Withholding Tax on Vehicle Registration and Transfer
Federal Board of Revenue (FBR) has recently updated the Withholding tax rates on any vehicle registration and for transfer of vehicles for the year 2020-21 from 30th of june, 2020. Withholding tax under Section 231B: The withholding tax rate under section 231B for private vehicles is that withholding tax shall be collected by vehicle registration […]
Income Tax Rates in Pakistan 2020-21
Here are the income tax rates in Pakistan for year 2022-21 Also Read: What is withholding tax Important Note: Please note as for these income tax rates in Pakistan where a persons is not appearing in the active taxpayers’ list, the rate of tax required to be deducted or collected, as the case may be, […]
What is the custom tax in Pakistan?
The custom tax in Pakistan is defined as an indirect tax levied on import and export of goods is known as customs duty tax, also classified as import duty and export duty respectively.Before registering and performing the various customs procedures, it is recommended that individuals familiarize themselves with all the basic concepts related to these […]
Tax Appeals in Pakistan
What is Tax Appeal: Most of the tax appeals in Pakistan arise between taxpayers and tax collectors (Inland Revenue Department) over the verification of the amount of taxable income and the imposition of default surcharges and penalties on it. Right of Appeal: To resolve such disputes, the law provides the procedure, which gives taxpayers the […]
What is Federal Board of Revenue?
Federal Board of Revenue (FBR), formerly known as Central Board of Revenue (CBR) was formed on April 1, 1924, with the enactment Central Board of Revenue Act of 1924. The Federal Board of Revenue (FBR) is a special government association of Pakistan to investigate money laundering and tax evasion crimes. The FBR works with all […]
What Is Value Added Tax (VAT)?
Value Added Tax is a consumption tax that is levied on a product whenever it is added to the price at every stage of the supply chain from production to sales. The VAT that the consumer pays is on the cost of the product, less than the price of the material used in the product […]
What is Withholding Tax (WHT)?
Withholding tax is a requirement of government for the buyer of any service or item of income to withhold or the deduction of tax from the payment which is paid to the government. Why Withholding Tax? Withholding Tax Trend: Withholding tax (WHT) regime is a worldwide trend and the largest source of national revenue in […]
What are the penalties of being non-filer?
Being a responsible Pakistani, if you haven’t filed your tax then you will have to face the penalties of being non-filer. According to PkRevenue , the date on which you pay your taxes has expired or you may not have the information for your return completion, or you may not have enough money to pay […]
Mobile Devices Regularization – DIRBS
What is DIRBS: Mobile Device Regularization – DIRBS stands for Device Identification, Registration, and Blocking System used to identify the non-complaint devices. A strong inflow of mobile phones and their import is in demand in the country. However, leaving noteworthy issues with the grey market and counterfeit devices affecting Government, Distributors, MobileNetwork Operators, and Consumers. […]
How to pay Income tax in Pakistan?
If you are a filer or taxpayer and want to pay income tax, you can pay it either online or manually. Please see the payment methods: Factors of Income Tax Calculation: Calculating income tax depends on various factors that contain your status whether you are an individual, a company, a firm or a local authority, […]