Updates from www.Tax.net.pk

• State Bank of Pakistan maintained the Monetary Policy rate for the next two months January 22, 2021
  The State Bank of Pakistan (SBP) Monetary Policy Committee on Friday maintained the policy rate at 7% for the next two months. State Bank of Pakistan Governor Dr. Raza Baqir said that the MPC observed the annual inflation rate. According to him, Inflation rate predicted from 7 to 9%. Baqir said that due to changes... […]
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• FBR extends scope of sales tax on IT Services and IT Enabled Services January 22, 2021
  The Federal Board of Revenue (FBR) has extended scope “IT Services” and “IT Enabled Services” to collect 16% sales tax from service providers under the jurisdiction of the Islamabad Capital Territory (ICT). The FBR issued SRO 77 (1) 2021 to amend SRO 495 (1) / 2016 on July 4, 2016 regarding the imposition of sales... […]
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• Government increases the rate of return of National Savings Certificates January 21, 2021
  Government increases the rate of return of National Savings Certificates Ministry of Finance issued a notification, whereby the rate of return on Defense Savings Certificates has been increased from 8.49 percent to 9.42pc while the rate of return on regular income certificates has been increased from 8.04pc to 9pc. Defense Savings Certificates / Regular income... […]
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• Non-textile sector DLTL refunds approved January 20, 2021
  To facilitate exporters, the Ministry of Commerce has approved Rs. 213 million under the ‘Draw Back of local taxes and levy (DLTL) refunds for the non-textile sector. “I am pleased to announce that Rs 213 million has been sanctioned for DLTL payments in the non-textile sector,” Abdul Razzaq Dawood, Advisor to the Prime Minister on... […]
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• Corporate tax exemptions January 20, 2021
  Following tax exemptions are available to corporate taxpayers: Profits arrived from the business unit of an electric power generation project established in Pakistan are exempt from tax. Profits earned by a company from the export of computer software, IT services, or IT-enabled services. These are exempt from tax up to the financial year ending 30... […]
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• FBR called for income tax proposals for 2021/2022 budget January 19, 2021
  The Federal Board of Revenue (FBR) called for income tax proposals for the 2021/2022 budget and asked stakeholders to submit the same by February 15, 2021. The FBR has asked suggestions from the tax offices including Large Taxpayer Offices (LTOs), Medium Tax Offices (MTOs), Corporate Tax Offices (CTOs) and Regional Tax Offices (RTOs) as well... […]
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• FBR has been asked to be fully digitized by July 2021: PM Says January 19, 2021
  Prime Minister Imran Khan said that the Federal Board of Revenue (FBR) has been asked to be fully digitized by July 2021. It allow the government to increase tax collection and allocate more resources in the social sector. It will help increase spending on human capital. Addressing the inaugural function of the National Highways Authority... […]
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• Telecom sector tax share increases 129% in FY20: PTA January 19, 2021
  The increase in the use of telecom services during the Corona virus lockdown has resulted in a 129 per cent increase in the tax contribution of the sector, which has paid Rs 278 billion in the financial year 2019-2020. “Lockdown has led to a significant increase not only in the number of subscribers but also... […]
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• Penalties will not be imposed on late filers of income tax returns: FBR January 18, 2021
  The Federal Board of Revenue (FBR) has decided to not penalize late filers across the board for technical and non-technical barriers to filing income returns. Federal Board of Revenue (FBR) has softened its stance on imposing fines on late filers in the tax year 2020-21. Although the tax authority has not imposed any fines, the... […]
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• FBR allowed to registered persons to file non-export refund claims January 16, 2021
  The Federal Board of Revenue (FBR) has allowed registered persons to file non-export refund claims through the STARR system at tax offices or the Expeditious Refund System (ERS) by June 30, 2021. The FBR issued instructions to the field formations on non-export and carry forward based sales tax refunds. The decision has been taken for... […]
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