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Finance Ministry To Notify New Tax Rates through Electricity bills for Retailers in October

  Islamabad: On August 4, 2022, Dr. Miftah Ismail conducted a meeting in the committee room of the Ministry of Finance, Pakistan Secretariat, to finalize the collection of sales tax through electricity bills.   Previously withdrawal of sales tax through electricity bills was demanded by stakeholders, including service providers who were not under the jurisdiction… Continue reading Finance Ministry To Notify New Tax Rates through Electricity bills for Retailers in October

The FBR Requested the Design of a Simple Return Form!

Islamabad: A simple go-back pattern needs to be plotted by the Federal Board of Revenue (FBR) for individuals who earn income solely from salary (the tax year 2022). On this connection, the FTO issued an order to the FBR on Tuesday. The FTO issued this critical order at the time. FBR has uploaded the Income… Continue reading The FBR Requested the Design of a Simple Return Form!

FBR Issues an Elaborated Definition Related to the Scope of IT, IT-enabled services

Islamabad: The Federal Board of sales (FBR) has increased the scope of the definition of IT and IT-enabled services, raised the improvement tax fee from two to four percent for industrial importers, and reduced the turnover tax for Oil advertising and marketing businesses (OMCs) from zero. Seventy-five percent to 0.5 percent through modification within the… Continue reading FBR Issues an Elaborated Definition Related to the Scope of IT, IT-enabled services

The Tax Year 2022: FBR Releases Draft Return Forms!

ISLAMABAD: On Tuesday, the Federal Board of Revenue (FBR) issued; draft income tax return forms for the tax year 2022 for salaried folks. The FBR issued SRO 820(I)/2022 to notify the draft; income tax return forms. The bureaucracy included; digital go back for salaried individuals; electronic return for the association of character (AOPs); digital return… Continue reading The Tax Year 2022: FBR Releases Draft Return Forms!

FBR Plans Accepted to Disable Mobile Phones, Sims, Utilities on Non-Filing of Tax Returns

ISLAMABAD: An assembly of the Senate Standing Committee on Finance has agreed to the Federal Board of Revenues (FBR) to discontinue cell phones or cellular sims to put in force the submitting of returns. The committee meeting was presided over by Saleem Mandviwala on Thursday and changed into informed, via the FBR, approximately the criticality… Continue reading FBR Plans Accepted to Disable Mobile Phones, Sims, Utilities on Non-Filing of Tax Returns

FBR Intends to Grow Tax Rate Charges on the Banking Sectors from This Year

PESHAWAR: A tax professional belonging to Khyber Pakhtunkhwa, Muhammad Umair Zeb, has stated the Federal Board of Revenue (FBR), notwithstanding receiving a clean price range notion from the banking quarter to abolish the top-notch tax, might also increase its charge within the federal budget for 2022-23. As the Official sources stated that speaking at a… Continue reading FBR Intends to Grow Tax Rate Charges on the Banking Sectors from This Year

Special Addition! FBR Will Gather ‘Windfall Levy’ From Sectors Earning Exquisite Income from A Previous Couple of Years

ISLAMABAD: The Finance Act 2022; is likely to introduce a new idea of taxation, ie, ‘Windfall Levy’ within the earnings Tax Ordinance, 2001 for egregious taxation of the capacity sectors making superb income, but now not depositing the due amount of taxes. A windfall tax is a tax levied via governments in the direction of particular industries at the same time as monetary conditions allow the one’s industries to revel in above-common earnings.

In a statement on Saturday, sources said that top government officials believed this was the first time in history, that such; a “Windfall Levy” might have been introduced in Pakistan. To specify the attributes of the Windfall Levy in the Income Tax Ordinance, the government; let’s say the Federal Board of Revenue (FBR), hopes to add another section in the country.

Not long ago, the United Kingdom (UK) government had imposed a 25 percent Windfall Tax on the income of the oil and gasoline companies. There could be a tax on energy businesses that were making “excellent profits” inside the UK. In step with the assets, the fee of the “Windfall Levy“ in Pakistan might no longer be high as 25 percent; however, it can vary between one percentage to 4 percent because it would get charged on an annual foundation. But, the fees have not gotten confined yet by the FBR.

Furthermore, the FBR will collect the “Windfall Levy” from sectors that have earned excellent incomes; at some stage in those previous few years in Pakistan. Consequently, the “Winfall Levy” might be a separate tax and will be accumulated with the earnings tax deposited every three hundred and sixty-five days collectively.

The “Windfall Levy” might be amassed on an annual foundation at the time of tax payment with the resource of potential sectors on the submission of income tax returns, and the assets added.

 

 

SECP Alert! The Release of Stewardship Framework for Institutional Investors By SECP

On Monday 16th May at the SECP headquarters, the media professionals had witnessed a piece of power-breaking news. The Securities and Exchange Commission of Pakistan (SECP) declared an interminable, responsible, and value creation engagement of Institutional investors with the investee businesses. The SECP announces a healthy long-term value creation Stewardship framework. Underlying the basic guidelines… Continue reading SECP Alert! The Release of Stewardship Framework for Institutional Investors By SECP

IMF Asks Pakistan for Changes in Personal Income Tax

Islamabad: The International Monetary Fund (IMF) has reiterated the changes in personal income tax in Pakistan amid the economic downturn and political differences in the country. Recently, a meeting was held between the tax officials of Pakistan and the international lender where the issue was raised about the reforms in the personal income tax to… Continue reading IMF Asks Pakistan for Changes in Personal Income Tax

FBR Surpasses The Revenue Target For Eight Months

The Federal Board of Revenue (FBR) surpasses the revenue target set for the eight months in the current fiscal year (8MFY22). FBR collected Rs 3.79 trillion against the target which was set at Rs 3.53 trillion. The tax collection in the current fiscal year has been exceptional so far and has been surpassing all the… Continue reading FBR Surpasses The Revenue Target For Eight Months