FBR updates, income tax, budgets and markets for Pakistan
234 articles
Forty percent (40%) of the taxpayers registered with the Sales Tax Directorate do not submit their sales tax forms. They cheat the government revenue and honest taxpayers by engaging in the activities…
With the end of the last month of the year 2020, you have only few days left to file annual income tax return (ITR) of Companies' for the tax year 2020. For…
Complete procedure to get registration under the said tax amnesty scheme is available under Section 100D of Income Tax Ordinance, 2001. Salient Features of Scheme for Builders and Developers Under Section 100D…
Tier-1 retailers allowed only to get cash back of 5% five percent sales tax paid at the time of purchases. (a) a unit of a national or international chain of stores; (b)…
Federal Board of Revenue (FBR) launched online module in Iris for providing facility for submission of applications for the approval of "Greenfield Industry Status." For this purpose, two separate applications in the…
The FBR issued SRO 1319 (I) / 2020 on 10 December 2020 to empower Inland Revenue officers to exercise the powers vested in them under Section 6A of the Anti Money Laundering…
"You have failed without reasonable cause to furnish within the time allowed the return of income/wealthstatement in respect of the tax year 2020 which you were required to furnish under section 114…
The FBR informed all the Chief Commissioners of Inland Revenue in the office order about the last date of filing of returns. However, the FBR said that taxpayers who seek extension of…
PRAL said that turning to remote work due to the ongoing corona virus epidemic could create cyber security issues for the FBR and its employees. Attackers are taking advantage of the situation,…
After failing to properly deal with 310,000 tax audit cases through proper scrutiny, the Federal Board of Revenue (FBR) has started dealing with cases pending for six years in a hurry, a…
The government changed the taxes on petroleum products, petroleum levy on diesel reduced by Rs 2.43 per liter and petrol by Rs 1.32 per liter. The reduction in levy implemented from today.…
KTBA strongly suggested in a letter to Chairman, FBR Muhammad Javed Ghani that the inclusion of sub Rule (2A) in Rule 74 of the Income Tax Rules 2002 would create chaos. And…
Karachi Tax Bar Association (KTBA) wrote a letter to Dr. Muhammad Ashfaq, Member Inland Revenue (Operations), Federal Board of Revenue (FBR) regarding the matter. Issues already highlighted at November 17, 2020 but…
"IK is a great man and a great leader. I can swear about his intellectual and financial integrity. I am 100 per cent with him," Shabbar Zaidi further clarified. Allegations are going…
The FBR said in an official tweet that under section 114 of the Income Tax Ordinance 2001, all persons who have houses consisting of 500 square yards or vehicles of one thousand…
Active Taxpayer list (ATL) issued on the basis of Tax Year 2019. Statistics based on the Income tax returns submitted up to November 15, 2020. Last year on the basis of tax…
Examination dates of CAF autumn attempt was from 21st to 26th September 2020. Commencement Date of submission of Forms was at 1st July 2020. Last date for submission of forms without 50%…
Pakistan ranked 116th among 128 countries on the absence of corruption index. A World Justice Project (WJP) Survey conducted by Gallup Pakistan. Survey results based on Factor 2 of the World Justice…
Details of the tax returns of the members of the National Assembly for the year 2019-20 have been released. Prime Minister Imran Khan owns assets worth more than Rs 80 million, 4…