to withdraw exemption available to income from exports of computer… Read More »FBR issues the clarification on tax exemption from Income of Exported IT Services