FBR updates, income tax, budgets and markets for Pakistan
234 articles
According to an explanation issued by the FBR to a Lahore-based chartered accountant firm, "salaried individuals does not require to update their tax profile. However, under Section 181 of the Income Tax…
Mohsin Rafique informed the participants that as per the requirements of FATF and as a direction towards digitization and automation of the economy, the federal government has now bound to all importers…
Complete procedure for registration as informer and other conditions are specified in the Income Tax Rules, 2002. An “Informer” means any person, a group of persons or a company who provides any…
According to media reports published, that if any such proposals are finalized, they could be incorporated through a presidential ordinance amending the Income Tax Ordinance, 2001 (Ordinance).The whole exercise is aimed at…
The FBR issued SRO 77 (1) 2021 to amend SRO 495 (1) / 2016 on July 4, 2016 regarding the imposition of sales tax on services provided in Islamabad Capital Territory (ICT).…
It allow the government to increase tax collection and allocate more resources in the social sector. It will help increase spending on human capital. Addressing the inaugural function of the National Highways…
Federal Board of Revenue (FBR) has softened its stance on imposing fines on late filers in the tax year 2020-21. Although the tax authority has not imposed any fines, the fines have…
Former Federal Board of Revenue (FBR) chairman Shabar Zaidi has said there is no law to bring back assets abroad. The question is, how did 120 billion go abroad? He said these…
Rahat Ali Khan found it costly not to disclose the amounts in the secret accounts in the annual income tax returns. Singer Rahat Fateh Ali Khan could not satisfy the FBR regarding…
To this end, a joint meeting has been convened by the State Bank of Pakistan through video link at the request of the Karachi Customs Agents Association. (KCAA). Attended by more than…
According to Federal Board of Revenue (FBR) the tax offices is going to launch operations against the persons who make taxable supplies but are not registered with sales tax. Cottage industry not…
The Federal Board of Revenue has issued a statement stating that there has been a significant improvement in the collection of income tax returns for the tax year 2020. As of December…
This step of FBR is part of various reforms under the special direction of the Prime Minister of Pakistan. FBR urged timely design / finalization of income tax return forms for individuals,…
The FBR nominated following officers to the cell: Khalid Mehmood, Second Secretary (ST-L&P), Imran Ullah Khan, Senior Auditor (ST-L&P) and Majid Hussain Abbasi, Inspector (ST-L&P). The functions of the ESRC are to:…
Previously, exporters paid taxes and claimed refunds after exports. The previous government introduced zero rating in the last phase of its tenure, but on the advice of Zaidi, reversed by the PTI…
According to the notification of appointment by Establishment Division, Javed Ghani of Grade 22 has been appointed as Chairman of FBR. His appointment as Chairman FBR will take effect immediately. According to…
Inland Revenue service sources said that the FBR has issued a directive in response to taxpayers' complaints that tax offices are refusing to grant income tax exemptions against gratuity and provident funds.…
It is to remind here that the last date for submission / filing of income tax returns by salaried, business individuals, AOPs and companies with special financial year, was December 08, 2020.…
READ ALSO: Tax measures & reliefs in response to COVID-19 in 2020 by Pakistan READ ALSO: Top tax issues of Pakistan in 2020 ALSO READ: FBR increased the limit of turnover for…
The FBR has directed the field formations to immediately pay all income tax refunds. Filed under section 170 of the Income Tax Ordinance 2001 by January 31, 2021 for the tax year…