#FBR Page 22

e-payment limit of taxes abolished

To this end, a joint meeting has been convened by the State Bank of Pakistan through video link at the request of the Karachi Customs Agents Association. (KCAA). Attended by more than…

FBR appealed to all taxpayers to file income tax returns before march 2021

The Federal Board of Revenue has issued a statement stating that there has been a significant improvement in the collection of income tax returns for the tax year 2020. As of December…

FBR formed committee to improve Income Tax Return forms

This step of FBR is part of various reforms under the special direction of the Prime Minister of Pakistan. FBR urged timely design / finalization of income tax return forms for individuals,…

Taxation of Builders and Developers

There is a complete package covering tax impact from all aspects. Taxpayer is eligible to take the immunity for the same has to be made by June 30, 2021 previously it was…

Shabbar Zaidi opposed restoring Pakistan's export sector to zero rating

Previously, exporters paid taxes and claimed refunds after exports. The previous government introduced zero rating in the last phase of its tenure, but on the advice of Zaidi, reversed by the PTI…

FBR allowed to taxpayers to file settlement application for agreed assessment

The Federal Board of Revenue has issued a statement saying that the government has added a new section 122D to the Income Tax Ordinance 2001 through the Finance Act 2020. Under which…

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…

Tax measures & reliefs in response to COVID-19 in 2020 by Pakistan

23 August 2020: FBR exempted taxes on import of oxygen gas, oxygen cylinders and cryogenic tanks. This exemption was available for a period of 3 months starting from 23 June 2020. This…

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

FBR issued list of Tier-1 integrated retailers with FBR

Tier-1 retailers allowed only to get cash back of 5% five percent sales tax paid at the time of purchases. (a) a unit of a national or international chain of stores; (b)…

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…