Welcome to the tax profiling website of Pakistan

ISLAMABAD: Federal Board of Revenue (FBR) has discontinued manual issuance of income tax refunds with immediate effect to ensure transparency. The release of income tax refunds will be carried out electronically, said an office order of the FBR dated May 29, 2020. The FBR is going to disburse income tax refunds directly to bank accounts of claimants. In this regard, the finance ministry released an amount of Rs10 billion for payment of income tax refunds, official sources said on Saturday. The finance ministry initially provided the fund of Rs10 billion to the FBR for sanctioning of income tax refunds to taxpayers. The FBR decided to liquidate amount of Rs5 million claims out of the fund. Pending income tax refunds already prepared and kept in draft mode in Iris by the relevant officers where the amount of Rs5 million (cumulatively) has to be liquidated at this stage. The FBR further explained that cumulatively means the total amount of refund in respect of a taxpayer (f...

The Karachi Chamber of Commerce and Industry (KCCI) in its 2020/2021 budget proposals submitted to the FBR highlighted the provisions of the Income tax Ordinance, 2001 regarding access to bank accounts for tax purposes. Under section 140 of the Income tax Ordinance, 2001 which deals with tax refunds for people who have deducted money on behalf of the taxpayer. - (1) For the purpose of returning any tax payable by a taxpayer, the Commissioner, by notice, in writing, may require any person - (a) a debtor or debtor to a taxpayer; either (b) to manage or withhold money, or as a result of the taxpayer. This provision and access to more information in bank accounts under other legal terms, would have little effect and would lead to a recession, the KCCI said. We have said that there are many innovative ways that businesses are developing such as blockchain and home-based software. Such provisions only apply to registered businesses while the entire unregistered sector is protected from these...

The Purchase Property decision in Pakistan, the FBR (Federal Board of Revenue) is announcing a rally in which they explicitly allowed foreign buyers to buy more than $ 5 million worth of assets, announced on news channels. The requirement to be a tax return for the above-mentioned property tax return has been eliminated. The major concern of reducing the ban means easing investment conditions in the real estate market demanding the attention of overseas Pakistanis. This ban was introduced by the previous government in an effort to increase the number of taxpayers. Buy Goods Read: Investing in Real Estate: 9 Easy Tips [Guide] Detailed information on allowing overseas non-file purchases in Pakistan was shared in a cycle published on October 24, 2018, saying that restrictions on not using a $ 5 million worth of real estate file have been increased in order to obtain legitimate and non-resident Pakistanis assets. These issues will not apply to overseas Pakistanis who will create a bank-iss...

The paper analyzes the causes of tax evasion in Pakistan, a country that has been fighting for a low tax effort for the last decade. We use the novel data of individual taxpayers collected in 2014 by the Board of Finance of Pakistan to compute the binary multiplier model for the app. Our results are generally consistent with the findings of the recent literature on good tax behavior in other countries. Overall, the lower-income working-age groups showed positive attitudes toward taxation. The educated respondents showed higher taxes than the illiterate, but only for those who received the lowest or highest education. Tax rates are very high in large industrial centers for people who serve as government chairs. Women show higher taxes on average than men, however, their behaviors tend to get worse depending on the age when older women have lower tax behavior than older men. Our finding of gender suggests a potential benefit from increased levels of female participation in women. In gene...

Filing tax returns is an ethical, legal and social responsibility. However, it is so cumbersome and complicated in Pakistan that the majority stays away from it, or hire tax consultant services who charge from Rs5, 000 to Rs20,000 per single tax year. The Federal Board of Revenue (FBR) had introduced an online tax filing system on its website to encourage and promote self-filing practice, but the system failed to gather much appreciation. This time, the tax collector agency has introduced a mobile application, FBR Tax Asaan, to increase user convenience. Although, the application offers some technical glitches and lack of information, FBR claims that it has been widely welcomed by the salaried class. In this article, we will go through a step by step procedure to file income tax returns of a salaried individual via the FBR Tax Asaan application. The application can be downloaded for free from Android and iOS application stores. Recommended Blogs How to become file...

Every person in the above-mentioned categories and who does tax-exempt activities in Pakistan is legally obliged to obtain sales tax registration. However, for tax assets granted in any tax during the last 12 months ending any tax does not exceed 10 million rupees or those used annually (telephones, gas and electricity) in the last 12 months ending any tax. do not exceed Rs. 800,000. How Can You Pay Your Tax Return ? According to the law every subscriber must submit a no later than 15 monthly installment in respect of sales made in the previous month. Every registered person is obliged to submit the forms electronically; in such case the complaint should be made by the 15th and the return may be filed on the e-portal conducted by the Federal Board of Revenue (FBR) on the 18th. Recommended Blogs How to become filer How to check NTN number How to check FBR filer status

Income tax is a direct tax on personal income. Simply put, income tax is a tax on your income. When your income is above your allowance you must pay tax on the following income sources: Money from work Income from pensions Interest on savings Rental fee Employment benefits A reliable income Income tax is a sad fact of life and if you get money from any of the above sources you may need to file a personal income tax return. First, get confirmation if you need to file a tax return form by consulting the GoSimpleTax wizard. It's free, easy to use and takes less than a minute. Recommended Blogs How to become filer How to check NTN number How to check FBR filer status

If you are currently in the college financial aid process, you may be selected for Verification, a process that requires you to submit tax documents (and possibly other documents) to the college's financial aid offices. If you have not filed taxes, you may need to submit documents that prove that you have no taxes on file with the IRS. We have outlined here the essential information needed to give you the process without sewing. Background To verify your status as a taxpayer, you need to secure a Non-Filing Confirmation Letter (VNF) from the IRS if you are an independent student or parent of a trusted student. Trusted students do not have to verify their non-file status. Your VNF does not apply if you were required to file taxes, but instead you do not have tax returns on file with the IRS (from the date you applied). Your request You have two VNF protection options: Use the Get Transcript tool at irs.gov: Click Get your tax record and select the blue Get Transcript Online butto...

"The FBR is considering options to reduce the WHT rate by 50 percent to bring it down from 50 to 25 percent in the coming budget," senior FBR officials confirmed to The News here on Wednesday. The official data indicate that there are withholding taxes when the FBR collects an undisclosed amount as the tax equipment has collected the maximum amount of pre-minerals tax under Section 236 V, Rs1.23 million in tax collection by Pakistan Mercantile Exchange Limited under Section 236 T and a minimum amount of Rs0. 24 million from TV shows produced on other systems under Section 236 E of the Income tax Ordinance 2001 in the forthcoming financial year. The FBR found that approximately 7 to 10 withholding taxes contributed to the collection of 85 percent under this head with a total tax rate of 50 percent. The FBR has so far collected Rs800 billion in tax withholding this fiscal year and the Board is considering eliminating about half of the total WHT in a bid to ensure ease of doing ...

Taxpayers received relief from the low budget announced on Tuesday. Finance Minister Asad Umar said that currently the capital gains tax is being deducted from withdrawals when the combined cash withdrawals on all personal bank accounts exceed Rs50,000 per day. The minister said the tax rate to be deducted was 0.3 percent of the workers' compensation and 0.6 percent of the deductions. "It is suggested that the income tax deduction is deleted. To facilitate overseas Pakistanis and to encourage foreign payments through bank channels, it is proposed to withhold tax deductions from PKR accounts, funded exclusively in foreign countries," he said. Files are tax deductible We want to see them. There is a cumulative income tax when purchasing certain instruments in banks compared to cash if a bank instrument including demand, payment order, etc., or online transfers, etc., is made in cash. Read more: How to become Filer How to pay income tax What is withholding tax 

The following are the rates reserved are used when the cost of the goods and services under section 153 of the Income Tax Ordinance, 2001. Under this section the agent could not be imposed under the law to collect withholding tax, and the establishment of a permanent human Pakistan separately at the time that the money paid. Withholding tax rates under Section 153 (I) (a): Sale kwelayisi, cotton seed oil and the oil for food percent tax should be 1.5 per cent of the value of perfection. Purchase by consumer ngabasabalalisi sellers to leave early will be two percent of the total amount if the company inamaphesenti 2.5% of the total amount if not the company. To the sale of any other goods: (I) in the case of a company to file return of income will suffer four percent and the tax deducted will be 8 percent non-files. (Ii) In the case of other companies, the tax filer will be 4.5 percent 9 percent of non-files. The FBR that no investor tax when payment is less than Rs75,000 consolidation ...

The tax blockade occurred for the first time in the United States in 1862 at the command of President Abraham Lincoln to help finance the Civil War. The federal government has also used a huge amount of tax for the same purpose. After the Civil War, in 1872, the abolition of income and income taxes was abolished.6 The present system was introduced in 1943 and is subject to substantial taxation.6 At that time it was thought that it would be difficult to collect taxes without obtaining them from a source. Most employees are reduced to withholding taxes when hired and completing the W-4 form. The form estimates the amount of tax to be paid. Withholding tax is one of two types of income tax. The other type is paid by the government by the employer and based on the salary of each employee. It is used to pay for Social Security and traditional unemployment plans (introduced by the Social Security Act of 1935) and Medicare (introduced in 1966). Read more: How to become Filer How to pay inc...

Pakistan is another low tax rate. Thus, the government often creates policies and laws to help and support taxpayers as taxpayers. To create the position value and encourage citizens, the government creates two groups. One group is called filer and the other one is called non filer. Filers get more mentioned benefits as compared to non-filers. With additional tax benefits, the government tends to move more people to bracket tax filers and enable them to submit their taxes. filers that won't get any bad taxes installed live on it. In addition, the government is now working with companies to further simplify tax filers. So you can get even better services at public places. 2018 is the year when projects are new. For 2019 and beyond tax filers will see more and benefits coming to them. 2020 is challenging. Read More Check FBR filer status How to check NTN number How to become Filer How to pay income tax What is withholding tax 

We look at recent changes made to the Income tax Ordinance, 2001 (by the Finance Act, 2014 (law), effective from July 1, 2014. By law, filing a filer and non-filer opinion to improve tax culture, prevent non-compliance tax and considered concerns the right of citizens to pay taxes, in respect of the high cost of business kunabahlaziyi taxpayers. 'Filer 'as defined in the Ordinance means that the taxpayer whose name appears on the list of taxpayers released by the Federal Board of Revenue from time to time or charge card to taxpayers. 'E-Filer' is a non-file person. The list of taxpayers working and available on the website of the FBR and can be accessed by the following link: www.fbr.gov.pk Home> e-Services> Active taxpayers (income tax) With this book we will get you different tax rates withheld from the withdrawals and return to the accounts, which are set for 'file' and not for files Read More Check FBR filer status How to check NTN number How to b...

Pakistan is a country in South Asia. It borders the Arabian Sea and the Gulf of Oman and borders Afghanistan, China, India and Iran. The geography of Pakistan is varied with the Thar Desert in the east and the Hindu Kush and Pamir mountain ranges in the north. The system of government is a federal republic; President of the country, and the head of government is the Prime Minister. Pakistan has a mixed economy with a free market market, which affects the prices of goods and services ... operational and government intervention. Pakistan is a member of the South Asian Association for Regional Cooperation (SAARC). The economy is the management of a nation's money, currency and trade. Pakistan is the 25th largest in the world in terms of purchasing power, cost energy, goods or services ... parity (PPP), and the nominal gross domestic product (GDP) abbreviated to GDP, the gross domestic product is one .... Pakistan's population is over 190 million ( 6th largest in the world), which ...

The duty of a tax item collected on imports and imports by the customs authorities of the country. The value of the good usually tells the import function. Depending on the context, the import duty may also be known as tax duty, tax, import duty or import tax. Function import is defined Import duties have two distinct purposes: increase revenue to local government and provide an opportunity to sell in the market of locally produced or non-imported goods. The third related purpose is sometimes to punish a particular country for charging high import duties on its products. In the United States, Congress introduced imports. The Harmonized Tariff schedule (HTS) calculates import prices and has been published by the International Trade Commission (USITC). Different values ​​are used depending on the nature of American trade relations. The standard applies to countries that have normal trade relations with the United States. Special rates in countries that may be developed or suitable fo...

Tax experts from Lahore recommend a custom wing to scan and X-ray each and every container; to recoup the loss following the invovis limit with available information and information. "Once this is done the IRS should recover the sales tax and income tax and then the operations center will be affected," their response said. The review is not very optimistic, with the best possible scenario for a one-to-one discount. A few difficult propositions in place are ignored. Will the PTI government be able to achieve the revised target of Rs5.2 trillion by June 2020? It looks awkward, but Dr. Ikramul Haq and Huzaima Bukhari's project aimed at reaching the target may be a good shot. Right now, there is just worry. Recommended: How to become filer Penalties of being non-filer What is Withholding tax

The IMF's Chief Citizens, Teresa Daban Sanchez, said that Pakistan's tax collection is 62 per cent below its power but this level of FBR collection was comparable to the regional economy of its peers. "Tax collection in Pakistan is 60 per cent higher than what is supposed to be collected at present but comparable to regional economies," Rev. Teresa said during a one-day conference entitled "Better Taxes: Changing the Tax and Administration Policy Paradig" organized by PIDE here in P Paint in the hall at the Pak Secretariat on Wednesday. He said Pakistan's tax efforts are relatively low as they stand at 62 percent compared to the peer economies. The IMF official said the General Sales tax (GST) in its current form was creating competition, as it was a major challenge to increase exports. The lack of a co-ordination result is a huge burden for many companies and they are becoming disorganized, he added. The GST crackdown, he said, exacerbated problems f...

The government's tax distribution campaign has collapsed as only 2.5 million people have filed annual income returns against the 6.2 million National Taxpayers' Compensation which shows the weak author of the tax machine. The returns are 278,581 or 11% less than in the last tax year even though Prime Minister Imran Khan's government is offering a tax exemption and a conducive forum to traders in the hope that it will bring them in hope. More than one-tenth of the time required a state tax, led by Imran Khan, known for his financial integrity. The tax center is headed under the chairmanship of the Federal Board of Revenue (FBR) Shabbar More, who has been brought in by the private sector to promote reform. Government has not been able to announce a substitute for the pass though it has held numerous meetings in the twin cities. Also noteworthy is the fact that despite winning major tax treaties from the government, the number of merchant revenue returns dropped this year c...

FBR on Monday issued a notice to extend the deadline for the completion of the proclamation announcement. FBR said it has also extended the time frame for the completion of the procurement announcement at all IGMs filed between April 07, 2020 to May 09, 2020 as long as this rule will not apply in the case of any penalties or penalties already paid by importers. Earlier, Khurram Ijaz, Deputy President, Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on May 2, 2020 asked the FBR to extend the deadline for the filing of goods announcements. Khurram Ijaz in his contact with the FBR stressed the revenue board to extend the deadline for the procurement announcement from 10 days of shipment to continue 15 days (a total of 25 days) for all IGMDs filed between March 17, 2020 and April 07, 2020. However, the Deputy President of the FPCCI has implemented the FBR which is currently closed by the government which has caused delays in the filling of assets, which is why the oppor...

Pakistan has one of the lowest rates of tax-on GDP in the world. For the uninitiated, the tax-to-GDP ratio is used to assess country development year after year. They claim that the higher the Gross Domestic Product (GDP) of a country, the higher the amount of tax revenues the government can get by the same as the number of goods and services exported has increased. With those exciting numbers and information out of the way, that's why employed / paid people should care about filling their income tax now more than ever. You should have heard about bank transactions being very drawn to non-filers. As it happens, even the actual interbank transfers are charged a new excise tax (WHT) under Section 236P of the Income tax Ordinance 2001 to non-filers. All bank operations will be taxed at 0.3% WHT unless they file their income tax returns by November 30th 2016. You are also charged more when you buy cars or other property. And if your WHT amount is greater than your applicable taxes, ...

The Federal Board of Revenue (FBR) is often blamed by retailers and sellers for misinterpreting their tax returns, but their concerns have not been identified. From July last year to February 2020, the FBR cleared 3400 tax refund claims for retailers and retailers, which for both FBR and retailers, is a milestone. Merchants and shopkeepers often argue with the government over these returns; The argument is that export power is limited when it misses a large amount due to the FBR's inability to return its returns. As expected, both the operating cost of the business and the capital gains effect. Bad traders are demanding a tax deduction, mainly because failing to pay them by the government will only encourage those looking to reduce taxes, and give them ammunition against the entire tax collection system. By paying an estimated Rs70 billion in the last six months, the government has misguided all forms of exports, and hopefully the traders will improve this very quickly. Unfortunat...

 The cash flow statement is one of the three main financial statements used to report a company's financial performance over a specific accounting period, while the other two key statements are a balance sheet and cash flow statement. Also known as the profit and loss statement or income and expense statement, the income statement focuses mainly on the company's earnings and expenses over a period of time. Recommended Blogs: How to pay income tax Penalties of being non-filer How to become filer Who is filer and non-filer

Pakistan tax-to-GDP ratio is 12%. By comparison, the OECD countries raise taxes equal to about 34% of their GDP. This limits Pakistan's ability to fund public investment. When collecting taxes, it relies primarily on indirect taxes on goods and services, which accounts for 6.3% of GDP. The other 4.2% of GDP that creates direct taxes is collected mainly by businesses withholding a percentage of the government's economic activity. Therefore, they do not require voluntary tax compliance for the population, which, as a result, is always very low. Recommended Blogs: How to pay income tax Penalties of being non-filer How to become filer Who is filer and non-filer

As per the 2018-19 financial law approved by the Government of Pakistan, this web-based tax calculator uses Pakistani tax rates on taxable personal income and taxable category. Class class slabs are effective when the income earned exceeds 50% of the income. An old Pakistani citizen, being a taxpayer, age 60 or older on the first day of the relevant tax year, is allowed a discount of 50% of taxable income if his taxable income for that tax year is Rs. 1,000,000 / - or less. Recommended: Penalties of being non-filer Consequences of missing tax deadline How to become filer

The Federal Board of Revenue updated its Active Taxpayer List (ATL) for the fiscal year ending June 2019 with 2.4 million tax returns. The number of tax filers fell 13% compared to the 2.8 million who filed their taxes last year. The official deadline for filing an income tax return for FY2019 is September 30, but the deadline for raising the national treasury tax has been extended. However, it did not offer any further extensions and closed the year on February 29, 2020. The FBR said tax collections in February were 17% higher than the same month last year. Fracturing the tax filers, FBR is 2.3 million filers with individuals, 62,403 association of persons (partnerships) and 40,988 companies. Those who do not file their income tax returns are excluded from the ATL. The current tax year ends June 30, 2020. Tax collection figures for FY2019 have not yet been made public, but FB20 raised Rs 2.4 trillion in the first seven months, up 17% compared to Rs 2 trillion in the previous tax y...