FBR updates, income tax, budgets and markets for Pakistan
156 articles
FBR has acquired all authentic information of all filers and non-filers, which include: 1 million filers claiming to have non-taxable income but evidence to the contrary exists. More than 3.5 million NTN…
The petroleum products prices reduced by the federal government on Sunday. PTI government issued a notification through Ministry of Finance, announcing to reduce petrol prices to Rs100.69 per liter. The per-litre prices…
Pakistan ranked 116th among 128 countries on the absence of corruption index. A World Justice Project (WJP) Survey conducted by Gallup Pakistan. Survey results based on Factor 2 of the World Justice…
Details of the tax returns of the members of the National Assembly for the year 2019-20 have been released. Prime Minister Imran Khan owns assets worth more than Rs 80 million, 4…
Digital Pakistan is another step forward towards technological prosperity of Pakistan. It is a change which aimed that all segments of the society will have equal access to the government services. Pakistan…
Amendment made through Finance Act 2019, to disallow any expenditure incurred on account of commission in respect of supplies covered by the Third Schedule to the Sales Tax Act, 1990 (STA), if…
Jobs alert | situation vacant | vacancy | Staff Required | Tax Manager | Tax Specialist | Tax Accountant
WhatsApp has introduced a free payment service in India. It will soon become the world's most popular messaging application super app. The service will allow people to send money to their loved…
The FBR has issued draft rules for the purpose of setting timelines in respect of various steps involved in notifying income tax return forms for a tax year vide SRO 1041 dated…
Monthly sales tax returns submitted treated as a refund claim. With supportive documents including the required information in the format or software. No refund claim shall be entertained if the taxpayer fails…
Sindh Revenue Board (SRB) has notified sales tax rates on services rendered by restaurants in the province. The SRB issued working tariff on November 01, 2020 updating rates of sales tax on…
MoU signed between Federal Board of Revenue and the Representatives of the ChainStores Association of Pakistan (CAP). To ensure effective and efficient integration of Point of Sales (PoS)/ tills. Installed at Tier…
The return filers now require to submit "Taxpayer's Profile". These include particulars of bank accounts, utility connections, business premises including all manufacturing, storage or retail outlets etc. Under section 114A(1) of Income…
Profitability of listed companies increase by a massive 43% as finance cost decreases 28%. Economic activity resumed after lock down restrictions eased. SBP took several measures to stimulate activity in the economy…
(ab) every person (other than a company) whose taxable income for the year exceeds the maximum amount that is not chargeable to tax under this Ordinance for the year;(ac) any non-profit organization…
The State Bank of Pakistan imposed over Rs 271 million penalties on four banks. For the quarter ending September 30, 2020. Reasons behind the SBP action is due to non-compliance with legal…
Active taxpayer list is a record of taxpayers who have submitted their tax returns of previous years. It’s updated on the basis of previous years submission of tax returns. The active taxpayers…
During the first 15 days of next month, the federal government reduced the price of petrol by Rs 1.57 per liter. According to the details, the price of petrol reduced by Rs…
Federal Board of Revenue (FBR) updated rate of income tax on vehicles used for both passenger and goods transportation for tax year 2021 (July 01, 2020 to June 30, 2021). The FBR…
Federal Board of Revenue (FBR) launched an inquiry against famous Pakistani actor Fawad Khan regarding tax on foreign income. FBR asked through a letter to Federal Investigation Agency (FIA) for the details…