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TAXATION
FBR clarifies news about payment of total assessed tax demand for filing of appeal

FBR clarifies news about payment of total assessed tax demand for filing of appeal

Federal Board of Revenue has issued a clarification on a news story appearing in Daily Times wrongly portraying that “a proposed amendment in the Finance Bill, 2021 makes it mandatory to make payment of total…

TAXATION
Islamabad Chamber of Commerce chief demands fixed tax regime for Traders

Islamabad Chamber of Commerce chief demands fixed tax regime for Traders

Islamabad Chamber of Commerce and Industry President Sardar Yasir Ilyas Khan has urged the government to introduce a fixed tax regime for traders in the upcoming budget. He also said to end the condition of…

TAXATION
FBR Records historic growth again in May, 18% Growth in 11 Months

FBR Records historic growth again in May, 18% Growth in 11 Months

Federal Board of Revenue (FBR) has released the provisional revenue collection figures for the first eleven months of current fiscal year. According to the provisional information, FBR has collected net revenue of Rs. 4,170 billion…

TAXATION
Directorate of Intelligence & Investigation (IR) unearths tax evasion in Lahore

Directorate of Intelligence & Investigation (IR) unearths tax evasion in Lahore

The Directorate of Intelligence & Investigation (IR), Lahore received authentic information related to sales tax fraud. Action carried out under Section 38 read with Section 40 of the Sales Tax Act, 1990 against M/s. Innovative…

TAXATION
FBR introduces online electronic hearing of tax audits and assessment cases

FBR introduces online electronic hearing of tax audits and assessment cases

Federal Board of Revenue (FBR) has launched the software of electronic hearing of tax audit and assessment cases to facilitate the taxpayers. This activated by enabling and fictionalizing the e-Hearings module in the Iris. The…

TAXATION
FBR Reduces Sales Tax Rate on Petroleum Products

FBR Reduces Sales Tax Rate on Petroleum Products

The Federal Board of Revenue (FBR) reduces sales tax rate from 17 percent to 15.44 percent on Kerosene oil and from 17 percent to 7.56 percent on Light diesel oil from May 1, 2021, to…

TAXATION
Withdrawal of customs duty on import of cotton yarn S.R.O533(I)/2021

Withdrawal of customs duty on import of cotton yarn S.R.O533(I)/2021

Federal Board of Revenue (FBR) vide S.R.O. No. 533(I)/2021 dated: 5th May, 2021. In exercise of the powers conferred by section 19 of the Customs Act, 1969 (IV of 1969), the Federal Government is pleased…

TAXATION
FBR extends date for filing sales tax & Federal excise return for April 2021

FBR extends date for filing sales tax & Federal excise return for April 2021

Federal Board of Revenue (FBR) extended the date of payment and submission of Sales Tax and Federal Excise Return for the period of April, 2021. The date of payment of Sales tax and FED monthly…

TAXATION
Federal Board of Revenue alerts Taxpayers about Fake and Harmful Emails

Federal Board of Revenue alerts Taxpayers about Fake and Harmful Emails

Federal Board of Revenue (FBR) received complaints from taxpayers that emails are being sent to them regarding income tax defaulters list. In a press release, Federal Board of Revenue (FBR) denied any link / relation…

TAXATION
List of exemptions from total income withdrawn through Second Amendment Ordinance

List of exemptions from total income withdrawn through Second Amendment Ordinance

Federal Board of Revenue (FBR) through Tax Laws (Second Amendment) Ordinance, 2021 have withdrawn tax exemptions from total income. Which were available through various clauses of Second Schedule of Income Tax Ordinance, 2001. Following are…

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