Which Pakistani institution is primarily responsible for administering federal income tax and federal sales tax?
Correct answer: C. Federal Board of Revenue
- A. State Bank of Pakistan
- B. Securities and Exchange Commission
- C. Federal Board of Revenue
- D. Pakistan Bureau of Statistics
Explanation
The Federal Board of Revenue administers major federal taxes, including income tax and federal sales tax. The State Bank regulates monetary affairs, while the other bodies have different administrative functions.
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About Taxation
Taxation covers the principles used to assess and collect taxes from individuals, businesses and transactions, with emphasis on income tax and sales tax concepts in Pakistan. Questions involve taxable income, exemptions, deductions, tax liability, withholding, returns, assessment, tax avoidance versus evasion, and the distinction between direct and indirect taxes.
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50 free Taxation MCQs from Accounting, each with the correct answer and an explanation. Unlimited attempts, no account needed.
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