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The period from July 1 to June 30 is considered as a normal tax year for Pakistan tax law purposes. Corporate Income tax rates Currently, the Corporate Income tax rate is 29% for tax year 2019 and onwards whereas the corporate tax rate is 35% for Banking Industry for TY 2019. Income Tax on Export of Services, in Pakistan is 1%.
A sales tax is a tax paid to a governing body for the sales of certain goods and services. Usually laws allow the seller to collect funds for the tax from the consumer at the point of purchase. When a tax on goods or services is paid to a governing body directly by a consumer, it is usually called a use tax. Often laws provide for the exemption ...
www.fbr.gov.pk. The Federal Board of Revenue (FBR) (Urdu: وفاقی بورڈ محصولات), formerly known as Central Board of Revenue (CBR), is a federal law enforcement agency of Pakistan that investigates tax crimes, suspicious accumulation of wealth, money-laundering make regulation of collection of tax. FBR operates through Inspectors ...
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]
Sales taxes are imposed only on taxable transfers of goods or services. The tax is computed as the tax rate times the taxable transaction value. Rates vary by state, and by locality within a state. [5] Not all types of transfers are taxable. The tax may be imposed on sales to consumers and to businesses.
The organization's primary functions encompass expanding the tax base, accessing significant databases, cross-referencing data with master indices and tax profiles, managing complaints referred by the Chairman FBR under the FBR Act, conducting financial investigations, and discreetly gathering information concerning all tax-related matters. [2]
The Federal Tax Ombudsman (FTO, Urdu: وفاقی ٹیکس محتسب پاکستان) evaluates complaints against federal tax agencies. Article 37 of the Constitution of Pakistan calls for inexpensive and expeditious justice. The Federal Tax Ombudsman Ordinance of 2000 [ 1] and the Federal Ombudsman Institutional Reforms (FOIR) Act of 2013 [ 2 ...
The Marketplace Fairness Act was a proposed legislation pending in the United States Congress that would enable state governments to collect sales taxes and use taxes from remote retailers with no physical presence in their state. During the 112th United States Congress, a bill (S. 1832) was considered but expired without enactment.