Persons not on new ATL to pay 100% additional withholding tax
Persons who have failed to submit their annual income tax returns and declaration of assets for tax year 2019 will pay 100 percent additional withholding tax on certain transactions, sources in Federal Board of Revenue (FBR) said on Monday. They said that those taxpayers availing the benefit of reduced rate of withholding tax on the…
Read MoreSource of money for immovable property purchase may be questioned
The FBR in explanations related to purchase of immovable properties, said that the commissioner of Inland Revenue can ask to explain the source of funds in the investment made in immovable property and apply the provision of unexplained income under Section 111 of Income Tax Ordinance, 2001 by providing opportunity of being heard. The tax…
Read MoreFBR withdraws 40% regulatory duty on sugar import
The FBR issued SRO 127(I)/2020 dated February 24, 2020 to withdraw the regulatory duty of 40 percent on import of commodities falling under Customs Harmonized Code Chapter of 17.01. The government imposed 40 percent regulatory duty on import of sugar through SRO 680(I)/2019. However, through the latest SRO 127(I)/2020 the regulatory duty has been withdrawn.…
Read MoreHow to check ATL status?
The filing of income tax return is mandatory for persons driving taxable income or specified under Section 114 of Income Tax Ordinance, 2001. The appearance of names on the ATL is only possible after filing income tax returns within due date. In case persons are not on the ATL then the rate of withholding tax…
Read MoreDGI&I seizes tobacco worth Rs 127 million
According to details, the Directorate has received credible information that huge quantity of smuggled Indian origin, Gutka, Paan Praag etc. was dumped at various premises along Marriot Road, Karachi for onward disposal in the markets. Reacting on this information, a team of anti-smuggling organisation in coordination with Kharadar police station raided at the said premises…
Read MoreTaxpayers can make payment in installments
Sources in Federal Board of Revenue (FBR) Monday said that the tax payable by a taxpayer on the taxable income of the taxpayer including the tax payable under section 113 or 113A of Income Tax Ordinance, 2001 for a tax year shall be due on the due date for furnishing the taxpayer’s return of income…
Read MoreFBR working out revenue impact of freight tax
The Federal Board of Revenue (FBR) is working out the revenue impact of freight tax imposed on shipping companies for possible withdrawal of the tax in the coming budget under the policy of ease of doing business. The freight tax is applicable on shipping companies under the Income Tax Ordinance 2001, and its total…
Read MoreSECP Regulatory Sandbox Guidelines 2019
SECP Regulatory Sandbox Guidelines 2019: PSX vide Notice No. PSX/N-600 (dated December 12, 2019) has informed all market participants that the SECP has issued the SECP Regulatory Sandbox Guidelines 2019. The objective of the guideline is to promote innovation in the financial services industry through reduction of regulatory uncertainty by allowing testing of new products,…
Read MoreRisk Management Regulations: Pakistan Stock Exchange (PSX)
PSX issues amendments in Chapter 19 – Risk Management Regulations: Pakistan Stock Exchange (PSX) vide Notice No. PSX/N-1598 (dated December 13,2019) made following amendments in Chapter 19 – Risk Management Regulations of PSX Rule book with the approval of SECP for all TRE certificate holders: Enhancement of scrip based circuit breaker from 5% or Re.1,…
Read MoreAcceptance of donations from foreign sources without prior permission
SECP issues circular regarding acceptance of donations from foreign sources without prior permission: SECP vide Circular No. 16 of 2019 (dated December 5, 2019) directed to all companies licensed under section 42 of the Companies Act 2017, which intend to receive foreign funding/donations, to apply to the Commission along with eight sets of following documents…
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