FBR updates, income tax, budgets and markets for Pakistan
138 articles
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…
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…
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.…
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,…
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…
"IK is a great man and a great leader. I can swear about his intellectual and financial integrity. I am 100 per cent with him," Shabbar Zaidi further clarified. Allegations are going…
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…
Active Taxpayer list (ATL) issued on the basis of Tax Year 2019. Statistics based on the Income tax returns submitted up to November 15, 2020. Last year on the basis of tax…
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…
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…
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…
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…