Federal Board of Revenue (FBR) has imposed restriction on deduction of profit on debt payable to associated enterprise in order to comply with OECD action on profit shifting.The restriction has been imposed through introduction of Section 106A of Income Tax Ordinance, 2001 through Finance Act, 2020, recently passed by the
Tag: FBR
Finance Act 2020: Taxpayers Given Deadline of December 31 to Update Profile
Federal Board of Revenue (FBR) has given taxpayers a deadline of December 31, 2020 to complete their profile through online system otherwise their name will be removed from active taxpayers list (ATL).The National Assembly approved the new amendment of taxpayers profiling through new section 114A to Income Tax Ordinance, 2001.Section
No New Sales Tax on Mobile Phone SIM: FBR
FBR Grants Rs30 Billion as Tax Concession to New Business Entities
Federal Board of Revenue (FBR) has granted Rs30 billion as initial allowance to new business entities during fiscal year 2019/2020.The concession of allowance has been granted under Section 23 of Income Tax Ordinance, 2001.As per Section 23 the allowance has been granted as:Section 23. Initial allowance.—Sub-Section (1): A person who
Fact Check: No Date Extension for Sales tax Payment, Return Filing: FBR
Salaried Class Not Required to Submit ‘Taxpayer’s Profile’ to FBR
The salaried class is not required to submit "Taxpayer's profile" to the Federal Board of Revenue (FBR) under the Finance Bill 2020.The new condition for submission of the "Taxpayer's profiles" covers certain categories of taxpayers i.e. persons applying for registration, persons deriving income chargeable to tax under the head, "income
Notice Can be Sent to Any Person Requiring Declaration of Assets of Spouse, Minor Children
A Commissioner of Inland Revenue can send a notice to ask any person about the assets of his spouse and minor children.According to Income Tax Ordinance, 2001, persons filing annual income tax returns and statement are required to file wealth statement.Section 116 of the Income Tax Ordinance, 2001 explained wealth
FBR Considers Increase in Tax on Registration and Transfer of Motor Vehicles
The Federal Board of Revenue (FBR) is considering changes in slabs of withholding taxes on registration and transfer of motor vehicles in order to increase revenue collection during the next fiscal year of 2020/21, it was learnt on Friday.Sources said discussions are underway on the proposals of the Regional Tax
After Dropping Super Corona Tax Proposal: FBR Ponders Various Options to Expand Tax Net
After dropping proposal of corona tax for higher income brackets, the FBR is contemplating upon more options including raising tax incidence on cigarettes, expanding supply chain of GST in VAT mode starting from manufacturers, wholesalers to now big retailers, imposition of one time land tax on assets as well as
FBR Urged to Reduce Regulatory Duty on Lighting Fittings
Federal Board of Revenue (FBR) has been urged to reduce regulatory duty on lighting fittings in alignment with LED bulbs and LED tubes.The Overseas Investors Chamber of Commerce and Industry (OICCI) in its proposals for budget 2020/2021 submitted to the FBR, stated that current regulatory duty on lighting fittings with