Taxation
Weekly Tax Updates: January 10 2021
Tax Updates | Federal Board of Revenue | Tax News | Income Tax Ordinance 2001 | Sales Tax Act 1990 | FBR |
#TaxUpdates Page 4
164 articles
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…
Finance
The State bank of Pakistan launching a new payment system called ‘Raast’
The State Bank of Pakistan (SBP) is ready to introduce a global payment system called 'Raast', which will be a huge leap in the digitization of the country's financial system. Payment systems…
Taxation
Taxation of Builders and Developers
There is a complete package covering tax impact from all aspects. Taxpayer is eligible to take the immunity for the same has to be made by June 30, 2021 previously it was…
Finance
E-stamping Revenue Reaches Rs. 201.3 Billion at year end 2020
E-Stamping, a flagship project of the Punjab Information Technology Board (PITB), aims to automate the issuance of stamps in Punjab. Since its launch in November 2014, e-stamping has now achieved a milestone…
Taxation
Company tax return
The tax year for company tax return is starting from 1 July through 30 June. However, tax authorities have powers to allow a special year-end. ALSO READ: Annual Income tax return filing…
Budget
FBR allowed to taxpayers to file settlement application for agreed assessment
The Federal Board of Revenue has issued a statement saying that the government has added a new section 122D to the Income Tax Ordinance 2001 through the Finance Act 2020. Under which…
Markets
Bitcoin trading reached at highest volume
The latest milestone in the world's most popular cryptocurrency came on December 16, less than three weeks after it first crossed 20,000, and the bitcoin has risen 800 percent since mid-March. With…
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…
Taxation
Tax measures & reliefs in response to COVID-19 in 2020 by Pakistan
23 August 2020: FBR exempted taxes on import of oxygen gas, oxygen cylinders and cryogenic tanks. This exemption was available for a period of 3 months starting from 23 June 2020. This…
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
Cash paid for immovable property required to be reported under anti money laundering and counter terrorism financing : FBR
Every cash transaction for sale or purchase of housing units worth more than Rs. 2 million must be reported under Anti Money Laundering (AML) / Counter Terrorism Financing (CFT). To comply with…
Updates
Field formations directed to pay all income tax refunds submitted by January 31, 2021: FBR
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…
Updates
40 percent of registered taxpayers do not file sales tax forms
Forty percent (40%) of the taxpayers registered with the Sales Tax Directorate do not submit their sales tax forms. They cheat the government revenue and honest taxpayers by engaging in the activities…
Updates
Annual Income tax return filing last date December 31 2020 for companies
With the end of the last month of the year 2020, you have only few days left to file annual income tax return (ITR) of Companies' for the tax year 2020. For…
Markets
State bank issued list of chartered accountants firms for audit of banks
SBP's panel of chartered accountants Auditors Maintained Under Section 35 (1) of Banking Companies Ordinance, 1962. State Bank of Pakistan updated the list up to December 21, 2020. Following is the list…
Taxation
Income Tax on Foreign Remittance in Pakistan 2022
Through the study of the Income Tax Ordinance, 2001 in general and the provisions of Section 80 of the Ordinance in particular, reveal the three types of persons to be treated under…
Finance
State bank never declared cryptocurrency illegal: SHC
A two-judge bench headed by Justice Muhammad Karim Khan Agha. He had sought the opinion of the SBP till January 13. On whether there was any law in place to curb cryptocurrency…
Updates
Tax amnesty scheme for builders and developers ending at December 31 2020
Complete procedure to get registration under the said tax amnesty scheme is available under Section 100D of Income Tax Ordinance, 2001. Salient Features of Scheme for Builders and Developers Under Section 100D…
Taxation
FBR issues procedure for cash back refunds of sales tax to customers of Tier-1 retailers
(1) All customers of Tier-1 retailers are entitled to refund @5 percent of the sales tax paid as cash back on purchases made from Teir-1 retailers. (2) Under sub-rule (1) the cash…