Updates
Income Tax Returns of Members of National Assembly released
Details of the tax returns of the members of the National Assembly for the year 2019-20 have been released. Prime Minister Imran Khan owns assets worth more than Rs 80 million, 4…
#FBR Page 24
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Business
Digital Pakistan: PTCL to launch public Cloud platform
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…
Budget
Disallowance of Commission: Commission in respect of Third Schedule Items
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…
Updates
Rules amended by FBR: Issued time limit for notifying income tax return form
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…
Taxation
Sales tax refunds: Required documents & process
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…
Updates
Sales tax rates updated on services of restaurants
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…
Updates
MoU Signed: CAP assured FBR to integrate all retailers tills/PoS by November 30, 2020
MoU signed between Federal Board of Revenue and the Representatives of the ChainStores Association of Pakistan (CAP). To ensure effective and efficient integration of Point of Sales (PoS)/ tills. Installed at Tier…
Taxation
Taxpayers Profiling: Submit otherwise ready to be inactive
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…
Markets
Massive increase in profitability of listed companies
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…
Taxation
Which persons require to submit income tax returns ?
(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…
Markets
State Bank Action: Imposed penalties on four banks
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…
Taxation
How to become active tax filer in FBR
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…
Taxation
Vehicles tax rates for tax year 2021
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…
Business
Foreign income tax: FBR launched investigation against Fawad Khan
Federal Board of Revenue (FBR) launched an inquiry against famous Pakistani actor Fawad Khan regarding tax on foreign income. FBR asked through a letter to Federal Investigation Agency (FIA) for the details…
Business
FBR sealed Jazz head office for non-payment of taxes
The Federal Board of Revenue (FBR) sealed head office of Jazz a telecommunication company, in Islamabad. For non-payment of taxes amounted over Rs 25 billion. FBR issued an order against Jazz, of…
Updates
PTI government considering another tax amnesty scheme
The PTI government is considering another amnesty scheme. It will be third in two years. On black foreign currency held by Pakistani nationals. Financial Action Task Force (FATF) and the International Monetary…
Finance
FATF awarded another lifeline to Pakistan
The Financial Action Task Force (FATF) on Friday gave yet another lifeline to Pakistan. Decided to retain the country in its grey list for four more months. Pakistan avoided again to be…
Markets
Banking mohtasib receives complaints against banks
The Banking Mohtasib (Ombudsman) Pakistan received 14,587 complaints against banks for the year ended December 31, 2019. The annual report of Banking Mohtasib Pakistan received the following no of complaints: Relief provided…
Finance
FATF takes up Pakistan case tomorrow
With compliance of 21 points out of 27 action plan placed to combat money laundering and terror financing. The FATF’s meeting started in Paris on Wednesday. The FATF meeting will decide fate…
Markets
Govt increases wheat support price by over 14%
The federal government increased the minimum wheat procurement price by 14.3% to Rs1,600 per 40 Kg. To give subsidy on fertilisers aimed at increasing farmers’ income. The decision taken during a subcommittee…