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UPDATES
FBR’s action against massive tax evasion

FBR’s action against massive tax evasion

Federal Board of Revenue’s (FBR) Directorate of I&I-Inland Revenue (IR), Lahore’s in an action against steel melters and re-rollers captured massive tax evasion. Steel melters and re-rollers units involved in large scale evasion of Federal…

BUDGET
Taxpayers to update profile to remain in ATL and skip fine

Taxpayers to update profile to remain in ATL and skip fine

Taxpayers are required to update their profile by June 30, 2021, to avoid penalty and exclusion from Active Taxpayers List (ATL) under section 114A of Income Tax Ordinance, 2001. The last date for updating the…

BUDGET
National Assembly Approved Finance Bill 2021-2022

National Assembly Approved Finance Bill 2021-2022

The National Assembly of Pakistan on Tuesday approved the Finance Bill 2021-2022 with majority of votes. Prime Minister Imran Khan and other members of the National Assembly also attended the National Assembly session to vote…

UPDATES
FBR field offices to remain open till midnight on 30th June

FBR field offices to remain open till midnight on 30th June

All the field offices of the Federal Board of Revenue will remain open till 12:00 midnight on 30th June, 2021. To facilitate the taxpayers’ in payment of duties and taxes. FBR has issued instructions in…

BUDGET
Tax benefit extended to cars up to 1,000cc

Tax benefit extended to cars up to 1,000cc

Finance Minister Shaukat Tarin has said the government will now extend the tax relief earlier to cars up to 850cc will now be expanded to vehicles up to 1,000cc as well. READ ALSO: Auto Sector…

TAXATION
Intelligence & Investigation Inland Revenue Operation against three unregistered units

Intelligence & Investigation Inland Revenue Operation against three unregistered units

FBR action against unregistered persons who are liable to be registered and are required to pay due sales tax on their taxable supplies under the Sales Tax Act, 1990, Federal Board of Revenue’s. Directorate of…

BUDGET
Tax Experts disclosed FBR’s three budgetary proposals impracticable

Tax Experts disclosed FBR’s three budgetary proposals impracticable

Tax experts have termed Federal Board of Revenue’s (FBR) three budgetary proposals are not practicable. These includes 1- collection of withholding tax on domestic electricity bills, 2- sales tax from sugar on printed retail price…

BUDGET
FBR issues clarification on FMCG

FBR issues clarification on FMCG

Federal Board of Revenue (FBR) has clarified that the table prescribing tax rates for minimum tax on turnover basis has been substituted in the Finance Bill-2021 to provide relief to retailers of Fast Moving Consumer…

UPDATES
Senate Panel criticized FBR for sending tax notices

Senate Panel criticized FBR for sending tax notices

Senate Standing Committee on Finance on Monday criticized the Federal Board of Revenue’s (FBR) absolute action against taxpayers, who facing tax notices having tax demands that is many times more than their annual turnovers. During…

BUDGET
Govt decides to withdraw arrestment powers on concealment of Income

Govt decides to withdraw arrestment powers on concealment of Income

The government has finally taken the decision to remove all income tax provisions from the Finance Bill, 2021, relating to the powers of the Inland Revenue officers to arrest any person under the proposed Section…

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