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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…

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.…

UPDATES
FBR issues SRO to allow conditional input tax credit for supplies from AJK and GB

FBR issues SRO to allow conditional input tax credit for supplies from AJK and GB

The Federal Board of Revenue (FBR) will allow input tax credit against electronic data of supplies by the persons registered in Azad Jammu and Kashmir (AJK) and Gilgit-Baltistan (GB). The FBR has issued SRO 1064(1)/2021,…

TAXATION
FBR issues draft income tax return form for individuals

FBR issues draft income tax return form for individuals

The Federal Board of Revenue (FBR) has issued draft income tax return form for individuals, deriving income under any head other than salary/ business for tax year 2021. The FBR has issued the draft return…

TAXATION
2 Companies reportedly found Involved in Rs6 Billion Mega Tax Fraud

2 Companies reportedly found Involved in Rs6 Billion Mega Tax Fraud

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 availed by those…

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…

BLOG
Definition of Tier-1 Retailer under sales tax act 1990

Definition of Tier-1 Retailer under sales tax act 1990

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 falls in any of the following…

UPDATES
Balochistan finance department introduces online tax collection system

Balochistan finance department introduces online tax collection system

The government of Balochistan has installed online tax collection system. This online tax system will help to boost the the revenue receipts and will promote tax culture in the biggest province of Pakistan. During a…

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…

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