KARACHI: The Karachi Tax Bar Association (KTBA) has requested the Federal Board of Revenue (FBR) for extending the submission date of sales tax and federal excise return. KTBA President Syed Rehan Hasan Jafri, in a letter to the FBR Chairman Asim Ahmed requested to extend the date of filing quarterly income tax withholding statement and … Read more
The FBR has made changes to the advance tax on capital gains from the sale of real estate. Experts call the action “unjustified and arbitrary”. Real estate was included to the capital gains tax’s purview in 2012. Officials announced Friday that the Federal Board of Revenue (FBR) had made significant changes to the advance tax … Read more
Senate Democrats are finalizing a plan to close a tax loophole used by many companies. They want to use those revenues to shore up the government-run Medicare healthcare program. The tax change is aimed at the majority of businesses in the United States that are not subject to corporate income tax. West Virginia Sen. Joe … Read more
Tax is structured as a flat-rate per tonne and will go into effect in January. Funds generated from the tax are earmarked in part for the cleanup of the area. Tax will be reviewed every year, and state officials have agreed to study potentially. California on Thursday endorsed an arrangement to burden the electric vehicle … Read more
ISLAMABAD: The government has revised tax deduction criteria for the salaried class and withdrawn relief given in the federal budget. The government had decided to waive off taxes on earnings of Rs1.2 million which has now been withdrawn on the demands of the International Monetary Fund (IMF). The tax collection target of the Federal Board … Read more
Britain’s finance minister Rishi Sunak on Thursday unveiled a multi-billion-pound support bundle for clients hit with the aid of soaring domestic electricity payments, with assistance from a brief providence tax on oil giants. A government package well worth £15 billion ($19 billion) may be funded in element by using a first-rate levy on soaring income … Read more
Global TV streaming firms such as Netflix, Amazon, and Disney have agreed to pay a fee of 6% of their earnings in Denmark to support local television production. Following the tremendous surge in popularity of streaming services, governments across Europe are attempting to secure support for local TV and film creation. “Denmark must go as … Read more
Finance minister Rishi Sunak has become Friday the first excessive-profile British flesh presser to make the Sunday Times Rich List, weeks after his family’s tax arrangements attracted controversy and amid a value-of-dwelling disaster. Sunak and his Indian spouse Akshata Murty, whose father co-founded the IT behemoth Infosys, made the yearly listing for the first time … Read more
Barclays posted an 18% reduction in net earnings in the first quarter due to litigation and bad debt losses on Thursday. Profit after tax declined to £1.4 billion ($1.8 billion, 1.7 billion euros) compared with the first three months of 2021, Barclays said in an earnings statement. Barclays booked an already-flagged litigation hit of £500 million … Read more
Canadians paid 6.7 percent more for goods and services in March than a year earlier, the government statistical agency stated on Wednesday, mentioning the largest rise in inflation in ever three decades. The following inflation above 5 percent in January and February, the March discern crowned economists’ expectations and caused predictions of every other hefty … Read more
KARACHI: The frequent International Monetary Fund (IMF) programmes complexes the policy making for the country, an official said on Monday. Federal Board of Revenue Chairman Muhammad Ashfaq, while addressing the members of the Karachi Chamber of Commerce and Industry (KCCI) said that Pakistan has entered into the IMF programmes several times resulting in complex policy … Read more
KARACHI: The Federal Board of Revenue (FBR) has registered a decline of 12 per cent in the annual returns filing for the tax year 2021, official documents revealed. According to the provisional statistics made available to BOL News, the number of return filers for the tax year 2021 fell to 3.04 million, compared with 3.45 … Read more
KARACHI: The profit before tax of Standard Chartered Bank Pakistan Limited (SCBPL) recorded a growth of 5 per cent to Rs24.8 billion in 2021, compared with Rs23.6 billion in 2020. Performance was driven by strong balance sheet growth, continued productivity improvements and risk discipline. The bank’s revenue was lower by Rs3.5 billion primarily due to … Read more
KARACHI: A recent incident of an old pensioner’s maltreatment by the tax officials sent shockwaves among the people. Terming it a shameful act, they said, it caused embarrassment for the entire nation. Taking cognizance of the severity of the issue, President Dr Arif Ali apologised to the senior citizen, an 82-year-old Abdul Hamid Khan, who … Read more
KARACHI: The profit after tax of Engro Polymer & Chemicals Limited (EPCL) witnessed an increase of 29 per cent to Rs4.689 billion, translating into the earnings per share of Rs5.16 during the fourth quarter of 2021. The company recorded a profit of Rs3.627 billion, translating into the earning per share (EPS) of Rs3.99 during the … Read more
ISLAMABAD: The government’s decision to rebase the economy from the fiscal year 2005-06 to 2015-16 has added Rs3.1 trillion in its value and jacked up last year’s GDP growth to 5.57 from 5.37 per cent. The change in the base-year was welcomed by stakeholders and experts, however, they said that it also exposed the structural … Read more
KARACHI: The tax practitioners have pointed out towards glitches in single sales tax portal hampering the filing of monthly returns. The Karachi Tax Bar Association (KTBA) in a letter to the chairman of the Federal Board of Revenue (FBR) apprised him about the serious difficulties being faced by the taxpayers on the National Single Tax … Read more
KARACHI: Imposition of a 35 per cent tax rate on an individual’s income to broaden the tax base will remain a distant dream. The high tax rate is a major impediment in keeping away persons having taxable income from fulfilling their obligations, said Muhammad Zeeshan Merchant, president of the Karachi Tax Bar Association. Pakistan has … Read more
