The Appellate Tribunal Inland Revenue (ATIR) Lahore has ruled that foreign assets declared under the Foreign Assets (Declaration & Repatriation) Act 2018 (FADRA) are exempt… Read More »Foreign Assets Declared Under Amnesty Exempt from CVT : ATIR Lahore
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?
Federal Board of Revenue (FBR) has vehemently denied rumors circulating on the social media regarding a purported upcoming amnesty scheme for regularizing smuggled vehicles. In… Read More »No Amnesty Scheme for Smuggled Vehicles in Pakistan
Residential houses constructed after June 30, 2022, tax shall be levied at following rates: Location Category of Residential House Rate of tax In Lahore District… Read More »LUXURY HOUSE TAX IN PUNJAB
The Finance Act, 2022 has enacted CVT in respect of the following: Motor vehicle held in Pakistan – engine exceeds 1300cc or electric vehicles, battery… Read More »Capital Value Tax (CVT) – Finance Act 2022
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
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
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
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
The Finance Act has reintroduced tax on shareholders for any bonus share issued by a company. This law is applicable on both public and private… Read More »Tax on issuance of bonus shares Section 236Z