THE BASICS OF TAX LAW IN PAKISTAN Tax law is the branch of law that deals with the rules and regulations governing the collection and administration of taxes by the government. Taxes are compulsory payments imposed by the government on individuals and entities to finance public goods and services. Tax law covers various types of […]
THE BASICS OF TAX LAW IN PAKISTAN Read More »
The Federal Board of Revenue (FBR) in Pakistan offers a range of tax exemptions to various individuals and entities based on different criteria. Here are some of the most common tax exemptions offered by FBR in Pakistan: Agriculture income tax exemption: Individuals who earn income through agriculture are exempted from paying income tax if their
tax exemptions in pakistan Read More »
In Pakistan, agriculture is one of the major contributors to the economy, accounting for about 19% of the country’s gross domestic product (GDP) and providing employment to over 40% of the population. However, despite its importance, agriculture income tax in Pakistan is a contentious issue, with varying opinions on whether or not it should
WHAT IS AGRICULTURE TAX IN PAKISTAN? Read More »
COMMON COMPLIANCE ISSUES FACED BY BUSINESSES IN PAKISTAN Tax compliance Tax compliance is a term that refers to the ability and willingness of taxpayers to comply with their tax obligations. In Pakistan, tax compliance is a significant challenge for businesses, as they have to deal with a complex and frequently changing tax system. We will
COMMON COMPLIANCE ISSUES FACED BY BUSINESSES IN PAKISTAN Read More »
The basics of auditing in Pakistan. Auditing is the process of examining and verifying the financial statements of an entity to ensure that they are accurate, complete and comply with the applicable standards and regulations. Auditing is essential for enhancing the credibility and reliability of financial information, as well as for safeguarding the interests of
The basics of auditing in Pakistan Read More »
In Pakistan, property tax is collected by the Federal Board of Revenue (FBR), which is the central tax authority responsible for collecting federal taxes. The property tax in Pakistan is levied on both residential and commercial properties and is based on the assessed value of the property. The property tax in Pakistan is a major
WHAT IS PROPERTY TAX IN PAKISTAN? Read More »
GOVERNMENT OF PAKISTAN FEDERAL BOARD OF REVENUE (REVENUE DIVISION) …. INCOME TAX MANUAL PART I INCOME TAX ORDINANCE, 2001 AMENDED UPTO 30th JUNE, 2022 INCOME TAX ORDINANCE, 2001 AMENDED UPTO 30.06.2022 TABLE OF CONTENTS SECTIONS CHAPTER 1 PRELIMINARY PAGE NO. 1. Short title, extent and commencement 1 2. Definitions 1 3. Ordinance to
INCOME TAX ORDINANCE, 2001 – AMENDED UPTO 30th JUNE, 2022 Read More »
Capital Gains Tax is a tax imposed on the profits that an individual or an organization earns from selling or disposing of an asset. In Pakistan, Capital Gains Tax (CGT) is a type of tax that is levied on the gains made by a taxpayer on the sale or disposal of certain specified assets. The
WHAT IS CAPITAL GAINS TAX(PAKISTAN)? Read More »
In Pakistan, construction services are subject to sales tax under the Sales Tax Act, 1990. The tax rates and procedures vary depending on the location of the construction service and the type of service provided. In Punjab, the Punjab Revenue Authority (PRA) is responsible for the collection of sales tax on construction services. The
WHAT IS THE TAX ON CONSTRUCTION SERVICES IN PAKISTAN? Read More »
To register a construction company with the Pakistan Engineering Council (PEC), please follow these steps: Step 1: Obtain a National Tax Number (NTN) and Sales Tax Number (STRN) Before registering with the PEC, you must obtain a National Tax Number (NTN) and a Sales Tax Registration Number (STRN) from the Federal Board of Revenue
HOW TO REGISTER A CONSTRUCTION COMPANY WITH PEC IN PAKISTAN? Read More »
