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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. It became effective from 1 July 2002. Following the recent budget, the Income Tax Ordinance as amended up to June 30, 2024 and the updated Finance Act 2024 are now available! [4]
The Federal Tax Ombudsman Ordinance of 2000 [1] and the Federal Ombudsman Institutional Reforms (FOIR) Act of 2013 [2] confer powers, including administrative and financial autonomy. This aligns with the separation of Pakistan's judiciary and executive branches in accordance with the Constitution.
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 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 ...
Tax on cash withdrawal is a form of advance taxation and is a strategy to keep tax evasion in check. This mode of tax collection is also called the presumptive tax regime. Globally, 3 countries are known to consider this approach namely, Pakistan, [1] India [2] and Greece. [citation needed]
In 2023 the Director General of Intelligence and Investigation - Inland Revenue (DG I&I-IR) has initiated a process to segregate cases involving tax evasion from those related to money laundering. This effort aims to prevent the prosecution of individuals within the business community for money laundering when their actions primarily pertain to ...
In Pakistan income tax of 10% as required by the Income Tax Ordinace, 2001 on the amount of dividend is deducted at source. A surcharge of 15% on income tax is withheld and will be duly paid by the company to Government of Pakistan as per Income Tax (Amendment) Ordinance, 2011. In Poland there is a tax of 19% on dividends.
The Government of Pakistan (Urdu: حکومتِ پاکستان, romanized: hukūmat-e-pākistān) (abbreviated as GoP), constitutionally known as the Federal Government, [a] commonly known as the Centre, [b] is the national authority of the Islamic Republic of Pakistan, a federal republic located in South Asia, consisting of four provinces and one federal territory.