How to Increase Effectiveness of Tax Laws in Pakistan?
Tax laws play a crucial role in any country’s economic development and sustainability. In Pakistan, an emerging economy with a growing tax base, the effective enforcement of tax laws is […]
What You Need to Know About Tax Penalties in Pakistan
The Income Tax Ordinance 2001 (ITO) is the primary legislation governing taxation in Pakistan. The ITO sets out a number of different tax penalties for non-compliance with its provisions. These […]
Differences Between Normal Assessment and Best Judgement Assessment in Pakistan
Taxation in Pakistan is a complex system with various assessments, processes, and procedures. Two of the most important assessments used by the Federal Board of Revenue (FBR) are the Normal […]
Things You Need to Know About Filing Foreign Income and Asset Statement in Pakistan
If you are a resident taxpayer in Pakistan and have foreign income or assets, it is essential to understand the requirements for filing a Foreign Income and Asset Statement (FIAS) […]
Section 75A of Income Tax Ordinance: A Guide for Pakistani Property Buyers
Section 75A of the Income Tax Ordinance has brought significant changes to the property buying process in Pakistan. As a Pakistani property buyer, it is essential to understand the implications […]
Finance Bill 2022 Proposes Strict Measures for Increasing Tax Compliance
The Finance Bill 2022 proposes strict measures to increase the tax base and penalize non-compliant persons. These measures include penalties for non-filing of income tax returns, non-issuance of sales tax […]
Retailers who doesn’t Need to Register for Sales Tax
As a Pakistani retailer, it is important to understand the distinction between Tier I and Tier II retailers when it comes to sales tax. Tier I retailers are bound to […]
What is Internet Tax in Pakistan?
The internet has become an essential part of business in Pakistan. Businesses use the internet to communicate with customers, suppliers, and employees, to conduct research, and to market their products […]
Avoiding Discontinued Electricity and Gas Connections: A Guide for Pakistani Retailers
The Sales Tax Act, 1990, is a law that governs the taxation of goods and services in Pakistan. The Act was amended in 2021 to include a new section, Section […]
Synchronised Withholding Administration & Payment System (SWAPS) in Pakistan
The Federal Budget 2022-23 has introduced a new concept in the area of tax collection and documentation in Pakistan. The Synchronised Withholding Administration & Payment System (SWAPS) has been introduced […]