Tax

FBR issued SRO 353(I)/2020 to make it mandatory for all the restaurants, bakeries, caterers and sweetmeat shops supplying prepared foods, foodstuff and sweetmeat to show prices and amount of tax separately on menu cards for menu board displayed in their outlets for the end consumers. FBR has made this requirement for tier-I retailers, who are…

The Federal Board of Revenue (FBR) has allowed entire Tier-1 retailers who have integrated all their point of sales (POSs) with the Board’s system, to adjust input tax to the extent of 95 percent of the output tax for the tax period. The FBR has amended SRO 1190(I)/2019 through an SRO 344(I)/2020 issued here on Thursday. According…

The National Assembly has approved the law for imposition of harsh fine and penalties upon manufacturers and retailers for obstructing tax authorities in monitoring business activities. The National Assembly passed the Tax Laws (Second Amendment) Ordinance, 2019 which was promulgated through presidential ordinance in December 2019. After passage it shall be called the Tax Laws (Amendment) Act,…

The Establishment Division has notified the Civil Servants (Directory Retirement From Service) Rules, 2020. There shall be a retirement board to recommend to the competent authority directory retirement from service in respect of civil servants. No civil servant shall be recommended for directory retirement under these rules, unless any one or more of the following conditions is/are…

Government has promulgated COVID-19 (Prevention of Smuggling) Ordinance, 2020, which empowers Deputy Commissioners (PAS) to take action against Customs officers and staff for failing to act upon information or complaints of the District Administration regarding smuggling. “Any official of the District Administration, not below the rank of BPS-17, may, upon complaint or information from any quarter…

Estimating a shortfall of about 16 per cent against the target for the current financial year, the government has decided to facilitate remittances from overseas Pakistanis through tax exemptions and other incentives under a special loyalty programme with effect from the start of next fiscal year, Dawn reported. The downward revision in the current year’s target…

The FBR issued SRO 344(I)/2020 to amend SRO 1190(I)/2019 dated October 02, 2019.The FBR allowed 95 percent input adjustment against output tax. The FBR through SRO 1190(I)/2019 issued fresh list of sectors to allow input adjustment by amending the Section 8B of Sales Tax Act, 1990. The following sectors were allowed input adjustment and refunds:…

In a notification, the SRB said that the Sindh government had exempted the sales tax on the amount of commission (tariff heading 9819.1300) paid by the banks to their branchless banking retailers in Sindh on account of disbursement of financial assistance under the Ehsaas Emergency Cash Transfer Program of the government of Pakistan, subject to…

Sindh Revenue Board (SRB) on Thursday extended the last date for filing sales tax returns for the month of March up to April 30, 2010 to facilitate taxpayers in the wake of ongoing lockdown to prevent coronavirus outbreak. The SRB issued a circular to extend the date for filing sales tax return for month of…

The collection of withholding tax from phone subscribers registered a phenomenal increase of 630 percent to Rs27 billion during first half of the current fiscal year, according to data made available to PkRevenue.com The sources in Federal Board of Revenue (FBR) told that the restoration of withholding tax on phone usage by the Supreme Court…