Tax Exemption on Profit on Bank Accounts of Non Resident Pakistanis The Income Tax Ordinance, 2001 provides, under Clause 79 of Part-I of the Second Schedule, that profit on debt on bank accounts funded only from foreign exchange are free from taxation. Non-resident Pakistanis typically keep bank accounts in Pakistani banks. Such accounts are in…
Filing deadline is on the head, so file your tax returns for income now! Still haven’t sent in your annual tax return? Do it right away, because the deadline is in just two days. Sources from the Federal Board of Revenue (FBR) claim that no further extension in time for filing income tax return is…
Federal Government of Pakistan took certain measures to encourage the people to file their income tax returns in order to document the economy. In this context, the terms “Filer” and Non-Filer” were introduced. However, later the government replaced these terms with “Active Taxpayer” and “In-active taxpayer” respectively. Each year, FBR publish a list containing the…
If you’re starting your own Limited Liability Company, then you have to have an EIN for your LLC. An EIN, commonly called Tax ID, is required to do anything from paying employees to collecting sales tax on your products or services. However, just because you need one doesn’t mean the process of getting one has…
The registered agent for LLC formation in the USA – it’s a key part of the process of creating an LLC, but what exactly does that mean? What duties and responsibilities does it have, and how can you make sure your LLC has the best one possible? Let’s take an in-depth look at everything you…
A foreign Company can set up its Branch Office(BO)/ Liaison Office (LO) in Pakistan. Branch office is established to meet its contractual obligations with private or public sector. However, the activities shall be limited to the scope of work mentioned in the agreement. On the contrary, a liaison office can engage in marketing/promotion of company’s…
Limited Liability Companies (LLCs) are one of the more popular business structures in the United States because they offer liability protection while allowing owners of the LLC to enjoy pass-through tax treatment, as well as a wide range of asset protection benefits. The goal of this LLC registration guide is to help you understand how…
Collection of Income Tax from individuals and businesses by Federal Board of Revenue is one of the major sources of revenue of the Federal Government. Filing annual return of income commonly known as income tax return is a statutory obligation on certain persons. And non compliance of this obligation is an offence punishable under Income Tax Ordinance…