FBR updates, income tax, budgets and markets for Pakistan
359 articles
The Income Tax (Second Amendment) Ordinance, 2021 promulgated in March 2021 was proposed to be made part of the Bill for approval by the Parliament as required by the Constitution. The Finance…
The FBR has issued the draft return form through an SRO1022(I)/2021 to amend the Income Tax Rules 2002. Such form for individuals issued, who are deriving income under any head other than…
On the question of a journalist Finance Minister Shaukat Tarin informed that he has decided to take a third-party view before taking any action in case of the worst ever cyber-attack that…
The Federal Board of Revenue (FBR) has extended the date of payment and submission of Sales Tax and Federal Excise Return for the Tax Period of July 2021. In its letter to…
A resident company is taxed on its worldwide income. Non-resident companies operating in Pakistan through a branch are taxed on their Pakistan-source income attributable to the branch in Pakistan at tax rates…
Federal Board of Revenue has issued a clarification regarding disturbance in Customs Operations due to up gradation of FBR Data Center. FBR has clarified that Customs operations have remained fully operational, throughout…
The Federal Board of Revenue (FBR) has been the target of a cyber attack by hackers that has shut down all government websites operated by the FBR. The closure of FBR websites…
The official website of Federal Board of Revenue (FBR) is not available online for the past few hours. As creating problems for income tax return filers as the last date is 30th…
Public Accounts Committee (PAC) has referred two mega tax fraud cases involving over Rs. 6 billion to the National Accountability Bureau (NAB) for investigation of tax evasion and illegal exemptions and concessions…
Directorate General of Customs Valuation Karachi has increased customs values of the accessories of the Chinese-origin mobile phone accessories for correct assessment of duties and taxes at the time of import clearance.…
In the wake of increased prices of steel products in the domestic & international markets, Federal Board of Revenue (FBR) has increased the minimum prices of steel products vide SRO 985 dated…
Federal Board of Revenue has issued a clarification on a news story titled “FBR issues thousands of suspicious exemption certificates” appearing in a magazine with the name “Profit” in its edition of…
The Federal Board of Revenue (FBR) has advised Tier-1 Retailers to integrate their invoicing systems with the tax Realtime invoicing system of Federal Board of Revenue. FBR has given 15th August, 2021…
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…
Under section 13 of The Sales Tax Act 1990, the Sixth Schedule of the Sales Tax Act, 1990 specifically and explicitly mentions those goods on which exemption of sales tax is available.…
Federal Board of Revenue (FBR) on Monday launched prize scheme for customers of retailers, who integrated their sales through point of sales (POS) with the FBR's tax system. The FBR issued SRO…
Finance Act, 2013 shifted the property income (Property rental income) from fixed tax regime to normal tax regime for Individuals, AOPs and Companies. Finance Act, 2016 shifted it from normal tax regime…
The Islamabad High Court (IHC) has reserved their judgment in the case of selection of the successful company for the implementation of the track and trace system for different industries. These industries…
The Federal Board of Revenue (FBR) has suspended the provision of sales tax collection on sugar from the manufacturers on the basis of the retail price up to November 30, 2021. The…
The Federal Board of Revenue (FBR) has dismissed 29 officials from civil service on charges of inefficiency and misconduct. These dismissals have been done in the past one year. The officials dismissed…