Daily Times
July 11, 2021
The outdated and oppressive tax structures at federal and provincial levels have created further fiscal mess and how come out of it is discussed in Towards Flat, Low-rate, Broad and Predictable Taxes’ (PRIME Institute, Islamabad, published in December 2020, available free at: https://primeinstitute.org/towards-flat-low-rate-broad-and-predictable-taxes/). A webinar on this book was held on July 10, 2021 hosted jointly by publisher (PRIME institute) and Pakistan Social Science Forum, created in March 2021 by Pakistani young research scholars with the aimed to facilitate and engage Pakistani origin academicians and researchers across different disciplines. The 2-hour session (originally scheduled for one hour) provided interactive discussion between the emerging scholars and Pakistani researchers who have produced research in any field of taxation.
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Daily Times Says WHT rates for industrial, commercial consumers revised
July 5, 2021
The Federal Board of Revenue (FBR) has said that export of services has been brought under final tax regime with effect from July 01, 2021.
The FBR in an explanation to Finance Act, 2021 stated that in line with the policy of the government to attract legal flow of remittances into the country and to promote export of services in all sectors of economy, a special regime at par with export of goods regime has been introduced through insertion of section 154A of the Income Tax Ordinance, 2001.
The service providers would be subjected to 1 per cent withholding tax under Division IVA of Part III of First Schedule of the Ordinance on their export proceeds remitted in Pakistan through Banks and authorised dealers of foreign exchange. This would be the final tax, said the FBR.
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