{"id":51530,"date":"2019-04-21T10:00:54","date_gmt":"2019-04-21T10:00:54","guid":{"rendered":"https:\/\/www.zameen.com\/blog\/?p=51530"},"modified":"2020-01-29T12:48:04","modified_gmt":"2020-01-29T12:48:04","slug":"fbr-informs-wb-tax-reforms","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/fbr-informs-wb-tax-reforms.html","title":{"rendered":"FBR informs WB about its tax reforms"},"content":{"rendered":"<p>Islamabad: The Federal Board of Revenue (FBR) has informed the World Bank (WB) that it has launched alternative delivery channels for the e-payment of taxes, a news source reported. Both authorities held a meeting, where FBR briefed the WB team about reforms taken for medium and small-sized companies.<\/p>\n<p>Read:\u00a0<a href=\"https:\/\/www.zameen.com\/news\/fbr-to-monitor-banking-transactions-above-pkr-1-mn.html\" target=\"_blank\" rel=\"noopener noreferrer\">FBR to monitor banking transactions above PKR 1 mn<\/a><\/p>\n<p>FBR has introduced these reforms to establish ease of doing business for these companies. In alternative delivery channels, FBR has made it possible to pay taxes through automated teller machines, internet banking, or mobile banking. The authority has informed WB that these measures will save taxpayers\u2019 time and resources.<\/p>\n<p>FBR has also revealed that the income tax rate for small companies has been reduced to 24% in the tax year 2019. This value was 25% in the tax year 2018. The officials said that the rate will keep reducing by 1% each year until 2023.<\/p>\n<p>Read:\u00a0<a href=\"https:\/\/www.zameen.com\/news\/wb-anticipates-pakistan-to-become-usd-2-trillion-economy.html\" target=\"_blank\" rel=\"noopener noreferrer\">WB anticipates Pakistan to become USD 2 trillion economy<\/a><\/p>\n<p>Other discussions included the use of business intelligence tools for audit selection of cases, and clarification over sales tax laws relating to the adjustment of input tax and capital asset purchase under Section 8B of Sales Tax Act 1990.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Islamabad: The Federal Board of Revenue (FBR) has informed the World Bank (WB) that it has launched alternative delivery channels for the e-payment of taxes, a news source reported. Both authorities held a meeting, where FBR briefed the WB team about reforms taken for medium and small-sized companies. Read:\u00a0FBR to monitor banking transactions above PKR 1 mn FBR has introduced these reforms to establish ease of doing business for these companies. In alternative delivery channels, FBR has made it possible to pay taxes through automated teller machines, internet banking, or mobile banking. The authority has informed WB that these measures will save taxpayers\u2019 time and resources. FBR has also revealed that the income tax rate for small companies has been reduced to 24% in the tax year 2019. This value was 25% in the tax year 2018. The officials said that the rate will keep reducing by 1% each year until 2023. Read:\u00a0WB anticipates Pakistan to become USD 2 trillion economy Other discussions included the use of business intelligence tools for audit selection of cases, and clarification over sales tax laws relating to the adjustment of input tax and capital asset purchase under Section 8B of Sales Tax Act 1990.<\/p>\n","protected":false},"author":68,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15015],"tags":[11383],"persona":[],"class_list":{"0":"post-51530","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-legal-taxation","7":"tag-details-on-fbr-informs-wb-about-its-tax-reforms","8":"cat-15015-id"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>FBR informs WB about its tax reforms - Zameen News<\/title>\n<meta name=\"description\" content=\"Islamabad: The Federal Board of Revenue (FBR) has informed the World Bank (WB) that it has launched alternative delivery channels for the e-payment of\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.zameen.com\/news\/fbr-informs-wb-tax-reforms.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FBR informs WB about its tax reforms - Zameen News\" \/>\n<meta property=\"og:description\" content=\"Islamabad: The Federal Board of Revenue (FBR) has informed the World Bank (WB) that it has launched alternative delivery channels for the e-payment of\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zameen.com\/news\/fbr-informs-wb-tax-reforms.html\" \/>\n<meta property=\"og:site_name\" content=\"Pakistan Real Estate News &amp; 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