Blog
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…
#irs Page 2
60 articles
Updates
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…
Finance
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…
Updates
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…
Updates
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…
Budget
Omission and merger of withholding tax provisions in finance act 2021
There were 38 withholding tax provisions in the Income Tax Ordinance, 2001. This high number of provisions adds to complexity and creates undue burden of compliance on different withholding agents. It also…
Blog
How to Check Active Taxpayer Status of Income Tax with FBR ?
Online ATL status check allows you to confirm your Active Taxpayer status with FBR in real time. You can check it by using this portal of FBR: www.e.fbr.gov.pk . Check Individual’s Active…
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…
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…
Updates
List of Budget suggestions finalized by senate body
The meeting of the finance committee which was presided over by Senator Talha Mahmood would submit the suggestions to the Upper House, from where these would be passed on to the National…
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…
Taxation
FBR clarifies news about payment of total assessed tax demand for filing of appeal
Federal Board of Revenue has issued a clarification on a news story appearing in Daily Times wrongly portraying that "a proposed amendment in the Finance Bill, 2021 makes it mandatory to make…
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
FBR Banned Transfers, Postings & Leaves during 4th Quarter
On Tuesday, as per the FBR guidelines issued to all IR offices. Despite this fact it has been observed with concern. That IR field formations applied for leave approval including ex-Pakistan leave…
Blog
Pay as You Earn (PAYE)
Employee's tax refers to that tax which required to deduct by an employer from the amount of salary or remuneration paid by employer or payable or accrue by an employer. This process…
World Taxes
IRS Covid Tax Tips
A complete list of tax tips issued by the Inland Revenue Service (IRS) of USA regarding coronavirus (COVID-19) tax reliefs and Economic Impact Payments for ready reference. IRS | Inland Revenue Service…
World Taxes
Free Income Tax Filing Programs in 2021 in America
About 70% of Americans do not have to pay for tax preparations and filing for there tax returns. People with low incomes or simple tax situations are often eligible for free income…
World Taxes
My Refund in IRS
For the purpose of checking My Refund Status in IRS in United States of America you can use the Where's My Refund tool. You can also use for status of My Refund…
Taxation
Corporate tax exemptions
Profits arrived from the business unit of an electric power generation project established in Pakistan are exempt from tax. Profits earned by a company from the export of computer software, IT services,…