FBR updates, income tax, budgets and markets for Pakistan
The federal cabinet has amended the procurement rules to allow the government to award contracts to the state-owned enterprises without floating public tenders, which may compromise transparency in public sector deals. The…
The profit rate for the Defense Savings Certificates increased from 9.29% to 9.35%. While the return on Regular Income Certificates increased from 8.64% to 8.76%. Likewise, the return on Short Term Savings…
According to media reports, the exchange rate closed at Rs158.92. Against the greenback, compared with the previous day’s closing rate of Rs158.37 in the interbank foreign exchange market. The currency dealers said…
Federal Board of Revenue (FBR) on Monday issued a Income Tax Circular regarding taxation procedure for the transactions made by cooperative housing societies and directed the tax offices to make compliance over…
The minimum turnover tax of 0.75 percent would be applicable on the oil marketing companies, Sui Southern Gas Company Limited and Sui Northern Gas Pipelines Limited, Pakistan International Airlines Corporation and poultry…
The Federal Board of Revenue (FBR) on Tuesday issued a procedure for selection and conducting electronic audit of income tax cases. In this regard, the FBR has issued SRO 835(I)/2021, dated June…
Federal Board of Revenue (FBR) has uploaded the Income Tax Return Forms for Tax Year-2021. Separate Return Forms for Salaried, Association of Persons and Business Individuals have been uploaded. Submit the Income…
Steel melters and re-rollers units involved in large scale evasion of Federal Excise Duty. By way of escaping of actual production and supplies and suppression of actual value of supplies. This is…
Auto financing by banks hit an all-time high of Rs297.5 billion in Pakistan. As consumers’ hunger for owning a vehicle increased apparently due to availability of the financing. Auto financing in Pakistan…
Taxpayers are required to update their profile by June 30, 2021, to avoid penalty and exclusion from Active Taxpayers List (ATL) under section 114A of Income Tax Ordinance, 2001. The last date…
Prime Minister Imran Khan and other members of the National Assembly also attended the National Assembly session to vote on budget 2021-2022. There were 172 votes in favor of the Finance Bill…
All the field offices of the Federal Board of Revenue will remain open till 12:00 midnight on 30th June, 2021. To facilitate the taxpayers' in payment of duties and taxes. FBR has…
READ ALSO: Auto Sector wins Tax Relief in Budget 2021-2022 On Friday, Shaukat Tarin added while talking at the session of the National Assembly, that income tax exemption on medical expenses will…
The Financial Action Task Force (FATF) has retained to Pakistan on its grey list while admitting that the Pakistan has fully implemented 26 out of 27 points of its Financial action plan.…
FBR action against unregistered persons who are liable to be registered and are required to pay due sales tax on their taxable supplies under the Sales Tax Act, 1990, Federal Board of…
The meeting of the finance committee which was presided over by Senator Talha Mahmood would submit the suggestions to the Upper House, from where these would be passed on to the National…
Tax experts have termed Federal Board of Revenue’s (FBR) three budgetary proposals are not practicable. These includes 1- collection of withholding tax on domestic electricity bills, 2- sales tax from sugar on…
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…
Federal Board of Revenue (FBR) has clarified that the table prescribing tax rates for minimum tax on turnover basis has been substituted in the Finance Bill-2021 to provide relief to retailers of…
Senate Standing Committee on Finance on Monday criticized the Federal Board of Revenue's (FBR) absolute action against taxpayers, who facing tax notices having tax demands that is many times more than their…