Pakistan: FBR issues notification imposing 40% windfall tax on banks
On 21 November 2023, the Pakistan Federal Board of Revenue (FBR) released Notification SRO 1588(I)/2023, Which notified that imposed a 40 percent additional tax on windfall profits of banks arising from foreign currency deals throughout 2021 and
See MorePakistan: Peer Review Report on Exchange of Information and Transparency
On 8 November 2023 the Global Forum published the second-round peer review report assessing Pakistan’s practical implementation of the standard on transparency and exchange of information on request (EOIR). The latest peer review assessment
See MorePakistan: FBR issues circular on finance Act changes
On 26 July 2023, the Federal Board of Revenue in Pakistan (FBR) issued Circular No. 2 of 2023, providing an explanation of the income tax amendments introduced through the Finance Act of 2023. The circular elaborates on the following
See MorePakistan: Government passes Finance Act 2023
On 26 June 2023, the government of Pakistan published the Finance Act 2023, which included changes to some of the measures that were proposed in the Budget announcement on 9 June 2023. Some notable changes, in addition to those outlined in the
See MorePakistan presents Tax proposal for Budget 2023/24
On 6 February 2023, Pakistan's Federal Board of Revenue has issued a notice on income tax proposals for Budget 2023-24. The notice includes the following tax proposals: Taxation of real Income on progressive basis; Broadening of the tax base
See MorePakistan: FBR further extends the date of filing income tax returns
On 30 November 2022, the Federal Board of Revenue (FBR) issued Circular No. 18 of 2022 extending the date of filing income tax returns again for the tax year 2022. Accordingly, the FBR is pleased to communicate that the date of filing of Income Tax
See MorePakistan: FBR extends the date of filing Income Tax Returns
On 30 September 2022, the Federal Board of Revenue (FBR) issued Circular No. 16 of 2022 and extended the date of filing income tax returns for the tax year 2022. According to the circular, the FBR extended the date for annual return filing up to 31
See MoreOECD: Peer Review Report on Tax Transparency in Pakistan
On 16 August 2022 the Global Forum for Transparency and Exchange of Information for Tax Purposes released a second round (phase 1) peer review report in relation to Pakistan. The peer review report examines the legal and regulatory framework in
See MorePakistan presents the Budget for 2022/23
On 10 June 2022, the Finance Minister presented the Budget for 2022/23 to the National Parliament. The budget includes the following proposals: The corporate tax rate for banks will be increased from 35% to 45% for tax year 2023 onwards; the
See MoreSingapore: IRA’s issues e-tax guide on R&D tax measures
On 8 June 202, the Inland Revenue Authority of Singapore (IRAS) issued an updated e-Tax Guide on Research and Development (R&D) Tax Measures (Seventh Edition). The guide sets out the relevant research and development (R&D) tax measures as
See MorePakistan: FBR extends the deadline for digital payments by corporate sector
On 1 November 2021, the Federal Board of Revenue (FBR) has extended the deadline for digital payments by the corporate sector up to 30 November 2021. In this regard, the FBR has issued an income tax circular 9 of 2021, on the extension in deadline
See MorePakistan enacts Budget for FY 2021-22
On 30 June 2021, the Finance Act 2021 was enacted after passage by Pakistani Parliament and assent of the president. The Federal Board of Revenue (FBR) of Pakistan has published the Finance Act 2021 on their official website. Some of the key
See MorePakistan: FBR launches e-filing of appeals
On 2 January 2021, Federal Board of Revenue (FBR) of Pakistan has published a notice regarding the launch of the e-Filing of Appeals with effect from 1 January 2021. Commissioner Inland Revenue (Appeals) is the first tier of appellate hierarchy
See MorePakistan declares incentives for Special Technological Zones
On 2 December 2020, the Ministry of Law and Justice of Pakistan has issued a copy of the Special Technology Zones Authority Ordinance 2020, Gazette on 3 December 2020 and applies with immediate effect. The Ordinance introduces supporting
See MorePakistan: FBR extends tax return filing deadline
On 30 September 2020, the Federal Board of Revenue (FBR) has declared the extended date for filing income tax returns. The companies who were required to file tax Returns of Total Income/Statements of final taxation for the tax Year 2020 which
See MorePakistan: FBR approves the Audit Policy 2019
On 26 August 2020, the Pakistan Federal Board of Revenue (FBR) announced the approval of the Audit Policy 2019. The Audit Policy 2019 shall apply to persons or classes of persons falling under all or any of the three domestic Federal Tax Statutes
See MorePakistan: Federal Budget 2020-21
On 12 June 2020, the Finance Bill 2020 was presented to the national parliament with several tax measures that would affect certain income tax, indirect tax, and customs provisions. The outlay of the budget is: Total revenues are projected at
See MorePakistan: Emergency tax measures in response to COVID-19 pandemic
On 24 March 2020, the Federal Board of Revenue (FBR) of Pakistan has declared emergency tax measures in response to COVID-19 pandemic. The key tax measures are following: The sales tax return submission deadline for January and February 2020 is
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