#TaxNews Archives | Global Tax Consultants

Sales tax refunds

Click below for details: Who can claim sales tax refunds ? How to file / claim sales tax refunds ? Documents required for submission of sales tax refunds Sales tax refund process Online payment of sales tax refunds

05Nov

Submit Taxpayers Profiling otherwise ready to be inactive filer in FBR

Submit Taxpayers Profiling otherwise ready to be inactive filer in FBR The Federal Board of Revenue (FBR) warned taxpayers of penal action against failure to update profile and mandatory detailed information. According to FBR, through budget 2020/2021 a new amendment was introduced, under which taxpayers were required to update their profile by providing required information.

Conditions imposed on free use of foreign currency accounts abroad

Free use of foreign currency account outside Pakistan stopped by government. Click below for details: Foreign Currency Accounts Rules. CONDITIONS IMPOSED Important points under foreign currency rules 2020. History / background of foreign currency accounts laws in Pakistan. More: Taxation Of Gifts In Pakistan

Active tax filer exempted from tax on educational fees

In Recent Budget, section 236I of the Income Tax Ordinance, 2001 changed with an amendment in law. Under this changed law, active tax filers in FBR exempted from tax on educational fees. 5% Advance income tax exempted to add in amount of fees. To Read More (CLICK HERE). RELATED STORIES –How To Become Active

Withholding tax on sales to retailers, wholesalers, distributors revised by FBR

Withholding tax rates on sales made by manufacturers to retailers, wholesalers and distributors revised by FBR. Rates revised through amendment in Finance Act 2020. Revised Sections Under Income Tax Ordinance, 2001 a)- Section 236 G b)- Section 236 H c)- Section 236 HA TO READ MORE (CLICK HERE) RELATED STORIES -Changes in rates of

Pakistani exporters interested in Chinese meat market

The Pak-China Joint Chamber of Commerce and Industry (PCJCCI) took initiative. That Pakistani exporters of meat should establish close business relations with Chinese enterprises to explore the Chinese meat market. PCJCCI President Zark Khan, While addressing the Pak-China Think Tank meeting. he said, “After the outbreak of Covid-19, the demand for meat increased rapidly in

FBR’s new tax regime for imported Items

The Federal Board of Revenue (FBR) on Wednesday implemented FBR’s new tax regime for imported Items, rules for taxing imported goods. FBR introduced it through (Twelfth Schedule of Income Tax Ordinance, 2001) Schedule XII of the Income Tax Ordinance 2001. The FBR’s new tax regime for imported Items issued through SRO 715 (I) / 2020

Punjab charity Act 2018 implemented for registration of charity organisations in Punjab Pakistan

The heads of all the welfare organizations informed that as per the instructions of the Government of Punjab, all such welfare organisations which registered with the Registrar of Joint Stock Companies Punjab should now register under the Punjab Charity Act 2018. For registration process CONTACT US (CLICK HERE FOR REGISTRATION) The deadline to apply online

Construction-Company-In-Pakistan-FBR-Step-By-Step-Guide

Registration of construction company as builder and developer in FBR step by step guide

Salient Features of Scheme for Builders and Developers Under Section 100D of Income Tax Ordinance 2001 • Fixed tax regime for builders and developers. • Tax liability computed on the basis of square feet/yard, payable in quarterly installments • New projects as well as existing incomplete project opt for the scheme upto 31.12.2020 • Projects

Best Salary Tax Calculator | Easy Way to Calculate Tax On Salary

Calculation of Tax on Salary is an important calculation. All the Employers deduct every month tax on salary. Tax on Salary in Pakistan under the Income Tax Ordinance 2001 did not change by the current PTI government. It will remain same as per the previous tax year tax rates (Tax Year 2020). So, tax rates