Tag Archives: Finance Act 2015

100pc of payable tax to be imposed as penalty for making false statement in annual return

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KARACHI: The Federal Board of Revenue (FBR) may impose 100 percent of payable tax as penalty on a taxpayer for making false or misleading statement regarding his return of income or wealth statement.

Tax card for salaried persons during Tax Year 2016

KARACHI: Tax card for persons driving salary income during tax year 2016. The rate amended through Finance Act, 2015 as announced in Budget 2015/2016.

Tax card for business individuals during Tax Year 2016

KARACHI: Tax rate card for individual business persons for the tax year 2016. The rates amended through Finance Act, 2015 as announced in Federal Budget 2015/2016

FBR releases updated tax laws amended through Finance Act 2015

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KARACHI: The Federal Board of Revenue (FBR) on Thursday issued updated tax laws that were amended through Finance Act 2015.

Withholding tax on cash withdrawal is 0.6 percent for non-filers

KARACHI: PkRevenue.com has received many queries regarding the withholding tax on banking transactions asking whether cash withdrawal by non-filers is 0.3 percent or 0.6 percent.

ICAP explains tax on undistributed profits imposed through Finance Act, 2015

KARACHI: Institute of Chartered Accountants of Pakistan (ICAP) has explains the provision of undistributed profits at 10 percent, which is introduced through Finance Act, 2015 making amendments to Income Tax Ordinance, 2001.

Customs duty doubled on Afghan dry fruit; concessionary rates also increased on several other goods

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KARACHI: The federal government has doubled the rate of customs duty on import of fresh and dry fruits form Afghanistan from five percent to 10 percent effective from start of this fiscal year.

Withholding tax exemption on imports under Chapter 27 of Pakistan Customs Tariff withdrawn

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KARACHI: The Federal Board of Revenue (FBR) on Monday said that previously, under clause (56) of Part IV of Second Schedule, exemption from collection of tax at import stage under section 148 was available in respect of goods classified in Chapters 27, 86 and 99 of Pakistan Customs Tariff.

15 percent withholding tax to be deducted on payment to foreign technical service, royalties

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KARACHI: The Federal Board of Revenue (FBR) said that taxpayer availing technical service from foreign person or company is required to deduct 15 percent withholding income tax of the gross amount.

Non-filers to pay 17.5 percent withholding tax on interest received from banking system

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KARACHI: Non-filers of income tax returns will pay up to 17.5 percent withholding tax on interest income received from banks under Section 151(1)(b) of Income Tax Ordinance, 2001.