taxes

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Pakistan’s gross domestic product has fallen

Pakistan’s gross domestic product has fallen. The World Bank’s chief tax expert, Sebastian James, has said that Pakistan’s gross domestic product (GDP) has fallen below average over the past two years. He also noted that excessive taxation contributes to the country’s economic woes. He said the tax cuts were undeniable, as they caused financial problems for the department because early repayments were not made in Pakistan. James made the remarks during a webinar hosted by Pakistan Development Policy Series 2021 at the World Bank. Special Assistant to the Minister of Lands and Taxation, Dr. Waqar Masood, during a webinar, said the government is reforming the tax evasion system. So far, there are 65 types of taxes in Pakistan, which the government plans to remove 40 over the next two years, starting with the upcoming budget for 2021-2022. Pakistan’s WB president Najy Benhassine, meanwhile, said Pakistan’s tax burden was too narrow,…

FBR releases Active Tax List for 2020 tax year

Pakistani Rupees, Pakistani currency notes FBR releases Active Tax List for 2020 tax year. The Federal Board of Revenue (FBR) on Monday released a list of over 2.1 million income tax returns of active taxpayers for taxpayers 2020 as of March 1, 2021. Income tax return for the 2020 tax year has now risen to 2.62 million compared to 2.43 million last year, indicating an increase of 8%.However, the updated ATL contains data from more than 2.1 million taxpayers as the rest have not paid the late filing charge. Must be on latest ATL. The list of active taxpayers of Azad Jammu and Kashmir should be treated at par with ATL (Income Tax) after amendment of Income Tax Ordinance 2001 through Finance Act 2018. Earlier, the FBR’s List of Active Taxpayers (ATL) was linked with the Income Tax Return for the tax year 2019. The Active Taxpayer List (ATL) is…

Imported mobile phone taxes will now be based on this FBR list

Imported mobile phone taxes will now be based on this FBR list. Directorate General of Customs Valuation (DGCV) Karachi has increased customs prices on imports of various brands of well-known mobile phones for accurate assessment of duties and taxes. In this regard, DG Valuation has issued pricing advice for the Model Customs Collectorate (MCC). This new ValueVoiceAdvice has rejected the Directorate’s ValuationAdvice issued on October 21, 2020. According to the Directorate, custom values ​​have been modified on the import of the following brands of mobile phones. AppleHuaweiInfinixItelLenovoMeizuMotorolaNokiaOppoSonyTecnoVivoHonorAlcatelSamsung The assessment decision states that the Directorate General of Customs Valuables conducted an exercise under Section 25 of the Customs Act, 1969 to assess the customs values ​​of mobile phone devices. It is recommended that customs duties be considered for assessment of duties and taxes.These values ​​will be relevant for review and action under SRO 1455 (1) / 2018 and SRO 1456 (1)…

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