FBR updates, income tax, budgets and markets for Pakistan
9 articles
PHMA Demands Release of Sales Tax Refunds. Pakistan Hosiery Manufacturers & Exporters Association (PHMA) on Saturday demanded from the FBR to release exporters’ sales tax refunds. A letter was sent by the…
In order to implement the mechanism the FBR issued SRO 383(I)/2022. The FBR amended Sales Tax Rules, 2006 through the instant SRO. The government withdrew sales tax exemption on drugs through Finance…
Even after the FBR had already extended the date to file the sales tax returns for the month of January till February 25, 2022. Exporters were still unable to file the returns…
Chairman of the Pakistan Pharmaceuticals Manufacturing Association (PPMA) explained the problems facing by the Pharmaceutical manufacturers, importantly the issues relating to refund of sales tax. These issues result in unnecessary wastage of…
Calling it “malicious in intent and suspicious in content,” the tax machinery declared that “the information contained in the instant news story is laughably unfounded, misleading, and far from facts.” The regulator…
The Federal Board of Revenue (FBR) has advised Tier-1 Retailers to integrate their systems with the revenue authority, failing which they would be denied credit for input tax equal to 60 per…
The FBR issued instructions to the field formations on non-export and carry forward based sales tax refunds. The decision has been taken for the convenience of taxpayers, who are unable to get…
The FBR has directed the field formations to immediately pay all income tax refunds. Filed under section 170 of the Income Tax Ordinance 2001 by January 31, 2021 for the tax year…
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…