Updates
FBR fixes value of steel in respect of locally produced goods
The Federal Board of Revenue fixes the value of locally produced steel and scrap goods for the purpose of payment of sales tax. As per SRO No. 985 (I)/2021 Dated: 4th August…
Updates Page 7
234 articles
Updates
FBR decides to deny tax refund claims to retailers resisting integration with tax system
The Federal Board of Revenue (FBR) on Tuesday decided to hold 60% of the refund claims to those top tier retailers who would still deny to link and integrate their sales invoicing…
Updates
FBR issues procedure for mandatory registration of brand name of businesses
The Federal Board of Revenue (FBR) on Tuesday issued a Sales Tax General Order No. 07 of 2021 Dated: 3rd August 2021. The STGO contains procedure for all the manufacturers of specified…
Updates
Govt Considers to end 1% Bank Deduction on IT Export Remittance
The government is considering over stopping banks from deducting 1% or 2% percent tax on IT foreign remittances to encourage the exporters of the IT sector. “In a recent meeting, the Minister…
Updates
FBR notifies Export Facilitation Scheme 2021
Federal Board of Revenue has notified Rules for new Export Facilitation Scheme 2021 which will be effective with effect from 14th August, 2021. New Export Facilitation Scheme has been approved by Federal…
Updates
Azad Jammu and Kashmir tax system connects with national tax system
The Azad Jammu and Kashmir (AJK) tax system was on Thursday connected with the national tax system of Pakistan. It will provide online services and increase tax collection. Chief Secretary of AJK…
Updates
Govt to share tax record with NADRA through presidential ordinance
The federal government may introduce a presidential ordinance to provide record of existing three million taxpayers to the National Database and Registration Authority (NADRA) for the purpose to increase tax collection, but…
Updates
FBR issued SRO to Relax Conditions for Customs WEBOC Registration
The Federal Board of Revenue (FBR) has decided to relax conditions for the importers for obtaining "unique user identifiers" (UUIs) for WEBOC Registration under the Customs Computerized System. The FBR has recently…
Updates
FBR gets stay order against FTO's move to investigate low tax recovery
The Federal Board of Revenue (FBR) has taken stay orders against the Federal Tax Ombudsman’s (FTO) decision to investigate the offices dealing with offshore tax haven cases, stopping a move that could…
Updates
Withdrawals of Tax Exemptions and Tax Credits in Finance Act 2021
Tax credit for person employing fresh graduates. First year depreciation allowance on specified assets @ 90% of cost of assets. Tax credit for enlistment on registered stock exchange. Certain tax credits for…
Updates
President Alvi ordered on the issue of failure to upload declarations under tax amnesty scheme
The President of Pakistan, Dr. Arif Alvi, issues an order in favor of the declarants of the Tax Amnesty Scheme 2019 (assets declaration scheme). Who already deposited their taxes under the Tax…
Updates
FBR Directs taxmen to Declare Assets
The Federal Board of Revenue (FBR) directed all tax officers and officials to declare their Assets and Performance Evaluation reports which is due for the year 2020-2021 by due date of July…
Updates
FBR Not providing tax concessions to Foreign Exchange Remittance Card holders
Following numerous complaints on the Pakistan Citizen’s Portal. The Prime Minister’s Office took the notice of this practice of FBR's Department. PM office directed to facilitate overseas Pakistanis in provision of this…
Updates
FBR Issues Circular for Tax Recovery Procedures From Cooperative Housing Societies
Federal Board of Revenue (FBR) on Monday issued a Income Tax Circular regarding taxation procedure for the transactions made by cooperative housing societies and directed the tax offices to make compliance over…
Updates
FBR issues SRO for procedure of electronic audit of income tax cases
The Federal Board of Revenue (FBR) on Tuesday issued a procedure for selection and conducting electronic audit of income tax cases. In this regard, the FBR has issued SRO 835(I)/2021, dated June…
Updates
FBR's action against massive tax evasion
Steel melters and re-rollers units involved in large scale evasion of Federal Excise Duty. By way of escaping of actual production and supplies and suppression of actual value of supplies. This is…
Updates
FBR field offices to remain open till midnight on 30th June
All the field offices of the Federal Board of Revenue will remain open till 12:00 midnight on 30th June, 2021. To facilitate the taxpayers' in payment of duties and taxes. FBR has…
Updates
List of Budget suggestions finalized by senate body
The meeting of the finance committee which was presided over by Senator Talha Mahmood would submit the suggestions to the Upper House, from where these would be passed on to the National…
Updates
Senate Panel criticized FBR for sending tax notices
Senate Standing Committee on Finance on Monday criticized the Federal Board of Revenue's (FBR) absolute action against taxpayers, who facing tax notices having tax demands that is many times more than their…
Updates
Government Seeks to Impose tax on Suspicious Gifts transactions among Relatives
The standing committee informed and proposed that an amendment is under way to streamline legality that deals with the tax structure of the gifts given to the relatives. “Provided that, if the…