AM Taxation

30/09/2023

10/09/2023

Dear all,

Get your Income Tax Return Filed at your earliest before due date to remain in Active Taxpayer’s List and avoid penalties.

Please note that last date of return filling for the tax year 2023 is September 30th, 2023. To ease you of your worries to file tax return, contact us.

AM Taxation
Muhammad Omer
[email protected]

31/08/2023

Petrol prices increased by Rs.14.91/- w.e.f from 1st September 2023.

27/08/2023

The term 'income tax' in Pakistan might be better represented as 'salary tax' to reflect what is actually being taxed. The targeting of the salaried class for revenue is unfair. Shocking statistics show low tax registration and compliance rates, with only a small portion of the population dutifully filing income tax returns. A vast majority of the income tax revenue comes from a tiny fraction of the population. The need for broadening the tax net is important for fiscal stability. Currently, the salaried class faces higher taxes and inflation, impacting their purchasing power. Policymakers should address these issues for a fairer tax system through policy reforms and increased tax literacy. Until then, the term 'salary tax' might offer some catharsis to the salaried individuals.

18/08/2023

Tax reforms commission unceremoniously sent packing
The much-trumpeted Reforms and Resource Mobilisation Commission (RRMC) was unceremoniously sent packing by the last government without giving it time to complete a final report, adding another name to a long list of failed attempts to reform the outdated and shallow taxation system.

Former finance minister Ishaq Dar had set up the commission in December last year to review budget proposals, reduce size of the informal economy and consider the possibility of making the Federal Board of Revenue (FBR) an autonomous entity. However, a day before leaving office, Dar gave the go-ahead to de-notify the commission, headed by Ashfaq Tola, who had been given the status of minister of state.

Body could not complete final report; its earlier recommendations also ignored

16/08/2023

Section 7E of the Income Tax Ordinance, 2001