FBR to apply new tax rates from July 1st 2018

September 25, 2018 (MLN): Member FBR Dr. Muhammad Iqbal, on the amendments to the Income Tax Ordinance, announced that the new rates would be applicable from the first day of the current financial year, i.e. July 1st 2018.

Adjustments for those who have been subjected to taxes for the three months of the current financial year would be subject to subsequent adjustments in their tax returns.

Member Senate Musadik Malik expressed his opposition to the announcement, warning the government that their entire policies with respect to the tax system could be subject to a stay order from the courts if application of the new rates commences from the beginning of the financial year, since three months have already passed.

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Posted on: 2018-09-25T18:28:00+05:00