Amazon will pay $0 in taxes on $11,200,000,000 in profit for 2018

While some people have received some surprise tax bills when filing their returns, corporations continue to avoid paying tax — thanks to a cocktail of tax credits, loopholes, and exemptions. According to a report from the Institute on Taxation and Economic Policy (ITEP), Amazon (AMZN) will pay nothing in federal income taxes for the second year in a row. Thanks to the new Tax Cuts … Continue reading Amazon will pay $0 in taxes on $11,200,000,000 in profit for 2018

The Laundromat

2019 Film, NETFLIX Movie claims Nawaz Sharif resigned after the panama leaks (He was dismissed) Then again it states its based on ‘some’ real shit. Star-powered drama,“The Laundromat” is about modern systems which protect the extremely wealthy. Panama Papers, Tax avoidance and weak laws are the basic gist. 1% of the entire world population damages the other 99% to avoid law and taxes. Financial Systems … Continue reading The Laundromat

7 billion collected on Mobiles only!

The Senate Standing Committee on Finance, Revenue and Economic Affairs was informed on Thursday that the government has received Rs 7 billion additional tax in last six months after it imposed the Customs Duty on mobile phones for overseas Pakistanis. The Federal Board of Revenue (FBR) and other relevant government institutions during this period observed that duty imposition on imported mobile had a positive impact … Continue reading 7 billion collected on Mobiles only!

10 million in deposits? You are now on FBR radar.

Bank account holders making aggregate deposits of Rs10 million in a month are on radar of Federal Board of Revenue (FBR) for the purpose of broadening of tax base and identifying concealed incomes. Federal Board of Revenue (FBR) has said that banks are required to provide details of account holders having aggregate deposits of Rs10 million in a month. The FBR issued Income Tax Ordinance, … Continue reading 10 million in deposits? You are now on FBR radar.

200% Tax Hike in Islamabad Properties

Property owners in the capital have seen an unprecedented 200% hike in property tax with little time to pay the charges. The Metropolitan Corporation Islamabad (MCI) approved the increase in property tax last December, making it applicable from July 1, but tensions between the MCI and Capital Development Authority (CDA) over who would control the revenue directorate responsible for collecting property tax meant that the … Continue reading 200% Tax Hike in Islamabad Properties

FBR to Launch Tax App for Return Filing Today- Chairman FBR

Federal Board of Revenue (FBR) Chairman Shabbar Zaidi has said that the revenue collection body will launch a mobile app for salaried persons to file tax returns on Friday. Talking to journalists, Shabbar Zaidi said that the mobile app will help citizens and salaried people to file their tax returns. He said that FBR decided to introduce the mobile app to facilitate the masses, business … Continue reading FBR to Launch Tax App for Return Filing Today- Chairman FBR

Tax Asaan- FBR APP Initiative for Sales Tax

Tax Asaan is a mobile application with selected functionality of Iris web application. This mobile application provides the taxpayers a quick and on-the-go access of basic verification features like Active Taxpayers List (ATL), Online NTN/STRN Inquiry, Exemption Certificate and CPR Utilization Status etc. A new and simplified functionality is provided under Tax Asaan mobile application for the users to get register for Sales Tax. Now … Continue reading Tax Asaan- FBR APP Initiative for Sales Tax

FBR RELEASES FIRST TRANCHE OF SALES TAX REFUNDS PROCESSED THROUGH FASTER SYSTEM

The first payment through FASTER module, against the refund claims for the tax period July, 2019, has been made on 2nd September, 2019, and the State Bank of Pakistan has confirmed the credit of the refund amount in the bank account of the claimant. It is highlighted that only 9 refund claims of five exporter-oriented sectors were received by Friday, the 30th August, 2019, and … Continue reading FBR RELEASES FIRST TRANCHE OF SALES TAX REFUNDS PROCESSED THROUGH FASTER SYSTEM