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UPDATES
Computational Errors in FBR Iris Portal identified by KTBA

Computational Errors in FBR Iris Portal identified by KTBA

Karachi Tax Bar Association (KTBA) has expressed dissatisfaction over the classification of income set in IRIS (portal for e-filing of income tax returns), citing various computational errors and glitches. In a letter sent to the…

UPDATES
FBR categorically rejected news of extension in date of filing income tax returns

FBR categorically rejected news of extension in date of filing income tax returns

A spokesman for the Federal Board of Revenue has vehemently denied reports in some newspapers of extending the date for filing income tax returns, saying no proposal was being considered at FBR headquarters. Spokesman FBR…

BUDGET
Highlights on Tax Laws Third Amendment Ordinance, 2021

Highlights on Tax Laws Third Amendment Ordinance, 2021

Compulsory Digitized Payment for Expenditure by Companies: This is a highly discussed amendment made in the tax laws for the documentation of the economy. Government is considering to give a grace period of 40 days…

TAXATION
FBR issues Manual Income Tax Return Forms for Individual and AOPs for Tax Year 2021

FBR issues Manual Income Tax Return Forms for Individual and AOPs for Tax Year 2021

The Federal Board of Revenue (FBR) on Friday issued manual income tax returns forms for tax year 2021. The return form has been issued just a month ahead of filing deadline i.e. September 30, 2021.…

BUDGET
Changes to offences and penalties under Finance Act 2021

Changes to offences and penalties under Finance Act 2021

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 Act 2021 adopts…

UPDATES
FBR issues clarification on suspicious exemption certificates

FBR issues clarification on suspicious exemption certificates

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 10th August, 2021. The…

TAXATION
Deadline and penalty for Tier-1 retailers and other tax provisions relating there to

Deadline and penalty for Tier-1 retailers and other tax provisions relating there to

FBR directs Tier-1 Retailers to integrate with revenue authority till August 15. The Federal Board of Revenue (FBR) has advised Tier-1 Retailers to integrate their invoicing systems with the tax Realtime invoicing system of Federal…

FINANCE
SBP launches digital cheques clearing and unified QR Code System

SBP launches digital cheques clearing and unified QR Code System

Governor State Bank of Pakistan, Dr. Reza Baqir, announced two new initiatives to facilitate the introduction of digital financial products and services by financial institutions which will benefit to the society. These initiatives includes the…

UPDATES
FBR decides to deny tax refund claims to retailers resisting integration with tax system

FBR decides to deny tax refund claims to retailers resisting integration with tax system

The Federal Board of Revenue (FBR) on Tuesday decided to hold 60% of the refund claims to those top tier retailers who would still deny to link and integrate their sales invoicing systems and counters…

UPDATES
FBR notifies Export Facilitation Scheme 2021

FBR notifies Export Facilitation Scheme 2021

Federal Board of Revenue has notified Rules for new Export Facilitation Scheme 2021 which will be effective with effect from 14th August, 2021. New Export Facilitation Scheme has been approved by Federal Government and passed by…

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