Pakistan: Modifies Income Tax Rules 2002
The Federal Board of Revenue (FBR) has published the Income Tax Rules 2002 as amended up to 10 February 2017. The main changes are summarised below: Capital gains: In cases of portfolio transfers where the ownership of securities does not
See MoreIreland updates FED manual
On 15 February 2017, Revenue department of Ireland published an E-brief 15/17, on the update of the Tax and Duty Manual. Tax & Duty Manual Part 34-00-09 in relation to Foreign Earnings Deduction (FED) has been updated to reflect changes made
See MorePakistan: FBR Proposes rules for common reporting standard
The Federal Board of Revenue (FBR) released SRO 101(I)/2017 on 17 February 2017, which proposes draft amendments to the Income Tax Rules 2002 to implement the Common Reporting Standard for financial institutions for the automatic exchange of
See MoreHong Kong signs a tax agreement with Pakistan
The Government of the Hong Kong Special Administrative Region of the People’s Republic of China and the Government of the Islamic Republic of Pakistan have signed an agreement for the avoidance of double taxation and the prevention of fiscal
See MorePakistan: Introduces an incentive scheme for industrial and trade sectors under no question on source of investment
The government has agreed on a new incentive scheme for industrial and trade sectors under which tax authorities will not question the source of investment, industry sources said on 22 January 2017. Sources in Federal Board of Revenue (FBR) also
See MorePakistan: Introduces 2% tax rebate
The federal government has approved the tax reduction proposal of 2% for Shariah-compliant listed companies through Finance Act
See MorePakistan: FBR publishes proposed criteria for listed companies to take advantage of reduced rate
The Federal Board of Revenue (FBR) on 27 December 2016, published proposed criteria for listed Shari'ah-compliant companies to be eligible for a reduction of 2% of the income tax rate. These criteria provided in sub-clause (a) of clause (18B) of the
See MorePakistan: FBR Publishes Audit policy 2016
The new Audit Policy 2016, approved by the Federal Board of Revenue (FBR) on 3 January 2017 for selection of taxpayers for audit, would also include those cases in the parametric selection process which were earlier selected for audit last year.
See MorePakistan: Income tax proposals invited for Budget 2017/18
The Federal Board of Revenue (FBR) on 27 December 2016 issued income tax proposals for Budget 2017/18 and invited the general public and all stakeholders, including the Chambers of Commerce and Industry, Bodies of Trade and Industry, Provincial
See MorePakistan: KTBA Requests the date extension for return filing up to December 31
Karachi Tax Bar Association (KTBA) on 19 December 2016 request Finance Minister Senator to extend the last date for filing income tax return for the tax year 2016 up to December 31 because the online return filing portal of FBR was crashed on the
See MoreChina and Pakistan signed third protocol
On 8 December 2016, China and Pakistan signed an amending protocol to the Avoidance of Double Taxation Agreement. Mr. Wang Jun, Commissioner State Administration of Taxation (SAT) China and Mr. Nisar Muhammad, Chairman Federal Board of Revenue (FBR)
See MoreChina-Pakistan FTA negotiations held
The 7th Meeting of China-Pakistan free trade agreement (FTA) negotiation (Phrase 2) was held in Islamabad, Pakistan on December 6 to 7. The two sides negotiated on tax reduction model for trade in goods, Pakistan’s tax regulating and further
See MorePakistan: FBR issues rules for computation of capital gain tax
Federal Board of Revenue (FBR) has issued a notification for the calculation of capital gain tax on the transaction of commodities in Pakistan Mercantile Exchange (PMEX). For the purpose, the FBR issued SRO 1145(l)/2016 and added PMEX under various
See MorePakistan: FBR issues income tax return form for companies-tax year 2016
The Federal Board of Revenue (FBR) has published income tax return form for companies for the tax year 2016 on Tuesday. However; according to SRO972(I)/2016, the FBR had issued the draft on September 9, 2016 in which they invited all stakeholders
See MorePakistan: FBR asks taxpayers to file returns for tax year 2016 before deadline
The Federal Board of Revenue (FBR) has asked the taxpayers to file their annual income tax returns for the tax year 2016 as no further extension in date will be given after November 30. On its official website, the FBR asked the taxpayers to file
See MorePakistan: President enacts Companies Ordinance 2016
The President approved the Companies Ordinance 2016 on 11 November 2016, which replaces the Companies Ordinance 1984. The main points of the new company’s ordinance are set out below: –Registration and operations of companies in Pakistan have
See MoreIMF mission chief comments on economic reform in Pakistan
A news report published by the IMF on 10 November 2016 contains an interview with the IMF mission chief for Pakistan. The report notes that Pakistan’s economy has stabilized and that economic growth has been increasing during the recent three
See MoreIMF statement comments on fiscal policy in Pakistan
On 25 October 2016 a statement was issued following the conclusion of a visit by the IMF Managing Director to Pakistan. Pakistan has completed an IMF-supported economic reform program and has improved macroeconomic stability. Public finances have
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