Updates
Eye opening facts of cyber attack on FBR data center
On the question of a journalist Finance Minister Shaukat Tarin informed that he has decided to take a third-party view before taking any action in case of the worst ever cyber-attack that…
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Finance
Instructions of State Bank regarding Cost of using Digital Fund Transfer Services
The State Bank of Pakistan on 16th June 2021 issued circular PSD Circular No. 02 of 2021 whereby SBP allowed banks and other service providers to charge a minimal fee on 'digital…
Updates
FBR issues latest explanation on FBR Data Center
Federal Board of Revenue (FBR) has issued the explanation regarding latest situation pertaining to service optimization of FBR Data Center. FBR has clarified that all applications having public interface have been operationalized…
Updates
FBR Extends Deadline for Filing Sales Tax and FED Returns
The Federal Board of Revenue (FBR) has extended the date of payment and submission of Sales Tax and Federal Excise Return for the Tax Period of July 2021. In its letter to…
Markets
Pakistan starts export of smartphones
After formal authorization from Pakistan Telecom Authority (PTA), Inovi Telecom has exported 5,500 units of 4G smartphones carrying "manufactured in Pakistan" tag to the United Arab Emirates (UAE). "PTA congratulates the company…
Taxation
About taxes on corporate income in Pakistan
A resident company is taxed on its worldwide income. Non-resident companies operating in Pakistan through a branch are taxed on their Pakistan-source income attributable to the branch in Pakistan at tax rates…
Business
FBR issues clarification regarding disturbance in Data Center
Federal Board of Revenue has issued a clarification regarding disturbance in Customs Operations due to up gradation of FBR Data Center. FBR has clarified that Customs operations have remained fully operational, throughout…
Updates
Cyber attack on FBR websites, affected all data centers, and shipments
The Federal Board of Revenue (FBR) has been the target of a cyber attack by hackers that has shut down all government websites operated by the FBR. The closure of FBR websites…
Blog
FBR official website down and not responding
The official website of Federal Board of Revenue (FBR) is not available online for the past few hours. As creating problems for income tax return filers as the last date is 30th…
Taxation
2 Companies reportedly found Involved in Rs6 Billion Mega Tax Fraud
Public Accounts Committee (PAC) has referred two mega tax fraud cases involving over Rs. 6 billion to the National Accountability Bureau (NAB) for investigation of tax evasion and illegal exemptions and concessions…
Updates
FBR Increases Customs Duties of Chinese Mobile phone accessories
Directorate General of Customs Valuation Karachi has increased customs values of the accessories of the Chinese-origin mobile phone accessories for correct assessment of duties and taxes at the time of import clearance.…
Updates
FBR increases minimum price of steel products
In the wake of increased prices of steel products in the domestic & international markets, Federal Board of Revenue (FBR) has increased the minimum prices of steel products vide SRO 985 dated…
Updates
FBR issues clarification on suspicious exemption certificates
Federal Board of Revenue has issued a clarification on a news story titled “FBR issues thousands of suspicious exemption certificates” appearing in a magazine with the name “Profit” in its edition of…
Taxation
Deadline and penalty for Tier-1 retailers and other tax provisions relating there to
The Federal Board of Revenue (FBR) has advised Tier-1 Retailers to integrate their invoicing systems with the tax Realtime invoicing system of Federal Board of Revenue. FBR has given 15th August, 2021…
Blog
Definition of Tier-1 Retailer under sales tax act 1990
All tier-1 retailers are required to integrate all their POSs with FBR’s computerized system. ‘Tier-1 retailer’ is defined in section 2(43A) of the Sales Tax Act, 1990, to be a person who…
Updates
Balochistan finance department introduces online tax collection system
The government of Balochistan has installed online tax collection system. This online tax system will help to boost the the revenue receipts and will promote tax culture in the biggest province of…
Budget
List of sales tax exemptions granted in budget 2021-2022
Under section 13 of The Sales Tax Act 1990, the Sixth Schedule of the Sales Tax Act, 1990 specifically and explicitly mentions those goods on which exemption of sales tax is available.…
Updates
FBR launches prize scheme for customers of tier1 integrated retailers
Federal Board of Revenue (FBR) on Monday launched prize scheme for customers of retailers, who integrated their sales through point of sales (POS) with the FBR's tax system. The FBR issued SRO…
Taxation
Updated tax provisions for property rental income in budget 2021-22
Finance Act, 2013 shifted the property income (Property rental income) from fixed tax regime to normal tax regime for Individuals, AOPs and Companies. Finance Act, 2016 shifted it from normal tax regime…
World Taxes
World’s highest inheritance tax story of Samsung chairman Lee Kun Hee
Lee Kun-hee (9 January 1942 – 25 October 2020) was a South Korean businessman and industrialist who served the chairman of Samsung Group from 1987 to 2008 and from 2010 to 2020.…