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Tax for salaried individuals
The government of Pakistan has finalized tax slabs for salaried individuals for the fiscal year 2022-23 and has set a minimum income tax rate of 2.5% for those earning up to Rs. 100,000 per month and a maximum of 35% for individuals earning a monthly salary over Rs.1 million. In the tax year 2021, a […]Read more
Record tax collection by FBR of Rs. 6.1 trillion
In FY 22 FBR has provisionally collected tax of Rs. 6.1 trillion against the target of Rs. 5.9 trillion. The tax collection was about 29% or Rs. 1.38 trillion higher than the previous year. FBR had missed six monthly target during the past fiscal year but eventually ended up meeting the upward revised annual target […]Read more
FBR Empowered To Disconnect Utility Connections of Non-Compliant Small Traders
The Senate standing committee on Finance and Revenue approved a fixed tax regime for small traders. Chairman FBR informed the committee that a fixed tax regime has been proposed for the small traders. The tax collection under this fixed tax regime would be done via electricity bills. The committee was further apprised that small traders […]Read more
Federal Budget 2022-23: Snapshot of Income and Sales Tax
The Federal Government presented the proposed budget for the fiscal year 2022-23 in the National Assembly on Friday, June 10, 2022. Federal Minister for Finance and Revenue, Mr. Miftah Ismail presented the budget along with Finance Bill 2022. PML (N) led coalition government has taken some tough structural measures. According to the Minister of Finance […]Read more
FBR’s measures to facilitate people
Primary source for a country to generate public revenue is by collecting taxes and fees with an aim to invest it in human capital and infrastructure of the country. The core objective of any tax collection authority is to optimize public revenue by making tax collection process easier and smarter. Federal Board of Revenue (FBR) […]Read more
Tax Amnesty Scheme 2022
Last Thursday, 3rd of March 2022, the Federal Government initiated a tax amnesty scheme for the industrialists to establish new industrial units. This Tax Amnesty Scheme had been put on the table through the Presidential Ordinance. In the context of this Tax Amnesty Scheme, the government through the Federal Board of Revenue (FBR) will not […]Read more
PM Imran Khan to distribute Rs. 407Bn Interest-Free Loan under Kamyab Pakistan Program
Prime Minister Imran Khan, on Wednesday at Islamabad Faisal Mosque, while addressing the launching ceremony of Kamyab Pakistan Program. Announced a Rs. 407 Billion Interest-Free Loan Package for the low-income group in Pakistan. The Prime Minister emphasized that, “this package would make the low-income group self-reliant”. Further adding to it, he said, “a number of […]Read more
Prime Minister’s relief package, a sigh of hope for the nation
Prime Minister of Pakistan, Mr. Imran Khan on Monday announced a relief package for the nation in the times of increasing domestic pressure from political parties and global crisis. In his 40 minutes long address to the nation, he talked about many aspects including the geopolitical situation of the world, Pakistan’s political situation, and also […]Read more
Calling out Freelancers: Government registering them for controlling Money Laundering
The government has told the Senate Information and Telecommunications Committee that it has made up its mind to register freelancers in the country. Following the serious threat of money laundering. In a recent meeting of the Senate Information and Telecommunications Committee, which was led by Senator Kahuda Babar. Officials from the Department of Information Technology […]Read more
It’s the time to profile non-filers: FBR’s bid to launch “Asaan Tax Portal”.
In this week, the Federal Board of Revenue (FBR) would bring out “Tax Asaan Portal”, in its motive to furnish comprehensive details involving financial transactions of people (non-filers) in millions just in order to reinforce people to register, pay taxes, and ultimately bring them up into the tax filing system. Sources associated with Business Recorder, […]Read more