FBR updates, income tax, budgets and markets for Pakistan
9 articles
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…
The Federal Board of Revenue (FBR), here on Wednesday, decided to implement it's sales tax refund system named “FASTER-Pharma” for the pharmaceutical sector. It will process the sales tax refunds within 48…
Addressing a meeting of Sialkot exporters organized by the Pakistan Readymade Garments Manufacturers and Exporters Association, he said that the FBR was paying a refund of Rs 200-250 billion to the exporters…
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…
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…
Retailers with Sales Tax Registration Number (STR) were providing details of ordinary consumers on sale of goods worth more than Rs 100,000 through monthly sales tax returns. Through the Finance Act 2020,…
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…
FBR’s automation process of refund of Sales Tax started in 2002. Through introduction of STARR system a semi-automated system. Refund claimants would file refund claims through Refund Claims Preparatory System (RCPS). Data…