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FINANCE
Last date to file income tax returns and extended timings of FBR and Banks

Last date to file income tax returns and extended timings of FBR and Banks

Notification of FBR for Collection of Duty & Taxes on 15th October, 2021, C.No. 1(137) STM/2017/16485/R “I am directed to refer to the subject and to state that all LT0s/MT0/CTOs/RTOs shall remain open and observe…

BUDGET
Govt considering withdrawal of sales tax exemptions

Govt considering withdrawal of sales tax exemptions

The government is considering over a presidential ordinance to withdraw sales tax exemptions, zero-rating, and reduced sales tax rates to the tune of Rs330 billion within the next 10 to 15 days, according to a…

UPDATES
No Warning from FBR before freezing taxpayers bank accounts

No Warning from FBR before freezing taxpayers bank accounts

Previously, FBR had to inform taxpayers 24 hours prior to freezing their bank account.  Business community and tax bars are disappointed over FBR’s decision. Business community says FBR’s decision will be a hurdle for ease…

UPDATES
Will FBR extend last date in filing income tax returns 2021?

Will FBR extend last date in filing income tax returns 2021?

The Federal Board of Revenue (FBR) on Wednesday cleared that it is not considering an extension in the date for filing annual income tax returns after deadline of October 15 2021. According to a statement…

MARKETS
FBR decides to revise valuation of immovable properties

FBR decides to revise valuation of immovable properties

The Federal Board of Revenue (FBR) has decided to revise and increase the value of the immovable properties to bring them at par with the prevailing market rates. According to the FBR’s instructions to the…

Businesses
FBR unearths massive tax evasion

FBR unearths massive tax evasion

Collectorate of Customs Export, Port Muhammad Bin Qasim (PMBQ) has identified a massive tax evasion in the import of “rejected plastic rolls waste“. According to media reports, a packing company has taken a NOC from…

TAXATION
FBR issues directive to freeze taxpayers’ bank accounts without notice

FBR issues directive to freeze taxpayers’ bank accounts without notice

The Federal Board of Revenue (FBR) has issued office directive to allow the field formations to freeze the bank accounts of taxpayers without any prior approval of the Chairman FBR and without 24 hours prior…

UPDATES
Current figures of income tax returns filing for tax year 2021

Current figures of income tax returns filing for tax year 2021

The Federal Board of Revenue (FBR) has received record number of 2.163 million income tax returns for the tax year 2021 up to October 11, 2021. According to media reports here on Monday that the…

UPDATES
FBR urges taxpayers to file Income Tax Returns without delay

FBR urges taxpayers to file Income Tax Returns without delay

Federal Board of Revenue (FBR) has once again urged all the taxpayers, both old and new, to make the most of one-time extension of 15 days granted for filing of Income Tax Returns till 15th October,…

TAXATION
FBR develops Single Sales Tax Portal

FBR develops Single Sales Tax Portal

Building further on its ongoing drive for digitization and automation of various processes involved in revenue collection, Federal Board of Revenue (FBR) has developed “Single Sales Tax Portal” to facilitate the taxpayers and ensure the…

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