Category Archives: Budget 2015-16

Non-filer to pay 4pc advance tax on lease of motor vehicle

ISLAMABAD: A non-filer of income tax return is required to pay 4 percent advance tax on a lease of a motor vehicle either leased by Sharia compliant or conventional mode of financial institution.

FBR to share salary individuals data with EOBI

ISLAMABAD: Federal Board of Revenue (FBR) will provide details of salaried persons to Employees Old-age Benefit Institution (EOBI) in order to ensure deduction and contribution by employers.

Tax collected on import of plastic raw material made minimum tax

ISLAMABAD: Federal Board of Revenue (FBR) has explained the important changes to Income Tax Ordinance, 2001 made through Finance Act, 2017 and said that tax collected on import of plastic raw material would constitute minimum tax on income of an importer.

Inland Revenue officer barred from appointment as judicial member of appellate tribunal

ISLAMABAD: Federal Board of Revenue (FBR) has explained the important changes to Income Tax Ordinance, 2001 through Finance Act, 2017 and said that an officer of Inland Revenue has been barred from appointment as judicial member of Appellate Tribunal.

IR commissioner’s power abolished regarding provisional assessment

ISLAMABAD: Federal Board of Revenue (FBR) has explained the important changes to Income Tax Ordinance, 2001 through Finance Act, 2017 and said that power of Commissioner Inland Revenue regarding provisional assessment has been abolished.

Chief Commissioner IR empowered to extend date for filing income tax return

ISLAMABAD: Federal Board of Revenue (FBR) has explained the important changes to Income Tax Ordinance, 2001 through Finance Act, 2017 and said that chief commissioner of Inland Revenue has been empowered to allow extension in filing of income tax return.

FBR adds categories of persons not required to file annual return

ISLAMABAD: Federal Board of Revenue (FBR) has issued explanation to important changes to income tax laws under which it added more categories of persons to exempt from filing annual return of income.

FBR explains tax credit availability for NPOs

ISLAMABAD: Federal Board of Revenue (FBR) has explained changes to income tax laws for Non-Profit Organization, Trusts or Welfare Institutions, which were brought through Finance Act 2017.

FBR allows conditional fixed tax regime for builders, developers for tax year 2017

ISLAMABAD: Federal Board of Revenue (FBR) has explained the changes to Income Tax Ordinance, 2001 through Finance Act, 2017 and said the fixed tax regime for builders and developers would remain applicable for tax year 2017 subject to certain conditions.

New concept of tax on undistributed profits introduced for tax year 2017 and onwards: FBR

ISLAMABAD: Federal Board of Revenue (FBR) has explained the changes to Income Tax Ordinance, 2001 through Finance Act, 2017 and said that a new concept of tax on undistributed profits has been introduced for tax year 2017 and onwards.