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FBR’s tax laws for SMEs are counter-productive
According to the recent article by Business Recorder published on May 18, 2022, Small-medium enterprises and self-employed individuals seem disappointed by the taxation policies of FBR. In the case of salaried individuals, annual taxable income of Rs. 75M and above are taxed at 35%. However, the SMEs and self-employed individuals are taxed at 35% over […]Read more
Reviving Sicked Industrial Sectors through granting Tax Incentives
On last Friday the Federal Board of Revenue (FBR) revised the incentives allowed for renewal of poorly governed and managed industrial sectors. An SRO has been issued Circular No. 13 of 2022 by the FBR on 07-04-2022, to put weight and emphasize the amendments made in the Income Tax Ordinance 2001, which was put up […]Read more
Companies: Its types, basics, purpose and registration benefits.
People builds companies to make wealth, contributes to the society, generates employment and ultimately contributes to the country’s GDP. Companies are always built in a stepping stone process so no company can be built in an overnight time period. As it has people, stakes, and liabilities on its shoulders so it does takes time. Companies’ […]Read more
Offences, Penalties, and Prosecutions: You can land in hot water, if you failed to comply with filing tax returns.
People are confused and get confused in the variation between Paying Taxes and Filing Taxes. Both these are two different terms with distinguished concepts. Regarding this matter people somewhat escape the liability which is ‘tax filing’. People, to their ill-belief, believe that, when they are paying taxes at source than there aroused no question in […]Read more
Strategy for FBR Transformation and Enhancement of Tax Collections
Millions of Pakistani rupees have been spent so far on the restructuring of the FBR board and ‘reforming’ the tax administration over the last two decades or so. But without the growth factor, the tax system and collection can’t be nourished and flourished. The harassment in the tax collection systems to the taxpayers must be […]Read more
Pakistan’s Tax Culture
A tax culture in its ordinary definition shows us the existing tax activities and tax principles of a specific country. Both the actions and reactions of taxpayers and tax collectors are the foundational basis of the tax culture. In Pakistan tax culture, taxes are categorized into two main categories: Direct tax. Indirect Tax. Direct tax […]Read more