News – GMS Solicitors (Pvt.) Ltd

September 15, 2023 News, Uncategorized gmsshahbaz

Mounting Concerns as Electricity Bills Reveal a Myriad of Taxes and Duties

Karachi, September 12, 2023 – The rising concern over inflated electricity prices has brought to light a myriad of duty and taxes, in addition to government charges, that are embedded within electricity bills, impacting the daily lives of consumers. iCouncil, an advisory company specializing in financial analysis and advisory services, has compiled a comprehensive list […]

September 15, 2023 News gmsshahbaz

Pakistan Implements Penalty for Cash Payments in Property Purchases

Karachi, September 14, 2023 – Pakistan has taken a significant step towards curbing cash-based transactions in the real estate sector by introducing penalties for cash payments made during property purchases. This new regulation aims to enhance transparency and combat tax evasion in property transactions. Under this development, sources within the Federal Board of Revenue (FBR) […]

September 15, 2023 News gmsshahbaz

Shamshad queries FBR on plans to plug Rs9.4tr annual target, revenue gap

Govt focused on addressing Rs1 trillion revenue leakages. FBR identifies 5 major areas to fill expected revenue shortfall. Transit trade with Afghanistan causes smuggling of $2 to $3bn. ISLAMABAD: Caretaker Finance Minister Dr Shamshad Akhtar has asked the Federal Board of Revenue (FBR) to share its strategy to close the expanding revenue gap and meet the […]

January 22, 2019 News gmsshahbaz

Income Tax Ordinance, 2001: Commissioner IR can issue assessment order on day return filed

KARACHI: Federal Board of Revenue (FBR) has empowered Commissioner Inland Revenue (IR) to issue assessment order against a return even on the date the return is filed.

January 15, 2019 News gmsshahbaz

SBP launches campaign for National Financial Literary Program on January 15

KARACHI: To create awareness about the National Financial Literary Program (NFLP) and more specifically, sensitize the masses regarding the on-ground execution, a dedicated NFLP mass media campaign is being launched from January 15, 2019 through print, radio and social media, State Bank of Pakistan (SBP) said on Monday. It is important to mention here […]

January 15, 2019 News gmsshahbaz

FBR issues updated withholding tax card for Tax Year 2019

ISLAMABAD: Federal Board of Revenue (FBR) has issued updated rate card of withholding tax for Tax Year 2019 incorporating amendments made through Finance Supplementary Act, 2018. Through Finance Supplementary Act, 2018 various provisions related to withholding tax have been amended to Income Tax Ordinance, 2001. The FBR issued guidelines for the taxpayers, tax collectors, withholding […]