What are the income tax authorities in Pakistan?
(1) There shall be the following income tax authorities for the purposes of this Ordinance, namely:- ( a) Central Board of Revenue; (b) Regional Commissioners of Income Tax; (c) Commissioners of Income Tax; (d) Commissioners of Income Tax (Appeals); and (e) taxation officers.
What are the tax authorities?
Tax Authority means the Internal Revenue Service and any other domestic or foreign governmental authority responsible for the administration of any Taxes. Tax Authority means any government, or agency, instrumentality or employee thereof, charged with the administration of any Law or regulation relating to Taxes.
Which is the highest tax authority of Pakistan?
List of Regional Tax Offices Across Pakistan
| Sr.No | Designation |
|---|---|
| 1. | Chief Commissioner Large Taxpayers Office Islamabad |
| 2. | Chief Commissioner Large Taxpayers Office Lahore |
| 3. | Chief Commissioner Large Taxpayers Office Karachi |
| 4. | Chief Commissioner Corporate Tax Office Karachi |
What is Inland Revenue Service of Pakistan?
FBR is a Federal Government body responsible for tax administration in Pakistan. It has two major wings: Inland Revenue & Customs. The Inland Revenue Service which was created in 2009 administers domestic taxation including Sales Tax, Income Tax and Federal Excise Duty.
What are different tax authorities and their functions?
Income-tax Officers, Tax Recovery Officers, Inspectors of Income-tax. (c) The Additional Commissioner or Additional Director or Joint Commissioner or Joint Director who is directed under section 120(4)(b) to exercise or perform all or any of the powers and functions conferred on, or assigned to, an Assessing Officer.
What is Pakistan’s tax system?
The federal tax in Pakistan is like any other tax systems in the world. Direct and indirect taxes are classified into two broad categories. Direct taxes include salaries, interest on securities, income from property, and income from the business whereas indirect taxes include sales taxes.
What are the major issues in Pakistan’s taxation system?
The problem of taxation in Pakistan has been chronic, being one of the main reasons propelling consistent fiscal deficits over the past. Lower tax morale, tax evasion and high compliance costs have been few major challenges that have constrained FBRs capacity to generate sufficient revenue for the Government.
Why is it called Inland Revenue?
The beginnings of the Inland Revenue date from 1665, when a Board of Taxes was set up following the introduction of special taxes to pay for the Second Anglo-Dutch War. A central organisation to supervise the collection of the special taxes was required; it became known as the Tax Office.
What is CSP officer?
The civil person/person with a lot of power in civil sector is known as a bureaucrat. However if you want to become a man of power or a bureaucrat then you have to pass CSS exam . Similarly those who have passed civil superior services examinations are known as CSP officers.
What makes a company a resident of Pakistan?
Companies incorporated under foreign law are considered to be Pakistan resident if control and management of the affairs of the company is situated wholly in Pakistan at any time during the year. Resident companies are taxed on their worldwide income.
What kind of tax does KPMG pay in Pakistan?
KPMG International provides no client services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated. All rights reserved. Interest payments to non-residents (that have no permanent establishment in Pakistan) are subject to withholding tax of 10 percent.
What is the tax rate on a dividend in Pakistan?
The withholding tax rate on dividend is 12.5 percent where the recipient is a filer of Pakistan tax return and 20 percent where the recipient is a non-filer. Royalties and fees for technical service paid to non-residents (that have no permanent establishment in Pakistan) are subject to withholding tax of 15 percent.
What is the tax rate on capital gains in Pakistan?
Capital gains tax applies in Pakistan. However, the tax treatment of the capital gain depends on a range of factors including the industry and the holding period. For companies which are in the banking industry in Pakistan, gain on the sale of shares and dividend are taxable at the rate of 35 percent.