FBR updates, income tax, budgets and markets for Pakistan
192 articles
The Senate Standing Committee on Finance, Revenue, and Economic Affairs has recommended the Federal Board of Revenue (FBR) to revoke the recently issued SRO with regard to the revised valuation of immovable…
The Federal Tax Ombudsman (FTO) has ordered Pak Suzuki to refund the excess general sales tax (GST) amount that the automaker had collected from its customers beyond the rate predetermined by the…
To fix fair market value of immovable properties, the Federal Board of Revenue (FBR), on Wednesday, revised Rates of residential and commercial Immovable Properties located in 40 major cities across the country.…
ISLAMABAD: A meeting on broadening of tax base was informed that the Federal Board of Revenue (FBR) has provided 14 million records of financial transactions of citizens to the National Database and…
Under Section 32A of Sales Tax Act, 1990 FBR is authorized to appoint special panels for conducting sales tax audit. The Federal Board of Revenue (FBR issued the Sales Tax Act, 1990…
The Customs Court framed charged against Muhammad Jawaid of M/s Friends Enterprises and summons to prosecution witnesses for recording their statements for next date of hearing, in first information report (FIR) for…
The Senate Standing Committee on Finance on Thursday reviewed the Tax Laws (Third Amendment) Bill, 2021 and recommended with a majority vote a number of recommendations, including the one rejecting the suggestion…
The federal government has decided to harmonise all four tax laws by merging them into one law book, ‘single rules book’, to promote automation and digitisation in order to ensure taxpayers’ facilitation.…
Adviser to the Prime Minister over Finance Shaukat Tarin on Monday emphasized at linking right to representation and vote to payment of taxes, saying that the Government has the right to collect…
Sindh Revenue Board (SRB) has categorically conveyed to the Federal Board of Revenue (FBR) that it would continue to collect sales tax on Toll Manufacturing, despite National Tax Council’s (NTC) decision allowing…
The Sindh High Court has abolished the federal excise duty of 75 paisas on every phone call of over five minutes’ duration and declared the levy against the Constitution. The court’s verdict…
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…
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…
The Federal Board of Revenue has re-iterated its position that there shall not be any extension in the statutory date of filing of income tax returns for Tax Year 2021. The last…
The FBR has been empowered to require any person or classes of person to integrate their invoice issuing system machines with the FBR's computerised system for real time reporting of sales in…
The government has given legal cover to foreign remittances through Money Service Bureaus (MCBs), Exchange Companies (ECs) and Money Transfer Operators (MTOs), which would be considered as foreign exchange remitted from outside…
The Federal Board of Revenue (FBR) has decided to grant one-time opportunity to the taxpayers who paid their tax under the Assets Declaration Ordinance-2019 but somehow could not file their declarations. For…
Income Tax Return relates to a specific tax year. A tax year is a period of twelve months ending on 30th day of June i.e. the financial year and is denoted by…
Land-based or area based tax is assessed on the basis of the Cultivated Land Area. The rate of tax is based on the number of Acre as irrigated land. If the cultivated…
The Federal Board of Revenue (FBR) on Friday issued manual income tax returns forms for tax year 2021. The return form has been issued just a month ahead of filing deadline i.e.…