{"id":89954,"date":"2022-11-11T11:50:06","date_gmt":"2022-11-11T06:50:06","guid":{"rendered":"https:\/\/www.zameen.com\/news\/?p=89954"},"modified":"2022-11-11T11:50:10","modified_gmt":"2022-11-11T06:50:10","slug":"tax-gdp-ratio-fbr-finance-act-2022","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/tax-gdp-ratio-fbr-finance-act-2022.html","title":{"rendered":"Tax-to-GDP ratio: FBR to enforce Finance Act 2022"},"content":{"rendered":"\n<p>Islamabad: The Federal Board of Revenue (FBR) has decided to enforce Finance Act 2022 to increase the tax-to-GDP ratio, news sources reported.<\/p>\n\n\n\n<p>The FBR has decided to enforce tax measures to bring more taxpayers into the tax net. In this regard, FBR has inserted two new sub-sections (1DC) and (1DD) in Section 152 of the Income Tax Ordinance. The new measures from FBR will result in the following actions:<\/p>\n\n\n\n<p><strong>Read:<\/strong> <a href=\"https:\/\/www.zameen.com\/news\/fbr-income-tax-filing-deadline.html\" data-type=\"post\" data-id=\"89743\" target=\"_blank\" rel=\"noreferrer noopener\">FBR extends income tax filing deadline once again<\/a><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Under sub-section (1DC), service charges\/commission\/fee, by whatever name called, paid by an exchange company licensed by the State Bank of Pakistan (SBP) to a non-resident person have been brought under the tax net<\/li><li>Under the <a href=\"https:\/\/www.zameen.com\/news\/finance-ministry-1qfy23.html\" data-type=\"post\" data-id=\"87322\" target=\"_blank\" rel=\"noreferrer noopener\">Finance Act 2022<\/a>, every banking company will collect this adjustable advance tax at the time of remitting money outside Pakistan on behalf of a person who has completed a credit card, debit card, or prepaid card transaction with a person outside Pakistan<\/li><li>People remitting money to foreign agents\/persons and not on the Active Taxpayer List (ATL) will be charged 100% of advance tax<\/li><\/ul>\n\n\n\n<p><strong>Read:<\/strong> <a href=\"https:\/\/www.zameen.com\/news\/tax-fbr-resolve-tax-form-issues.html\" data-type=\"post\" data-id=\"89669\" target=\"_blank\" rel=\"noreferrer noopener\">Tax bodies ask FBR to resolve tax form issues<\/a><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Exchange companies are now required to deduct tax when paying service charges, commissions, or fees to global money transfer operators, international money transfer operators, or other persons engaged in international money transfers or cross-border remittances to facilitate outward remittances<\/li><li>An immediate hike in the general sales tax (GST) on gasoline as a step toward attaining the standard rate of 17%<\/li><li>Further simplification of GST exemptions, including those for sugary drinks and other unjustified exclusions, such as those for exporters, will bring in PKR 60 million<\/li><li>Increasing the Federal Excise Duty on Tier I and Tier II cigarettes by at least PKR 2 per stick, with immediate effect, to generate at least an additional 120 billion in revenue<\/li><\/ul>\n\n\n\n<p><strong>Read:<\/strong> <a href=\"https:\/\/www.zameen.com\/news\/fbr-income-tax-return-small-traders.html\" data-type=\"post\" data-id=\"89571\" target=\"_blank\" rel=\"noreferrer noopener\">FBR notifies new income tax return forms for small traders<\/a><\/p>\n\n\n\n<p>It is worth noting that the government has set a tax collection target of PKR 7.4 trillion for the current fiscal year, which is already being tested owing to a PKR 22 billion shortfall in October. To make up for the shortfall, the government has extended the deadline for filing income tax returns to November 30.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Islamabad: The Federal Board of Revenue (FBR) has decided to enforce Finance Act 2022 to increase the tax-to-GDP ratio, news sources reported. The FBR has decided to enforce tax measures to bring more taxpayers into the tax net. In this regard, FBR has inserted two new sub-sections (1DC) and (1DD) in Section 152 of the Income Tax Ordinance. The new measures from FBR will result in the following actions: Read: FBR extends income tax filing deadline once again Under sub-section (1DC), service charges\/commission\/fee, by whatever name called, paid by an exchange company licensed by the State Bank of Pakistan (SBP) to a non-resident person have been brought under the tax net Under the Finance Act 2022, every banking company will collect this adjustable advance tax at the time of remitting money outside Pakistan on behalf of a person who has completed a credit card, debit card, or prepaid card transaction with a person outside Pakistan People remitting money to foreign agents\/persons and not on the Active Taxpayer List (ATL) will be charged 100% of advance tax Read: Tax bodies ask FBR to resolve tax form issues Exchange companies are now required to deduct tax when paying service charges, commissions, or&hellip;<\/p>\n","protected":false},"author":84,"featured_media":75334,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15015],"tags":[54879,54453,54878],"persona":[],"class_list":{"0":"post-89954","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-legal-taxation","8":"tag-fbr-income-tax-date","9":"tag-fbr-news-and-updates","10":"tag-finance-act-2022","11":"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>Tax-to-GDP ratio: FBR to enforce Finance Act 2022 - Zameen News<\/title>\n<meta name=\"description\" content=\"Islamabad: The Federal Board of Revenue (FBR) has decided to enforce Finance Act 2022 to increase the tax-to-GDP ratio, news sources reported. The FBR has\" \/>\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\/tax-gdp-ratio-fbr-finance-act-2022.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tax-to-GDP ratio: FBR to enforce Finance Act 2022 - Zameen News\" \/>\n<meta property=\"og:description\" content=\"Islamabad: The Federal Board of Revenue (FBR) has decided to enforce Finance Act 2022 to increase the tax-to-GDP ratio, news sources reported. 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