FBR updates, income tax, budgets and markets for Pakistan
515 articles
The Azad Jammu and Kashmir (AJK) tax system was on Thursday connected with the national tax system of Pakistan. It will provide online services and increase tax collection. Chief Secretary of AJK…
Let us see the taxation of IT and IT enabled services, freelancer and startups. Both income tax and sales tax provisions are here hereby explained. Further, the recent changes in taxation of…
The federal government may introduce a presidential ordinance to provide record of existing three million taxpayers to the National Database and Registration Authority (NADRA) for the purpose to increase tax collection, but…
The Federal Board of Revenue (FBR) has decided to relax conditions for the importers for obtaining "unique user identifiers" (UUIs) for WEBOC Registration under the Customs Computerized System. The FBR has recently…
The Federal Board of Revenue (FBR) has taken stay orders against the Federal Tax Ombudsman’s (FTO) decision to investigate the offices dealing with offshore tax haven cases, stopping a move that could…
Tax credit for person employing fresh graduates. First year depreciation allowance on specified assets @ 90% of cost of assets. Tax credit for enlistment on registered stock exchange. Certain tax credits for…
Income Tax Ordinance, 2001 provides for tax exemptions, tax credits, reduced tax rates, and reduction in tax liability. These tax exemptions are either based on specific type of taxpayers or for a…
The President of Pakistan, Dr. Arif Alvi, issues an order in favor of the declarants of the Tax Amnesty Scheme 2019 (assets declaration scheme). Who already deposited their taxes under the Tax…
In order to promote documentation and to streamline action, the concept of business bank account has been introduced in the Ordinance by inclusion of definition of business bank account in section 2.…
The Federal Board of Revenue (FBR) on Monday informed to Finance Minister Shaukat Tarin that the tax authority is drafting new plans to widen the tax base with the help of National…
Online ATL status check allows you to confirm your Active Taxpayer status with FBR in real time. You can check it by using this portal of FBR: www.e.fbr.gov.pk . Check Individual’s Active…
All tier-1 retailers are required to integrate all their POSs with FBR’s computerized system. ‘Tier-1 retailer’ is defined in section 2(43A) of the Sales Tax Act, 1990, to be a person who…
The Federal Board of Revenue (FBR) directed all tax officers and officials to declare their Assets and Performance Evaluation reports which is due for the year 2020-2021 by due date of July…
The Federal Board of Revenue (FBR) released draft rules for new Export Facilitation Scheme 2021. FBR also called for comments on this new export scheme from industry, exporters and other stakeholders. The…
Following numerous complaints on the Pakistan Citizen’s Portal. The Prime Minister’s Office took the notice of this practice of FBR's Department. PM office directed to facilitate overseas Pakistanis in provision of this…
Federal Board of Revenue (FBR) on Monday issued a Income Tax Circular regarding taxation procedure for the transactions made by cooperative housing societies and directed the tax offices to make compliance over…
The minimum turnover tax of 0.75 percent would be applicable on the oil marketing companies, Sui Southern Gas Company Limited and Sui Northern Gas Pipelines Limited, Pakistan International Airlines Corporation and poultry…
The Federal Board of Revenue (FBR) on Tuesday issued a procedure for selection and conducting electronic audit of income tax cases. In this regard, the FBR has issued SRO 835(I)/2021, dated June…
Federal Board of Revenue (FBR) has uploaded the Income Tax Return Forms for Tax Year-2021. Separate Return Forms for Salaried, Association of Persons and Business Individuals have been uploaded. Submit the Income…
Steel melters and re-rollers units involved in large scale evasion of Federal Excise Duty. By way of escaping of actual production and supplies and suppression of actual value of supplies. This is…