Export taxation is a significant component of a country’s tax system, and it plays an important role in the growth of its economy. In Pakistan, the taxation of exports is governed by the Sales Tax Act, 1990, and the Income Tax Ordinance, 2001. This article provides a detailed overview of the taxation of exports in […]
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SECTION 51 FOREIGN SOURCE INCOME OF RETURNING EXPATRIATES The Income Tax Ordinance in Pakistan provides certain exemptions to returning expatriates for foreign source income earned by them during their stay outside of Pakistan. This is provided under Section 51 of the Ordinance, which allows a certain period of exemption for foreign source income earned
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In Pakistan, the taxation of services is governed by the Sales Tax Act 1990, which was amended in 2019 to include the taxation of services provided or rendered in the country. The sales tax on services is also known as the Federal Excise Duty (FED) and is levied at a standard rate of 17%. In
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Sales tax is a form of indirect tax that is levied on the sale of goods and services. In Pakistan, sales tax is governed by the Sales Tax Act, 1990, which provides the legal framework for the collection and administration of sales tax in the country. In this article, we will provide a comprehensive guide
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Income tax is a tax imposed on the income earned by individuals, companies, and other entities. In Pakistan, income tax is governed by the Income Tax Ordinance, 2001, and its rules and regulations. In this guide, we will provide a comprehensive overview of income tax in Pakistan, including its definitions, rates, and examples. Income
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The Federal Board of Revenue (FBR) is the central body in Pakistan that is responsible for collecting and managing the country’s revenue through taxation. The FBR was established in 1948 and is responsible for the administration of the country’s tax laws, including the Income Tax Ordinance, 2001, the Sales Tax Act, 1990, and the Federal
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Tax registration for businesses in Pakistan is a mandatory requirement for any entity planning to operate in the country. It is a legal obligation that requires businesses to register with the Federal Board of Revenue (FBR) and obtain a National Tax Number (NTN). In this article, we will discuss the types of taxes applicable to
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How to Explain Your Information or Evidence Under Section 176(1) of the Income Tax Ordinance 2001 If you are a taxpayer in Pakistan, you may have received a notice from the Federal Board of Revenue (FBR) under section 176(1) of the Income Tax Ordinance 2001. This notice requires you to explain or provide evidence
SHOW CAUSE FOR IMPOSITION OF PENALTY U/S 182 FOR FAILURE TO FILE RETURN U/S 114 If you have received a notice from the Federal Board of Revenue (FBR) asking you to show cause for imposition of penalty under section 182 for failure to file return under section 114, you might be wondering what to do
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COMMON TAX PLANNING STRATEGIES FOR BUSINESSES IN PAKISTAN Tax planning is a vital component of any business strategy, as it involves organizing one’s financial affairs in a manner that minimizes tax liability and maximizes tax benefits. This practice is particularly significant in Pakistan, where businesses are subject to various types of taxes, including income tax,
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