Taxation
Income Tax Return Filing reached at it's peak
The FBR issued the weekly ATL – 2019 updated on the basis of returns filed up to January 10, 2021. The ATL-2019 will remain applicable till February 28, 2021 as the FBR…
#FBRTaxReturnLastDate2020Extended
17 articles
Budget
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…
Business
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,…
Taxation
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…
Budget
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,…
Updates
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…
Updates
FBR launched online module for Greenfield investors status registration
Federal Board of Revenue (FBR) launched online module in Iris for providing facility for submission of applications for the approval of "Greenfield Industry Status." For this purpose, two separate applications in the…
Updates
Anti money laundering Act: monitoring of Jewelers, real estate agents and accountants under strict regulations
The FBR issued SRO 1319 (I) / 2020 on 10 December 2020 to empower Inland Revenue officers to exercise the powers vested in them under Section 6A of the Anti Money Laundering…
Updates
Covid-19 & No extension in date of tax return filing: statutory time already lapsed: FBR
The FBR informed all the Chief Commissioners of Inland Revenue in the office order about the last date of filing of returns. However, the FBR said that taxpayers who seek extension of…
Updates
Cyber security advisory issued by PRAL for FBR employees working from home
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,…
Updates
Karachi Tax Bar Association (KTBA) rejected using mobile phone SMS as a legal way to serve tax notices
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…
Taxation
Penalty for non-filing income tax returns, wealth statement, foreign assets/income statement & active status
Offence: Where any person fails to furnish a return of income as required under section 114 within the due date. Penalties: Such person shall pay a penalty equal to 0.1% of the…
Updates
FBR once again reminded to file income tax returns by the deadline
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…
Taxation
FBR launched Maloomat TaxRayApp: Signed MoU with NADRA: Acquired all data of filers & non-filers
FBR has acquired all authentic information of all filers and non-filers, which include: 1 million filers claiming to have non-taxable income but evidence to the contrary exists. More than 3.5 million NTN…
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…
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…