FBR updates, income tax, budgets and markets for Pakistan
156 articles
The Cabinet's Economic Co-ordination Committee approved the Mobile Device Manufacturing Policy and Electric Vehicle Policy. The meeting approved the abolition of 4% withholding tax on locally manufactured mobile phones. The framework for…
(1) All customers of Tier-1 retailers are entitled to refund @5 percent of the sales tax paid as cash back on purchases made from Teir-1 retailers. (2) Under sub-rule (1) the cash…
Federal Board of Revenue (FBR) launched online module in Iris for providing facility for submission of applications for the approval of "Greenfield Industry Status." For this purpose, two separate applications in the…
Senior Automobiles (Pvt.) Ltd Lahore, Punjab, Pakistan About the job Graduation or Masters degree in Accounts/Finance- Having 1-2 years experience of dealing with tax related matters i-e filing of tax returns and…
The FBR issued SRO 1319 (I) / 2020 on 10 December 2020 to empower Inland Revenue officers to exercise the powers vested in them under Section 6A of the Anti Money Laundering…
According to the details, it is bad news for the people. The government dropped petrol bomb on the people. The price of petroleum products was increased by Rs.5. According to the notification…
"You have failed without reasonable cause to furnish within the time allowed the return of income/wealthstatement in respect of the tax year 2020 which you were required to furnish under section 114…
Previously, the last date of filing income tax return was up to 8th December, 2020. FBR refused to further extend the general last date for filing income tax return for tax year…
For the betterment of the taxpayers, the FBR has clarified that they should file their tax returns. As soon as possible as those who file late returns will be penalized accordingly. It…
The government has decided to abolish the prize bond worth Rs 25,000 for banking and financial operations nationwide with immediate effect. In a circular issued to the CEOs of banks, the central…
Federal Board of Revenue (FBR) made it mandatory for overseas Pakistanis to seek income tax exemption on 'profit on bank deposits' received from remittances deposited in their local bank. Exemption Certificate needs…
Further instructions disappointed all stakeholders (tax consultants / practitioners, taxpayers, chambers etc.,) who have already requested to the FBR for extension of last date for Tax Year 2020. Last Friday, FBR has…
Persons who are not required to file there income tax returns are explained under section 115 of Income Tax Ordinance, 2001. Section 115 of the Income Tax Ordinance, 2001 is reproduced here:…
The FBR informed all the Chief Commissioners of Inland Revenue in the office order about the last date of filing of returns. However, the FBR said that taxpayers who seek extension of…
FBR notified this while discussing the section 119 of the Income tax ordinance 2001 which deals with the "extension in time for filing income tax returns". Federal Board Of Revenue said that…
The package came into force under Section 100D of the Income Tax Ordinance 2001 and the Eleventh Schedule Amendment under the Tax Laws Amendment Ordinance 2020. Construction package is applicable to land…
PRAL said that turning to remote work due to the ongoing corona virus epidemic could create cyber security issues for the FBR and its employees. Attackers are taking advantage of the situation,…
POS system is a cloud based system. Needs a computer, an internet connection and a software downloaded from Pakistan Revenue Automation Private Limited (PRAL). Due to simple software, very few retailers taking…
After failing to properly deal with 310,000 tax audit cases through proper scrutiny, the Federal Board of Revenue (FBR) has started dealing with cases pending for six years in a hurry, a…
The government changed the taxes on petroleum products, petroleum levy on diesel reduced by Rs 2.43 per liter and petrol by Rs 1.32 per liter. The reduction in levy implemented from today.…