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FBR introduces requirements for Companies / AOPs to furnish Ownership Data
The Federal Board of Revenue has introduced new amendments to the Income Tax Rules, 2002 via a draft proposal on Feb 28, 2023. The new rules will be specifically related to the record-keeping of beneficial owners. Beneficial ownership refers to the individuals who ultimately have control over a company or an Association of Persons (AOP) […]Read more
Understanding Implications of Section 7E – Deemed Income on Capital Assets
Welcome to our blog on the introduction of Section 7E i.e. Deemed Income on Capital Assets under the tax laws. The implementation of this new section has caused some controversy, as it is in the nature of a capital value tax, which is a provincial subject and some argue that the government should not have […]Read more
TAXATION ISSUES FACED BY SMEs IN PAKISTAN
Taxes are always complex and contentious, no matter what country you’re doing business in. In Pakistan, small and medium-sized enterprises (SMEs) face several unique taxation issues that can be difficult to navigate. In this article, we’ll look at the most common tax issues faced by SMEs in Pakistan and offer some advice on how to […]Read more
Benefits of tax filing as business individual
One of the first decisions every business individual makes is how to structure their business. Setting up a business and getting understanding of the complexities involved in filing the tax returns is an important aspect of running a business. Majority of business individuals in Pakistan shy away from taxes because they think it will be […]Read more
LAST DATE OF TAX FILING FOR YEAR 2022
Filing your income tax return for the previous year is often top of the mind when the new tax year rolls around. It does not matter whether you file your income tax return by yourself or get help from a Befiler tax expert. Here’s what you need to know Deadline for filing income tax return […]Read more
FBR to Incentivize IT industry
Chairman Federal Board of Revenue (FBR) Mr. Asim Riaz on Wednesday talked about giving some hope to the IT industry in the coming budget which is scheduled to be announced on Friday, June 10, 2022. While speaking at the signing ceremony of One Window Portal System by Special Technology Zone Authority (STZA), he said, “FBR […]Read more
Proposed Elimination of Minimum Tax Regime for Listed Companies
The Pakistan Stock Exchange (PSX) in its proposal to the FBR for the budget (2022-2023) stated that the Minimum tax regime should be eliminated for listed companies such companies are strongly compliant with specific documentation requirements of various statutes. In other countries, the minimum tax is only levied in cases where high-income taxpayers don’t pay […]Read more
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