Updates
FBR Directs taxmen to Declare Assets
The Federal Board of Revenue (FBR) directed all tax officers and officials to declare their Assets and Performance Evaluation reports which is due for the year 2020-2021 by due date of July…
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359 articles
Business
FBR Reveals Draft Rules for New Export Scheme
The Federal Board of Revenue (FBR) released draft rules for new Export Facilitation Scheme 2021. FBR also called for comments on this new export scheme from industry, exporters and other stakeholders. The…
Updates
FBR Not providing tax concessions to Foreign Exchange Remittance Card holders
Following numerous complaints on the Pakistan Citizen’s Portal. The Prime Minister’s Office took the notice of this practice of FBR's Department. PM office directed to facilitate overseas Pakistanis in provision of this…
Updates
FBR Issues Circular for Tax Recovery Procedures From Cooperative Housing Societies
Federal Board of Revenue (FBR) on Monday issued a Income Tax Circular regarding taxation procedure for the transactions made by cooperative housing societies and directed the tax offices to make compliance over…
Taxation
FBR Explains Changes in Minimum Turnover Tax
The minimum turnover tax of 0.75 percent would be applicable on the oil marketing companies, Sui Southern Gas Company Limited and Sui Northern Gas Pipelines Limited, Pakistan International Airlines Corporation and poultry…
Updates
FBR issues SRO for procedure of electronic audit of income tax cases
The Federal Board of Revenue (FBR) on Tuesday issued a procedure for selection and conducting electronic audit of income tax cases. In this regard, the FBR has issued SRO 835(I)/2021, dated June…
Taxation
FBR uploads Income Tax Return Forms for Tax Year 2021
Federal Board of Revenue (FBR) has uploaded the Income Tax Return Forms for Tax Year-2021. Separate Return Forms for Salaried, Association of Persons and Business Individuals have been uploaded. Submit the Income…
Updates
FBR's action against massive tax evasion
Steel melters and re-rollers units involved in large scale evasion of Federal Excise Duty. By way of escaping of actual production and supplies and suppression of actual value of supplies. This is…
Budget
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…
Budget
National Assembly Approved Finance Bill 2021-2022
Prime Minister Imran Khan and other members of the National Assembly also attended the National Assembly session to vote on budget 2021-2022. There were 172 votes in favor of the Finance Bill…
Updates
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…
Budget
Tax benefit extended to cars up to 1,000cc
READ ALSO: Auto Sector wins Tax Relief in Budget 2021-2022 On Friday, Shaukat Tarin added while talking at the session of the National Assembly, that income tax exemption on medical expenses will…
Taxation
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…
Budget
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…
Budget
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…
Updates
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…
Budget
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…
Updates
Government Seeks to Impose tax on Suspicious Gifts transactions among Relatives
The standing committee informed and proposed that an amendment is under way to streamline legality that deals with the tax structure of the gifts given to the relatives. “Provided that, if the…
Budget
Political parties exempted in Budget from filing income tax returns and paying taxes
The government proposed to exempt all registered political parties of Pakistan from the obligation of submitting their annual income tax returns and wealth statements and other related record. Finance Bill 2021 presented…
Budget
Taxes on Salaries and Pensions: FBR Issues Clarification
Federal Board of Revenue (FBR) issued a clarification on a news published in the daily Express Tribune, in its issue dated 14th June, 2021 regarding budget proposals on taxation of salary income.…