Updates
FBR disposed off cases without audit: Notices Issued
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…
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131 articles
Updates
Taxes on petroleum products changed
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.…
Updates
Karachi Tax Bar Association (KTBA) rejected using mobile phone SMS as a legal way to serve tax notices
KTBA strongly suggested in a letter to Chairman, FBR Muhammad Javed Ghani that the inclusion of sub Rule (2A) in Rule 74 of the Income Tax Rules 2002 would create chaos. And…
Updates
Karachi Tax Bar identified errors in Tax Year 2020 return
Karachi Tax Bar Association (KTBA) wrote a letter to Dr. Muhammad Ashfaq, Member Inland Revenue (Operations), Federal Board of Revenue (FBR) regarding the matter. Issues already highlighted at November 17, 2020 but…
Taxation
Weboc Registration process, Import & Export process in Pakistan, Benefits of Weboc Registration, Documents required for Weboc registration
Weboc is a computerized system that provides customs clearance for import and export of goods. Developed by PRAL. It's login and Password which is issued after completion of a series of procedures.…
Taxation
Cottage industry not required to get sales tax registration
Registration Section 14 Registration Section 14(1) Every person engaged in making taxable supplies in Pakistan, including zero-rated supplies, in the course or furtherance of any taxable activity carried on by him, falling…
Taxation
Sales tax rates | Third Schedule goods | Eighth Schedule goods | Retail price | Reduced rate of sales tax
Scope of tax Under Section - 3(1) Scope of tax Under Section - 3(1) Subject to the provisions of this Act, there shall be charged, levied and paid a tax known as…
Taxation
Income Tax Rules amended: Issuance of tax notices via Phone SMS
The FBR issued SRO 1250(I)/2020 on Monday to issue draft amendment to Rule 74 of Income Tax Rules, 2002. The Rule 74 relates to serving of documents electronically. In draft rules FBR…
World Taxes
IRS refund status
For getting information regarding the IRS refund status, you must have information regarding the following ? Taxpayer must enter the SSN or IRS Individual Taxpayer Identification Number Which mentioned on taxpayer's tax…
Taxation
Sales tax zero rated Supplies in Pakistan
(a) goods exported, or the goods specified in the Fifth Schedule; Goods of Fifth Schedule of Sales Tax Act 1990 1- (i) Supply, repair or maintenance of any ship which is neither;(a)…
Finance
HEC announces Scholarship Programme 2021 for Bachelors, One-Tier Masters, Masters and PhD studies
Last date for online applications is January 15, 2021 and for more details click here: hec.gov.pk/site/ARL. "The programme is managed by HEC Pakistan in collaboration with the Tempus Public Foundation, Hungary." Online…
Business
Let entrepreneurs work from parks !
Epidemics and lock downs affect people financially and more importantly mentally. During the lock down business, businesswomen and business people left to work from home. While working from home can save money…
World Taxes
UK Tax News: VAT cut down for hospitality & tourism sector
The Chancellor announced a reduction in VAT rate for the hospitality and tourism sectors in this epidemics situation. This temporary reduction in VAT rates from 20% to 5% would be maintained till…
Business
Pakistan launches National Job Portal
National Job Portal launched in November, 2020 by Prime Minister, Imran Khan. It is an another step towards the vision of Digital Pakistan. Around 2 million jobs are created in Pakistan each…
World Taxes
Top tax havens around the world
The top tax havens are island countries such as the British Virgin Islands, Samoa and Malta. Tax shelters are places where rich people keep money in foreign accounts for a different reasons,…
World Taxes
Dubai Mall, launched VAT refund kiosks
With the UAE's first mall launching the service. Visitors to the Dubai Mall can now take advantage of the hassle-free option to claim a hassle-free VAT return. Seven self-service kiosks set up…
Taxation
Good news for salaried taxpayers: salary tax adjustments through employer
Salaried class employees, should get tax adjustment on there salary from their employers under the Income Tax Ordinance 2001. There is no need for waiting a refund claim from the Federal Board…
Taxation
Federal Board of Revenue (FBR) ceased manual processing of income tax refunds
Federal Board of Revenue (FBR) ceased manual processing of income tax refunds. FBR ordered regional tax offices that process the tax refunds at central level through State Bank of Pakistan (SBP). An…
Finance
The Asian Development Bank (ADB) issued Pakistani rupee-linked 'Karakoram' bonds
The ADB defined the 'Karakoram' bond as "an offshore bond denominated in Pakistan rupees and settled in US dollars, listed on a major stock exchange, and settled through an international central securities…
Updates
FBR once again reminded to file income tax returns by the deadline
The FBR said in an official tweet that under section 114 of the Income Tax Ordinance 2001, all persons who have houses consisting of 500 square yards or vehicles of one thousand…