FBR updates, income tax, budgets and markets for Pakistan
192 articles
Agricultural income is an exempt income from tax under section 41 of the Income Tax Ordinance, 2001. Such exemption from tax under ITO 2001 ( section 41 & section 111(1)(d) ), is…
FBR Uploads Income Tax Return Forms for Tax Year 2022 Federal Board of Revenue (FBR) has uploaded the Income Tax Return Forms for Tax Year 2022. Separate Income Tax Return Forms for…
Here we will explain that how a taxpayer can check tax filer status online and even download the updated active taxpayer list (ATL). Active Taxpayer status / Tax Filer status can be…
The FBR has issued 40 notifications to downward revised Property Valuation Rates of Immovable Properties tables here on Thursday. Previously, in December 2021, to revise the rates of fair market value of…
Pursuant to Statutory Regulatory Orders (SRO) No 1534(1)/ 2021 and 1572(1)/2021, a special order of the government — or office memorandum — had already been issued by the tax machinery on the…
The Federal Board of Revenue (FBR) will publish the Active Taxpayers’ List (ATL) for the Tax Year 2021 on 1 March 2022 in accordance with the provisions of Rule 81B of the…
According to the Federal Board of Revenue (FBR), total 114,405 Sales Tax Returns for January 2022 were filed to date through National Sales Tax Return (NSTR) compared to 161,379 in December 2021.…
Calling it “malicious in intent and suspicious in content,” the tax machinery declared that “the information contained in the instant news story is laughably unfounded, misleading, and far from facts.” The regulator…
The Federal Board of Revenue (FBR) has decided to re-notify new rates of immovable property valuation on March 1st, 2022. Pursuant to Statutory Regulatory Orders (SRO) No 1534(1)/ 2021 and 1572(1)/2021, a…
The Federal Board of Revenue (FBR) has extended the last date of payment and filing of National Single Sales Tax and Federal Excise Return for the tax period of December 2021. The…
Federal and provincial taxpayers are facing problems in filing the Federal Board of Revenue (FBR)’s National Sales Tax Return (STR), which was formally launched by Finance Minister Shaukat Tarin on January 7,…
The Finance (Supplementary) Bill 2021 or the mini-budget is about to create a legal dilemma for the federal government as for the first time goods being produced at the Export Processing Zone…
The Federal Board of Revenue (FBR) has introduced a mandatory requirement of six documents for the claim of duty drawbacks on local supplies, free of duty imports, and taxes to avoid any…
The Federal Board of Revenue (FBR) has claimed that it has busted the first biggest tax fraud of billions of rupees by tampering with its electronically integrated Point of Sales (POS) system…
The launch of single sales tax return will help the authorities to prevent tax evasion and end the phenomenon of fake and flying invoices. The Federal Board of Revenue (FBR) said that…
The federal government presented the supplementary finance bill 2021 before the Parliament for withdrawal of General Sales Tax (GST) exemptions and proposed imposition of 17% tax on nearly 150 items on Thursday.…
Taxpayers are again requesting to Federal Board of Revenue (FBR) that the mandatory condition of digital modes of payment for companies (corporate sector) be allowed simultaneously with other conventional means of payments…
The Corporate Tax Office (CTO) Lahore has imposed penalty of reducing adjustable input tax by 60% against 35 Tier-1 Retailers (T-1Rs) for their failure to integrate with Point of Sale (POS) system.…
Following a policy of zero tolerance against corruption, highhanded, and misconduct Federal Board of Revenue (HQs) Islamabad has suspended three officials posted in Collectorate of Customs Enforcement, Lahore. This evening, the top…
The Federal Board of Revenue (FBR) registered 215 First Information Reports (FIRs) against 267 people under the Anti-Money Laundering (AML) Act in the last four years. Chairman FBR, Muhammad Ashfaq Ahmad, shared…