Friday, June 22, 2018
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Tag: Income Tax Ordinance 2001

Law allows monitoring of deposits, withdrawal from foreign currency accounts

KARACHI: The federal government has been empowered to monitor deposits and withdrawal from foreign currency account under the new law passed by the Parliament. The...

Advance booking of cars to be cancelled for non-filers

KARACHI: Car assemblers have warned general public that their advance booking may be cancelled in case they are not filer of income tax returns...

10pc tax imposed on gain on disposal of assets outside Pakistan

KARACHI: A 10 percent rate of tax has been introduced on gain on disposal of assets outside Pakistan. The finance bill had proposed 15 percent...

Budget 2018/2019: permanent incentive for non-filers on non-cash banking transactions

ISLAMABAD: In a surprising move the government has reduced the withholding tax rate on non-filers from 0.6 percent to 0.4 percent on non-cash banking...

FBR clarifies tax treatment of Islamic financial institutions

ISLAMABAD: Federal Board of Revenue (FBR) has issued clarification regarding interpretation of certain provisions of the income tax laws in the context of Islamic...

Turnover tax on electronic trade reduced to 0.5pc

ISLAMABAD: The turnover income tax has been reduced to 0.5 percent from 1.25 percent for entities engaged in e-commerce. Finance Minister Senator Mohammad Ishaq Dar...

Income tax on undistributed profit reduced to 7.5pc

ISLAMABAD: The proposed income tax rate of 10 percent on undistributed profit by listed companies has been reduced to 7.5 percent for the tax...

Tax rate for loss declaring companies enhanced by 25pc

KARACHI: Federal Board of Revenue (FBR) has increased tax rate for loss declaring companies by 25 percent. Through Finance Bill, 2017 amendment has been introduced...

Tax allowance on education expenses allowed to individual having taxable income...

KARACHI: Federal Board of Revenue (FBR) has enhanced limit for individual’s taxable income for allowing deduction allowance on education expenses. According to Finance Bill 2017,...

NPO’s funds not spent on charity to be taxed

KARACHI: The funds of Not for Profit Organizations (NPOs) have been checked by the government in the budget 2017/2018 as funds not utilized on...