Petrol Price
Sales Tax Rate on Petroleum Products Further Reduced by FBR
Federal Board of Revenue (FBR) on Tuesday slashed sales tax rates on petrol and high speed diesel (HSD) in order to reduce the impact of high oil prices at consumer end. The…
#SalesTaxRates
11 articles
Budget
What is new in Govt announced supplementary finance bill 2021?
Federal Minister for Finance Shaukat Tarin on Thursday presented the much-awaited supplementary finance bill 2021 — termed by the Opposition as a "mini-budget" — in the National Assembly, as a pre-requisite to…
Petrol Price
Rate of Sales Tax on Petrol Reduced
The Federal Board of Revenue (FBR) has reduced the sales tax rate on Petrol from 6.84 percent to 1.43 percent from November 11, 2021. According to a notification issued by the FBR…
World Taxes
Countries with the highest sales tax rate on retailers
An analysis is provided here of different countries with the highest sales tax rates on their retail sector on the sale of their goods and services. Those countries have a general VAT…
Taxation
FBR Reduces Sales Tax Rate on Petroleum Products
The FBR amended S.R.O. 57(I)/2016 (sales tax on petroleum products) through issuance of a notification S.R.O. 557 (I)/2021 issued on Monday. According to the notification issued, the standard rate of 17 percent…
Updates
National Tax Council (NTC) lacks the constitutional Cover
According to provincial tax administration, the first target set for the National Tax Council (NTC) was an agreement on a common definition of "goods" and "services". He added that if the formation…
Budget
Sales Tax Relief by Punjab Revenue Authority
Hotels, motels and guest houses. 9801.1000 Tax Rate: Five percent without input tax adjustment for noncorporate, nonfranchise, nonchain businesses with less than 20 rooms; and Sixteen percent for others. Marriage halls and…
Updates
FBR opposed to restore the zero rating system
According to media reports, exporters have approached the Prime Minister and various parliamentary committees with a proposal to restore the sales tax zero rating system in the budget (2020-21). The industry's alternative…
Updates
FBR launched operation: Get Sales tax registration otherwise face three years imprisonment
According to Federal Board of Revenue (FBR) the tax offices is going to launch operations against the persons who make taxable supplies but are not registered with sales tax. Cottage industry not…
Taxation
Sales tax rates | Third Schedule goods | Eighth Schedule goods | Retail price | Reduced rate of sales tax
Scope of tax Under Section - 3(1) Scope of tax Under Section - 3(1) Subject to the provisions of this Act, there shall be charged, levied and paid a tax known as…
Taxation
Sales tax refunds: Required documents & process
Monthly sales tax returns submitted treated as a refund claim. With supportive documents including the required information in the format or software. No refund claim shall be entertained if the taxpayer fails…