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The tax structure is progressive, aiming to fairly distribute the tax burden across different income groups. 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%. However, export of IT services is ...
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-IR that keep tax ...
Complaints that cannot be lodged include those that are subjudice before a court or tribunal or authority on the date of receipt of the complaint; relate to assessment of income, determination of liability of tax or duty, classification or valuation of goods, interpretation of law in respect of which legal remedies of appeal are available ...
An advance tax ruling is a tool for multinational corporations and for individual taxfilers for clarifying and conforming particular taxation arrangements. A written interpretation of tax laws is issued by tax authorities to corporations and individuals who request clarification of taxation arrangements.
Advance payments made as a loan are generally repayable but this is not always the case. In Leibson Corporation and Others v TOC Investments Corporation and Others, an English Court of Appeal case in 2018, [3] it was established following principles of contractual interpretation that, in the absence of any specific language to the contrary, an "advance" is not always repayable.
Federal Tax Ombudsman: Tasked with the oversight of tax-related matters at the federal level, this ombudsman agency ensures accountability and fairness in tax administration, providing a platform for taxpayers to resolve disputes and grievances.
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A tax refund advance loan is a short-term loan issued by banks, which have the benefit of being members FDIC, and non-bank lenders. These loans are secured by the borrower’s anticipated tax refund .