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List of 313 Duty Free Items to Export to China from Pakistan

china pakistan free trade agreement 313 items

Pakistan’s List of 313 High Priority Tariff lines to get Immediate Tariff Elimination from China Sr. No. HS Code (8-DIGIT) Description Applicable Rate 1 0201 2000 Fresh or chilled unboned bovine meat (excl. carcasses) 6 2 0201 3000 Fresh or chilled boneless bovine meat 6 3 0202 1000 Frozen bovine carcasses & half carcasses 25 […]

What is 119(1)/114? Here is what you should do

119(1) / 114 is the Application for extension in time for filing of Return of Income. will grant permission by sending 119(3) / 114 (Order to grant / refuse extension in time for filing of Return of Income) in Routine as practice taxpayer will get 15 days extension You typically don’t “receive” a Section 119(1)/114 […]

Got 119(3) / 114 Order from FBR – What should you do?

119(3) / 114 (Order to grant / refuse extension in time for filing of Return of Income) In light of circumstances mentioned in your application, extension is hereby granted till 15.01.2021. Please note that no further extension will be granted. When do you receive 119(3) / 114 notice from FBR? When a person who is […]

Got 120 Notice from FBR – What should you do?

120 (Order to make Self-assessment) Understanding Section 120: Universal Self-Assessment Seek Professional Assistance if Needed Reach out to help if you are unable to file your Tax Returns Properly

Got 120(3) Notice from FBR – What should you do?

120(3) (Notice to complete deficiencies in Return of Income) Refer to tax return e-filed by you for the tax year Whereas during desk audit of your tax returns for the tax year, it has been observed that the tax return filed is deficient on account of below and liable to be rendered in-valid in accordance […]

Got 177(1) Notice from FBR – What should you do?

177(1) (Notice to call for record / documents / books of account) Please refer to the above subject.                 You have submitted your return for the tax year 2017 late, and was automatically selected for audit by the Federal Board of Revenue, Islamabad under section 214D of the Income Tax Ordinance, 2001. You have not […]

Got 182(2) Notice from FBR – What should you do?

182(2) (Notice to impose penalty u/s 182 for failure to furnish return u/s 114) Under section 114(1), you were required to voluntarily file an Income Tax return for the above-mentioned Tax Year. But no return was filed within the due time and under the provision of section 118 of the Income Tax Ordinance, 2001. The […]

Got 147 Notice from FBR – What should you do?

147 (Intimation to Pay Advance Tax ) Dear Taxpayer, It is intimated that you are liable to pay advance tax u/s 147 of the Income Tax Ordinance, 2001 for this quarter. The liability of advance tax for the quarter is shown in the table at the end. 2. Please note that this is minimum estimated […]

Capital Requirement in Pakistan for Foreign Owned Companies

What is the minimum capital requirement in Pakistan? How much money do you need to pay up to incorporate the foreign company? Types of Capital in Pakistan There are two types of share capital in Pakistan, the paid-up capital and the authorized capital. Paid-up Capital Paid-up capital is the amount of money the shareholders contribute to the company. […]