FBR updates, income tax, budgets and markets for Pakistan
18 articles
Lahore Tax Bar Requests FBR to Extend Sales Tax Return Filing Deadline - Recently Lahore Tax Bar Association has formally written to the Federal Board of Revenue for an extension in filing…
The Federal Board of Revenue (FBR) has brought amendment in the monthly sales tax return form to disallow 60 percent input tax credit to big nonintegrated Tier-1 retailers who have still not…
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…
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…
The Federal Board of Revenue (FBR) has extended the last date of payment and filing of National Single Sales Tax and Federal Excise Return for the tax period of December 2021. The…
The launch of single sales tax return will help the authorities to prevent tax evasion and end the phenomenon of fake and flying invoices. The Federal Board of Revenue (FBR) said that…
The telecommunication companies, courier companies, and big services providers would file a single sales tax return from January 2022 instead of multiple sales tax returns with the provincial revenue authorities of Punjab,…
Prime Minister Imran Khan is likely to launch the Federal Board of Revenue’s new single sales tax portal for filing of single sales tax returns by all federal and provincial sales taxpayers…
Building further on its ongoing drive for digitization and automation of various processes involved in revenue collection, Federal Board of Revenue (FBR) has developed “Single Sales Tax Portal” to facilitate the taxpayers…
The Federal Board of Revenue (FBR) has issued a list of 1,136 big retailers (Tier-1) who are required to be integrated with the FBR’s Point of Sale (POS) system, announcing that they…
The Federal Board of Revenue (FBR) on Monday directed Tier-1 retailers to integrate themselves with FBR’s Point of Sales (POS) System by the given deadline otherwise they will be denied input tax…
The Federal Board of Revenue (FBR) will allow input tax credit against electronic data of supplies by the persons registered in Azad Jammu and Kashmir (AJK) and Gilgit-Baltistan (GB). The FBR has…
Karachi tax bar Association asked the FBR to extend the last date of payment of sales tax and date of filing of the monthly sales tax return for the period April 2021…
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,…
Offence: Where any person fails to furnish a return of income as required under section 114 within the due date. Penalties: Such person shall pay a penalty equal to 0.1% of the…
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…