Tax USA
Are taxes due at midnight on the 18th April 2023
Are taxes due at midnight on the 18th April 2023. Today is the last day for filing annual income tax returns. April 18 is the tax deadline, and if you have not…
#Taxes
43 articles
Taxation
Sindh Revenue Board collects record revenue in December
Sindh Revenue Board collects record revenue in December. Here is a good news that Sindh Revenue Board (SRB) has made a record revenue collection of Rs 17.6 billion in December 2022. According…
Taxation
FBR Reduces Additional Customs Duty on Import of Agriculture Tractors
FBR Reduces Additional Customs Duty on Import of Agriculture Tractors. The Federal Board of Revenue (FBR) has announced to reduce additional customs duty from 35 per cent to 15pc on the import…
Budget
What FBR achieved in the First Quarter of 2023
Tax Year 2023 started in July 2022. Now, the first quarter of the tax year 2023 has ended as of September 2022. FBR recently released stats of what it has achieved in…
Finance
List of ADC Enabled Banks for Online Payment of FBR Taxes
Federal Board of Revenue (FBR) has facilitated to taxpayers to pay duty and taxes through alternate delivery channels (ADC). The taxpayers had facility to make payment of following types of taxes through…
Budget
No new taxes But exemptions will be withdrawn in mini budget, Tarin says
Adviser to the Prime Minister on Finance and Revenue Shaukat Tarin on Friday said the government will not impose any new taxes in the upcoming 'mini budget', but it will withdraw some…
Budget
Real Estate Sector Demands Extension In Construction Package & Amnesty Scheme
The real estate sector has demanded in the next budget that the construction package of the Prime Minister and the related amnesty scheme be extended till June 30, 2022. 50% reduction in…
Updates
Govt Preparing to Increase Consumption of Electric Vehicles by Reducing Taxes and Prices
Rana Qamar Al Hassan, Director, Excise and Taxation Department, Punjab, said that the government planned to increase the use of electricity instead of petrol in vehicles so as to reduce the import…
Budget
Shaukat Tarin warns Tax defaulters of action after third-party audit
"In this regard, we have created a section to review all the bills of the people, the number of deposits and the date of travel, etc. and if a person is found…
Updates
FBR Issues Clarification on Excessive Charge of Duties & Taxes on Mobile Phones
FBR explained that in a meeting with Pakistan Telecommunication Authority (PTA). According to this the passengers can register up to 5 mobile phones on their passports. In case of high end phones…
Taxation
FBR Allowed to tourists to import vehicles without Duties and Taxes
The FBR proposed amending the Customs Rules 2001 in a notification issued here on Friday. According to SRO.201 (I) / 2021, "tourist" means "a person not normally resident in Pakistan, who enters…
Taxation
Weekly Tax Updates: January 10 2021
Tax Updates | Federal Board of Revenue | Tax News | Income Tax Ordinance 2001 | Sales Tax Act 1990 | FBR |
Updates
FBR's datewise activities in year 2020
READ ALSO: Tax measures & reliefs in response to COVID-19 in 2020 by Pakistan READ ALSO: Top tax issues of Pakistan in 2020 ALSO READ: FBR increased the limit of turnover for…
Budget
Retailers registered with FBR started obtaining CNIC of consumers on sales above than Rs100,000
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,…
Taxation
Withholding tax on Pakistan-made mobile phones abolished
The Cabinet's Economic Co-ordination Committee approved the Mobile Device Manufacturing Policy and Electric Vehicle Policy. The meeting approved the abolition of 4% withholding tax on locally manufactured mobile phones. The framework for…
Taxation
FBR issued instructions regarding extension procedure
Further instructions disappointed all stakeholders (tax consultants / practitioners, taxpayers, chambers etc.,) who have already requested to the FBR for extension of last date for Tax Year 2020. Last Friday, FBR has…
Taxation
Who is exempt from filing income tax returns ?
Persons who are not required to file there income tax returns are explained under section 115 of Income Tax Ordinance, 2001. Section 115 of the Income Tax Ordinance, 2001 is reproduced here:…
Taxation
FBR announced to give 90pc tax exemption on low-cost housing projects
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…
Updates
Cyber security advisory issued by PRAL for FBR employees working from home
PRAL said that turning to remote work due to the ongoing corona virus epidemic could create cyber security issues for the FBR and its employees. Attackers are taking advantage of the situation,…
Taxation
FBR's recommended list of vendors for the provision of Point of Sales (POS) software to retailers
POS system is a cloud based system. Needs a computer, an internet connection and a software downloaded from Pakistan Revenue Automation Private Limited (PRAL). Due to simple software, very few retailers taking…