Property taxes are an integral part of Pakistan’s taxation system. They are levied on immovable property, such as land, buildings, and other structures, and are a vital source of revenue for the government. In this article, we will explore the…
If you earn a salary in Pakistan, you must pay income tax on your earnings. Income tax is a direct tax that is paid to the government on your income, and the amount of tax you pay depends on your…
As e-commerce continues to grow in Pakistan, online businesses need to be aware of taxation laws to ensure compliance and avoid legal penalties. This article will provide an overview of taxation laws for online businesses in Pakistan, including registration, filing…
Income tax is a direct tax that is imposed on individuals, businesses, and other entities by the government. It is a key source of revenue for governments around the world and is used to fund various public services and projects.…
The Federal Board of Revenue in Pakistan updates the Active Taxpayer List at the end of February for the preceding filing year. Those who fail to submit their tax return on time still enjoy the benefits of being a filer…
Pakistan’s Finance (Supplementary) Bill 2023 has introduced new taxes to finalize the IMF deal, one of which is the advance tax of 10% on functions and gatherings. This tax was previously implemented and has now been re-introduced, effective immediately. Under…
Paying taxes is an essential responsibility for all citizens who earn an income. Taxes are a way of contributing to the functioning of society and the government, and they help fund a variety of services that benefit everyone, from public…
Filing income tax returns is a crucial aspect of every individual’s and entity’s financial obligations in Pakistan. Failure to comply with this legal requirement can result in severe penalties, which is why it is essential to understand the criteria and…
The Federal Board of Revenue (FBR) in Pakistan has recently finalized budget proposals for tax measures that will impact the economy in the upcoming fiscal year. The proposed measures include an increase in sales tax rates from 17% to 18%,…
Taxpayers in Pakistan are required to comply with legal obligations related to taxation. The Federal Board of Revenue communicates with taxpayers through tax notices, which play a vital role in ensuring proper compliance. In this comprehensive guide, we will discuss…
When it comes to sales tax returns in Pakistan, there are several different annexures that businesses may need to fill out depending on their specific industry and type of business. In this article, we will provide an overview of the…
Designated Non-Financial Businesses and Professions (DNFBPs) refer to businesses and professions that are not related to financial institutions but are still vulnerable to money laundering and terrorist financing. DNFBPs in Pakistan include real estate agents, dealers of precious metals and…
Every person who earns an income in Pakistan, owns property or a vehicle, is required to obtain a National Tax Number (NTN). NTN is not only mandatory for individuals, but also for NGOs, government entities, corporate entities, and Associations of…
NGO or non governmental organizations not operate for the sake of profit. Rather their work is related to scientific, education, research or development of health sector. Same as Trust which is operated for non earning basis. Many functions which are…
Gifts are a common way of expressing love and affection among Pakistanis. However, many people are unaware of the tax implications of gift income. In this article, we will discuss the taxation of gift income in Pakistan and provide a…