Month: August 2021
FBR increases minimum price of steel products
In the wake of increased prices of steel products in the domestic & international markets, Federal Board of Revenue (FBR)… Read More
FBR issues clarification on suspicious exemption certificates
Federal Board of Revenue has issued a clarification on a news story titled “FBR issues thousands of suspicious exemption certificates”… Read More
Deadline and penalty for Tier-1 retailers and other tax provisions relating there to
FBR directs Tier-1 Retailers to integrate with revenue authority till August 15. The Federal Board of Revenue (FBR) has advised… Read More
Definition of Tier-1 Retailer under sales tax act 1990
All tier-1 retailers are required to integrate all their POSs with FBR’s computerized system. ‘Tier-1 retailer’ is defined in section 2(43A) of… Read More
Balochistan finance department introduces online tax collection system
The government of Balochistan has installed online tax collection system. This online tax system will help to boost the the… Read More
List of sales tax exemptions granted in budget 2021-2022
Under section 13 of The Sales Tax Act 1990, the Sixth Schedule of the Sales Tax Act, 1990 specifically and… Read More
FBR launches prize scheme for customers of tier1 integrated retailers
Federal Board of Revenue (FBR) on Monday launched prize scheme for customers of retailers, who integrated their sales through point of… Read More
Updated tax provisions for property rental income in budget 2021-22
Finance Act, 2013 shifted the property income (Property rental income) from fixed tax regime to normal tax regime for Individuals,… Read More
World’s highest inheritance tax story of Samsung chairman Lee Kun Hee
Lee Kun-hee (9 January 1942 – 25 October 2020) was a South Korean businessman and industrialist who served the chairman of Samsung Group from… Read More
SECP asks companies to file beneficial ownership declaration to avoid penalty
The Securities and Exchange Commission of Pakistan (SECP) has asked companies to submit information of their ultimate beneficial owners (UBOs)… Read More