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The Inland Revenue Service (IRS) is a department of the Federal Board of Revenue (FBR) in Pakistan. It was established in 2009 and holds the responsibility for overseeing various aspects of domestic taxation, encompassing Sales Tax, Income Tax, and Federal Excise Duty. [1] [2]
The period from July 1 to June 30 is considered as a normal tax year for Pakistan tax law purposes. Corporate Income tax rates Currently, the Corporate Income tax rate is 29% for tax year 2019 and onwards whereas the corporate tax rate is 35% for Banking Industry for TY 2019. Income Tax on Export of Services, in Pakistan is 1%. However, export ...
These are the steps you should take to claim charity donation tax deductions: Calculate your total amount of contributions. Determine if it’s better to take the standard deduction or to itemize.
The Federal Board of Revenue (FBR) (Urdu: وفاقی بورڈ محصولات), 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 ...
When you donate to charity, in most cases, it’s tax deductible. But not always. It depends on the organization, what you choose to donate and whether or not you file your taxes correctly.
The Pakistan Centre for Philanthropy (PCP) is an independent not-for-profit support organisation based in Islamabad, Pakistan. Founded in 2001, PCP is promoting indigenous philanthropy for social development across the country, and is probably the first philanthropy-support organisation in the Islamic world.
The donor may sometimes claim a charitable income tax deduction or a gift/estate tax deduction for making a lead trust gift, depending on the type of charitable lead trust. Generally, a non-grantor lead trust does not generate a current income tax deduction, but it eliminates the asset (or part of the asset's value) from the donor's estate. [19]
Abdul Rahman Al-Sumait – founder of Direct Aid, a charity organization. [3] [4] Abdul Sattar Edhi – co-head of the Edhi Foundation in Pakistan. [5] Achyuta Samanta – founder of the Kalinga Institute of Social Sciences (KISS). Adar Poonawalla – In 2016, he was listed by GQ Magazine and awarded Philanthropist of the year. [6]