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Money portal. v. t. e. A tax credit is a tax incentive which allows certain taxpayers to subtract the amount of the credit they have accrued from the total they owe the state. [1] It may also be a credit granted in recognition of taxes already paid or a form of state "discount" applied in certain cases.
The Federal budget 2020–2021 is the federal budget of Pakistan for the fiscal year beginning from 1 July 2020 and ending on 30 June 2021. The budget was presented in the Parliament by the Federal Minister Hammad Azhar. [1] It is also called Corona budget as it was presented during the Corona Crisis. [2]
The Income Tax Ordinance was the first law on Income Tax which was promulgated in Pakistan from 28 June 1979 by the Government of Pakistan. The Income Tax Ordinance, 2001 [ edit ] To update the tax laws and bring the country's tax laws into line with international standards, the Income Tax Ordinance 2001 was promulgated on 13 September 2001.
The Inland Revenue Service ( IRS) is a department of the Federal Board of Revenue (FBR) in Pakistan. It was established in 2009 and holds the responsibility for overseeing various aspects of domestic taxation, encompassing Sales Tax, Income Tax, and Federal Excise Duty. [1] [2]
The incumbent government of Pakistan under Prime Minister Imran Khan has presented its third budget for the Fiscal Year 2021-22. This budget has a value of Rs8.49 trillion, an increase of Rs700 billion over the last budget, and a GDP growth rate target of 4.8 percent. The 2021-22 budget is important as the country has presented positive ...
February 12, 2024 at 1:52 AM. ISLAMABAD (Reuters) - Pakistan's elections last week returned a hung parliament, with no party getting enough seats in the National Assembly to form a government by ...
The National Finance Commission Award or NFC is a series of planned economic programs in Pakistan enacted since 1951. [1] Constituted under the Article 160 of the Constitution, the program was emerged to take control of financial imbalances and equally managed the financial resources to four provinces to meet their expenditure liabilities while ...
The Government of Pakistan (Urdu: حکومتِ پاکستان, romanized: Hakūmat-e-Pākistān; abbreviated as GoP), constitutionally known as the Federal Government (Urdu: وفاقی حکومت), commonly known as the Centre (Urdu: مرکز), is the national authority of the Islamic Republic of Pakistan, a federal parliamentary republic consisting of four provinces, two autonomous ...