FBR requested Taxpayers to update profile to avoid penalty, and exclusion from ATL
FBR advised to Taxpayers to update their profile by March 31, 2021 to avoid any penalty and further exclusion of there name from Active Taxpayers List (ATL). Last date for updating the profile was December 31, 2020. However, this date was then extended by the FBR up to March 31, 2021.For Details Click Here….
FBR Encouraged Taxpayers’ to resolve their legal cases through Alternative Dispute Resolution (ADRC)
FBR Encouraged taxpayers to resolve cases through ADRC immediately. FBR issued a press release at February 02, 2021 for information of the taxpayer. About the system of Alternative Dispute Resolution Committees (ADRC). FBR encouraged taxpayers to resolve their legal cases through ADRC. For Details Please Click Here.
Pakistan Customs introduced a pre-arrival clearance facility: Clearance in Sky
Clearance in Sky: Pakistan Customs introduced a pre-arrival clearance facility. Pakistan has introduced a system for pre-arrival clearance of imported goods coming through the air route. It will help to to facilitate business operations in the country with the aim of clearing the goods on time. For Complete Details CLICK HERE.
Relief in Sales Tax Rates by Punjab Revenue Authority
Through the Finance Act, 2020, the Government of the Punjab reduced the rate of Punjab Sales Tax on Services from 16% to 5% on more than twenty services. Punjab Revenue Authority also reduced the rate on payments made through credit / debit cards to restaurants and beauty parlours to 5%. Government also provided a big relief to Medical
FBR Clarification regarding tax profiling updation of salaried taxpayers
The Federal Board of Revenue (FBR) recently issued a legal explanation. That “salaried individuals” does not require to update their “tax profiles”. FBR issued Income Tax Circular 8 of 2020, whereby the FBR already extended the deadline to March 31, 2021. Click below link for for more details: Tax Profiles updation not required to salaried
FBR tasked to be fully digitized by July 2021: PM Says
PM Imran khan while addressing to inauguration ceremony of the e-bidding, e-billing, and GIS mapping system of National Highway authority shows commitment to make FBR fully digitized by the end of this financial year (June 2021). He said FBR tasked to fully digitize by July, 2021. For Complete details click below link: Digitization of
Many tax exemptions are available to corporate sector taxpayers. Type of tax exemptions includes: complete exemption from tax, reduction in tax liability by some specific percentage. These exemptions are subject to fulfillment of specific conditions. For complete details of exemptions available to different sector, Click below link: Corporate Tax Exemptions
Profit rate on national saving schemes increased by government
Government of Pakistan, Ministry of finance issued a notification for increase in rates of profit on national saving schemes under the national saving centers. For Complete details of increase in profit rates click below links: Defense Savings Certificates / Regular income certificates Special and Behbood Savings Certificates Pensioners Benefit / Shuhada Family Welfare Account Short
Newly permanent appointment of Chairman FBR Javed Ghani
Government’s appointment of Newly permanent Chairman of FBR Javed Ghani. He was previously on additional charge as chairman FBR from six months. For Complete Details CLICK HERE Chairman FBR | Javed Ghani |
FBR announced tax exemption on low-cost housing projects
The FBR and the government again promised to secure the investors interest in the construction industry. Almost 90% tax exemption expected by amendment in the tax laws of Pakistan. Construction package is available to land builders and developers. (CLICK HERE FOR MORE DETAILS). RELATED NEWS: FBR announced to give 90pc tax exemption on