FBR updates, income tax, budgets and markets for Pakistan
66 articles
The package came into force under Section 100D of the Income Tax Ordinance 2001 and the Eleventh Schedule Amendment under the Tax Laws Amendment Ordinance 2020. Construction package is applicable to land…
Karachi Tax Bar Association (KTBA) wrote a letter to Dr. Muhammad Ashfaq, Member Inland Revenue (Operations), Federal Board of Revenue (FBR) regarding the matter. Issues already highlighted at November 17, 2020 but…
Registration Section 14 Registration Section 14(1) Every person engaged in making taxable supplies in Pakistan, including zero-rated supplies, in the course or furtherance of any taxable activity carried on by him, falling…
The FBR issued SRO 1250(I)/2020 on Monday to issue draft amendment to Rule 74 of Income Tax Rules, 2002. The Rule 74 relates to serving of documents electronically. In draft rules FBR…
For getting information regarding the IRS refund status, you must have information regarding the following ? Taxpayer must enter the SSN or IRS Individual Taxpayer Identification Number Which mentioned on taxpayer's tax…
(a) goods exported, or the goods specified in the Fifth Schedule; Goods of Fifth Schedule of Sales Tax Act 1990 1- (i) Supply, repair or maintenance of any ship which is neither;(a)…
The Chancellor announced a reduction in VAT rate for the hospitality and tourism sectors in this epidemics situation. This temporary reduction in VAT rates from 20% to 5% would be maintained till…
Salaried class employees, should get tax adjustment on there salary from their employers under the Income Tax Ordinance 2001. There is no need for waiting a refund claim from the Federal Board…
Federal Board of Revenue (FBR) ceased manual processing of income tax refunds. FBR ordered regional tax offices that process the tax refunds at central level through State Bank of Pakistan (SBP). An…
WhatsApp has introduced a free payment service in India. It will soon become the world's most popular messaging application super app. The service will allow people to send money to their loved…
Sindh Revenue Board (SRB) has notified sales tax rates on services rendered by restaurants in the province. The SRB issued working tariff on November 01, 2020 updating rates of sales tax on…
MoU signed between Federal Board of Revenue and the Representatives of the ChainStores Association of Pakistan (CAP). To ensure effective and efficient integration of Point of Sales (PoS)/ tills. Installed at Tier…
The return filers now require to submit "Taxpayer's Profile". These include particulars of bank accounts, utility connections, business premises including all manufacturing, storage or retail outlets etc. Under section 114A(1) of Income…
Profitability of listed companies increase by a massive 43% as finance cost decreases 28%. Economic activity resumed after lock down restrictions eased. SBP took several measures to stimulate activity in the economy…
(ab) every person (other than a company) whose taxable income for the year exceeds the maximum amount that is not chargeable to tax under this Ordinance for the year;(ac) any non-profit organization…
The State Bank of Pakistan imposed over Rs 271 million penalties on four banks. For the quarter ending September 30, 2020. Reasons behind the SBP action is due to non-compliance with legal…
Active taxpayer list is a record of taxpayers who have submitted their tax returns of previous years. It’s updated on the basis of previous years submission of tax returns. The active taxpayers…
Federal Board of Revenue (FBR) launched an inquiry against famous Pakistani actor Fawad Khan regarding tax on foreign income. FBR asked through a letter to Federal Investigation Agency (FIA) for the details…
The Federal Board of Revenue (FBR) sealed head office of Jazz a telecommunication company, in Islamabad. For non-payment of taxes amounted over Rs 25 billion. FBR issued an order against Jazz, of…
The PTI government is considering another amnesty scheme. It will be third in two years. On black foreign currency held by Pakistani nationals. Financial Action Task Force (FATF) and the International Monetary…