#eFBR Page 4

PTCL license expired

PTCL informed to Pakistan Stock Exchange (PSX), that the integrated license was issued for 25 years. License to PTCL was effective from January 01, 1996 and it was valid under December 31,…

FBR issued no of tax returns submitted up to year end 2020

It is to remind here that the last date for submission / filing of income tax returns by salaried, business individuals, AOPs and companies with special financial year, was December 08, 2020.…

FBR's datewise activities in year 2020

READ ALSO: Tax measures & reliefs in response to COVID-19 in 2020 by Pakistan READ ALSO: Top tax issues of Pakistan in 2020 ALSO READ: FBR increased the limit of turnover for…

Retailers registered with FBR started obtaining CNIC of consumers on sales above than Rs100,000

Retailers with Sales Tax Registration Number (STR) were providing details of ordinary consumers on sale of goods worth more than Rs 100,000 through monthly sales tax returns. Through the Finance Act 2020,…

Cash paid for immovable property required to be reported under anti money laundering and counter terrorism financing : FBR

Every cash transaction for sale or purchase of housing units worth more than Rs. 2 million must be reported under Anti Money Laundering (AML) / Counter Terrorism Financing (CFT). To comply with…

Field formations directed to pay all income tax refunds submitted by January 31, 2021: FBR

The FBR has directed the field formations to immediately pay all income tax refunds. Filed under section 170 of the Income Tax Ordinance 2001 by January 31, 2021 for the tax year…

40 percent of registered taxpayers do not file sales tax forms

Forty percent (40%) of the taxpayers registered with the Sales Tax Directorate do not submit their sales tax forms. They cheat the government revenue and honest taxpayers by engaging in the activities…

Income Tax on Foreign Remittance in Pakistan 2022

Through the study of the Income Tax Ordinance, 2001 in general and the provisions of Section 80 of the Ordinance in particular, reveal the three types of persons to be treated under…

State bank never declared cryptocurrency illegal: SHC

A two-judge bench headed by Justice Muhammad Karim Khan Agha. He had sought the opinion of the SBP till January 13. On whether there was any law in place to curb cryptocurrency…

Exemption from sales tax on medical and testing equipment regarding covid-19

This Notification shall take effect from the 1st day of October, 2020 and shall remain in force up to the 30 th day of June, 2021.

FBR announced Regional interview committees for appointment of advocates on the panel of FBR

Withholding tax on Pakistan-made mobile phones abolished

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…

FBR launched online module for Greenfield investors status registration

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…

Tax & Accounting Jobs

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…

Anti money laundering Act: monitoring of Jewelers, real estate agents and accountants under strict regulations

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…

PTI federal government has once again dropped a petrol bomb on the people

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…

File tax return or pay penalty for tax year 2020: FBR started issuing tax notices

"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…

FBR extended income tax return filing date up to December 24

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…

Who is exempt from filing income tax returns ?

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:…

Covid-19 & No extension in date of tax return filing: statutory time already lapsed: FBR

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…