Expertax is a firm which deals in tax and allied services in Pakistan.

NEWS:

Super-tax to apply for tax year 2022 and onwards

However, for tax year 2022 the rate of super tax under this section will be 10% instead of 4%, where the income of the persons engaged, partly or wholly, in business of airlines, automobiles, beverages, cement, chemicals, cigarette & tobacco, fertilizer, iron & steel, LNG terminal, oil marketing, oil refining, petroleum & gas exploration and production, pharmaceuticals, sugar and textiles exceeds Rs.300 million. For tax year 2023, this super tax on income of banking companies will be 10% if the income for the year exceeds Rs. 300 million.

https://pkrevenue.com/super-tax-to-apply-for-tax-year-2022-and-onwards-fbr/

12-Jul-2022

ISLAMABAD: The cost of sales tax exemption is 50 percent of the total tax expenditure during 2021-22, according to the Tax Expenditure Report-2022 issued by the Federal Board of Revenue (FBR).

https://www.brecorder.com/news/40185556

Pakistan grants tax exemption to charitable organizations

KARACHI: Pakistan has granted exemption from tax on income of various charitable organizations through Finance Act, 2022.

According to interpretation of Finance Act, 2022 by PwC A. F. Ferguson & Co. the income of following organizations has been exempted from income tax by way of inclusion in Table I of Clause (66):

(i) The Pakistan Global Sukuk Programme Company Limited;

(ii) Karandaaz Pakistan from tax year 2015 onwards;

(iii) Public Private Partnership Authority for tax year 2022 and subsequent four tax years; and

(iv) Hamdard Laboratories (Waqf) Pakistan.

The tax exemption has been granted under Second Schedule of Income Tax Ordinance, 2001.

https://pkrevenue.com/pakistan-grants-tax-exemption-to-charitable-organizations/

https://pkrevenue.com/new-tax-rates-on-car-registration-from-july-01-2022/

ISLAMABAD: The Federal Board of Revenue (FBR) has expanded the scope of the definition of IT and IT-enabled services, raised the advance tax rate from two to four percent for commercial importers and reduced the turnover tax for Oil Marketing Companies (OMCs) from 0.75 percent to 0.5 percent through amendment in the Finance Bill, 2022.

https://www.brecorder.com/news/40183698

FBR bans sale of cigarettes without tax stamps

https://propakistani.pk/2022/07/05/fbr-bans-sale-of-cigarettes-without-tax-stamps/