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TAXATION
Legal and Operational Issues with National Single Sales Tax Return

Legal and Operational Issues with National Single Sales Tax Return

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, 2022. Earlier, the…

TAXATION
Govt creates legal complications by taxing export processing zone

Govt creates legal complications by taxing export processing zone

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 (EPZ) would also…

TAXATION
FBR introduced list of mandatory documents for claim of duty drawbacks

FBR introduced list of mandatory documents for claim of duty drawbacks

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 misuse of the…

TAXATION
FBR revealed biggest tax fraud

FBR revealed biggest tax fraud

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 amid the company…

TAXATION
Launch of single sales tax return to end fake and flying invoices

Launch of single sales tax return to end fake and flying invoices

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 single sales…

TAXATION
List of Items that will face a price hike after approval of supplementary budget 2021

List of Items that will face a price hike after approval of supplementary budget 2021

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. According to the…

TAXATION
Why Digital Mode of Payments have issues to implement in corporate sector?

Why Digital Mode of Payments have issues to implement in corporate sector?

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 for at least…

TAXATION
Corporate Tax Office Lahore imposes penalty on 35 Tier-1 Retailers

Corporate Tax Office Lahore imposes penalty on 35 Tier-1 Retailers

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. The Federal Board…

TAXATION
FBR Suspends Three Officials on Misconduct

FBR Suspends Three Officials on Misconduct

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 leadership of FBR…

TAXATION
FBR’s Progress under Anti Money Laundering (AML) Act in last 4 years

FBR’s Progress under Anti Money Laundering (AML) Act in last 4 years

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 this with the…

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