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Taxation In Pakistan
Taxation in Pakistan is a cornerstone of the country’s economic framework, managed by the Federal Board of Revenue (FBR). The FBR operates under the Ministry of Finance and is tasked with formulating tax policies, collecting federal taxes, and ensuring compliance with tax laws. It oversees various tax departments, including those dealing with customs, income tax, and sales tax. The FBR also plays a crucial role in drafting tax-related legislation and implementing measures to combat tax evasion. The taxation system in Pakistan encompasses both direct and indirect taxes, which contribute significantly to the nation’s revenue. Taxation in Pakistan is a complex system of more than 70 unique taxes administered by at least 37 agencies of the Government of Pakistan. History Taxation in Pakistan has evolved since the country’s independence in 1947, largely based on the United Kingdom, British colonial tax system. Initially, Pakistan inherited the tax structures and administrative ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Federal Board Of Revenue
The Federal Board of Revenue (FBR) (), formerly known as Central Board of Revenue (CBR), is a federal law enforcement agency of Pakistan that investigates tax crimes, suspicious accumulation of wealth, money-laundering make regulation of collection of tax. FBR operates through Inspectors-IR that keep tax evaders under surveillance, assess taxable incomes and perform special tasks for FBR Headquarters. FBR performs role of collection of taxation in the country from all individuals and businesses. FBR also collects intelligence on tax evasion and administers tax laws for the Government of Pakistan and acts as the central revenue collection agency of Pakistan. History Established as the ''Central Board of Revenue'' on 1 April 1924 through enactment of the "''Central Board of Revenue Act, 1924''". In 1944, the CBR was put under the ''Revenue Division'' with the Ministry of Finance until 1960, when on the recommendations of the "''Administrative Reorganization Committee"'', the C ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Constitution Of Pakistan
The Constitution of Pakistan ( ; ISO 15919, ISO: '' Āīn-ē-Pākistān''), also known as the 1973 Constitution, is the supreme law of Pakistan. The document guides Pakistan's law, political culture, and system. It sets out the state's outline, the fundamental rights of the population, the state's law and orders, and also the structure and establishment of the institutions and the armed forces. Drafted by the government of Zulfikar Ali Bhutto, with additional assistance from the country's Pakistani political parties, opposition parties, it was unanimously approved by the Parliament of Pakistan, 5th Parliament on 10 April and ratified on 14 August 1973. The first three chapters establish the rules, mandate, and Separation of powers, separate powers of the three branches of the government: a Bicameralism, bicameral legislature; an executive branch governed by the Prime Minister of Pakistan, Prime Minister as chief executive; and an apex federal judiciary headed by Supreme Court ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
India
India, officially the Republic of India, is a country in South Asia. It is the List of countries and dependencies by area, seventh-largest country by area; the List of countries by population (United Nations), most populous country since 2023; and, since its independence in 1947, the world's most populous democracy. Bounded by the Indian Ocean on the south, the Arabian Sea on the southwest, and the Bay of Bengal on the southeast, it shares land borders with Pakistan to the west; China, Nepal, and Bhutan to the north; and Bangladesh and Myanmar to the east. In the Indian Ocean, India is near Sri Lanka and the Maldives; its Andaman and Nicobar Islands share a maritime border with Thailand, Myanmar, and Indonesia. Modern humans arrived on the Indian subcontinent from Africa no later than 55,000 years ago., "Y-Chromosome and Mt-DNA data support the colonization of South Asia by modern humans originating in Africa. ... Coalescence dates for most non-European populations averag ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Sehat Sahulat Program
The Sehat Sahulat Program is a flagship social health insurance initiative launched by the Pakistan Tehreek-e-Insaf in 2015, to provide health insurance for the citizens of Khyber Pakhtunkhwa, later expanded on a federal level by the Imran Khan government in 2019. The program operates under the Sehat Insaf Card. It is designed to provide financial protection and access to quality healthcare services to the poorest and most vulnerable segments of society. The program was declared as universal by the PTI Khyber Pakhtunkhwa government of Mahmood Khan in 2020 and was declared as universal by the PTI federal government of Imran Khan in 2021. The programme has been praised for its cost-effective provision of free healthcare for citizens. Under the Sehat Sahulat Program, eligible households are provided with free healthcare services, including hospitalization, surgeries, and diagnostic tests. The program covers a range of health conditions, including cancer, cardiovascular diseases, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Benazir Income Support Program
The Benazir Income Support Programme (BISP) is a federal unconditional cash transfer poverty reduction program in Pakistan. Launched in July 2008, it was the largest single social safety net program in the country with nearly Rs. 90 billion ($900 million) distributed to 5.4 million beneficiaries in 2016. The program distributed Rs.19,33 8 (or approx. $195) per annum distributed per month in the year 2016. The stipend is linked to the Consumer Price Index and is paid through a smart card. The Department for International Development of the United Kingdom is the largest foreign backer of the program, providing $244 million (or 27%) of the total funds in 2016 with the Pakistani Government providing the rest. A separate ministry, Ministry of Poverty Alleviation and Social Safety (PASS), was established and BISP was made part of the Poverty Alleviation and Social Security Division. History The Benazir Income Support Programme was established in 2008 by Yousaf Raza Gillani who took ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Double Taxation Agreements
A tax treaty, also called double tax agreement (DTA) or double tax avoidance agreement (DTAA), is an agreement between two countries to avoid or mitigate double taxation. Such treaties may cover a range of taxes including income taxes, inheritance taxes, value added taxes, or other taxes. Besides bilateral treaties, multilateral treaties are also in place. For example, European Union (EU) countries are parties to a multilateral agreement with respect to value added taxes under auspices of the EU, while a joint treaty on mutual administrative assistance of the Council of Europe and the Organisation for Economic Co-operation and Development (OECD) is open to all countries. Tax treaties tend to reduce taxes of one treaty country for residents of the other treaty country to reduce double taxation of the same income. The provisions and goals vary significantly, with very few tax treaties being alike. Most treaties: * define which taxes are covered and who is a resident and eligible f ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
World Bank
The World Bank is an international financial institution that provides loans and Grant (money), grants to the governments of Least developed countries, low- and Developing country, middle-income countries for the purposes of economic development. The World Bank is the collective name for the International Bank for Reconstruction and Development (IBRD) and International Development Association (IDA), two of five international organizations owned by the World Bank Group. It was established along with the International Monetary Fund at the 1944 Bretton Woods Conference. After a slow start, its first loan was to France in 1947. In its early years, it primarily focused on rebuilding Europe. Over time, it focused on providing loans to developing world countries. In the 1970s, the World Bank re-conceptualized its mission of facilitating development as being oriented around poverty reduction. For the last 30 years, it has included NGOs and environmental groups in its loan portfolio. Its ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
International Monetary Fund
The International Monetary Fund (IMF) is a major financial agency of the United Nations, and an international financial institution funded by 191 member countries, with headquarters in Washington, D.C. It is regarded as the global lender of last resort to national governments, and a leading supporter of exchange-rate economic stability, stability. Its stated mission is "working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and poverty reduction, reduce poverty around the world." Established in July 1944 at the Bretton Woods Conference, primarily according to the ideas of Harry Dexter White and John Maynard Keynes, it started with 29 member countries and the goal of reconstructing the international monetary systems, international monetary system after World War II. In its early years, the IMF primarily focused on facilitating fixed exchange rates across the developed worl ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Capital Gains Tax
A capital gains tax (CGT) is the tax on profits realized on the sale of a non-inventory asset. The most common capital gains are realized from the sale of stocks, bonds, precious metals, real estate, and property. In South Africa, capital gains tax applies to the disposal of assets by individuals, companies, and trusts, with inclusion rates differing by entity type and with special provisions for primary residences and offshore assets. Not all countries impose a capital gains tax, and most have different rates of taxation for individuals compared to corporations. Countries that do not impose a capital gains tax include Bahrain, Barbados, Belize, the Cayman Islands, the Isle of Man, Jamaica, New Zealand, Sri Lanka, Singapore, and others. In some countries, such as New Zealand and Singapore, professional traders and those who trade frequently are taxed on such profits as a business income. In Sweden, a so-called investment savings account (ISK – ''investeringssparkonto'') wa ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Capital Asset
A capital asset is defined as property of any kind held by an assessee. It need not be connected to the assesse’s business or profession. The term encompasses all kinds of property, movable or immovable, tangible or intangible, fixed or circulating. Land and building, plant and machinery, motorcar, furniture, jewellery, route permits, goodwill, tenancy rights, patents, trademarks, shares, debentures, mutual funds, zero-coupon bonds are some examples of what is considered capital assets. Excluded from the definition # Any stocks in trade, consumable stores, or raw materials held for the purpose of business or profession have been excluded from the definition of capital assets. # Any movable property (excluding jewellery made out of gold, silver, precious stones, and drawing, paintings, sculptures, archeological collections, etc.) used for personal use by the assessee or any member (dependent) of assessee's family is not treated as capital assets. ''For example'', wearing appa ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
