The latest tax news and FBR announcements from Pakistan.
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SHC declares income tax on undistributed profits as unconstitutional
KARACHI: Sindh High Court (SHC) on Friday declared levy of tax on undistributed profits under Section 5A of Income Tax Ordinance, 2001 as unconstitutional…
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FBR advised to use withholding statements for identifying new taxpayers
KARACHI: Tax practitioners have advised the Federal Board of Revenue (FBR) to examine withholding statements and extract information of persons not paying taxes and…
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FBR notifies panel of advocates for Islamabad station
ISLAMABAD: Federal Board of Revenue (FBR) on Wednesday notified a panel of advocates to represent tax authorities before various courts and tribunals at Islamabad…
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Number of active taxpayers for Tax Year 2020 increases to 2.6 million
ISLAMABAD: The number of active taxpayers has been increased to 2.6 million by April 25, 2021 for tax year 2020, according to latest data…
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PM praises FBR for achieving 41pc growth in March
Prime Minister Imran Khan on Wednesday commended the Federal Board of Revenue (FBR) for posting an unprecedented 41 percent growth in revenue collection by…
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Date extended up to June 30 for updating tax profile
The Federal Board of Revenue (FBR) on Friday extended the deadline for updating taxpayer information until June 30, 2021. FBR issued Circular No. 14…
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Tax penalty reduced to half for making false statement
According to Tax Laws (Second Amendment) the Ordinance, of 2021 was announced the day before, the amount of the tax penalty under Section 182…
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Taxpayers Need to Update their profile to remain as Filer!
According to Profit.PkistanToday, taxpayers need to update their details by March 31, 2021, to avoid penalties and to be removed from the Active Taxpayers…
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FBR Tax Extension date up to 31st March 2021
The Federal Board of Revenue announces the new date for tax extension last Wednesday for taxpayers to update their profiling up to 31st March…
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PROPOSAL FOR FORMATION OF DEDICATED DIVISION AT FBR
1- Purpose of Dedicated Division Formation Existing Structure: FBR has a complex mechanism for exporters/business/trader facilitation, which is difficult for average user with limited…
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Pakistan Budget 2020-21 Highlights
Here are budget 2020-21 highlights: 1- No new tax to give relief to people 2- Ahsas program to continue by increased budget 3- To…
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‘Business activities to continue till May 31 as per notified timings’
Business activities all over Sindh will continue till May 31 as per the directives of the Supreme Court of Pakistan, said Minister for Information…