Tax

FBR has extended the date for payment and filing sales tax return for the month of March 2020. In a circular issued on Saturday, the FBR extended the last date for making payment of sales tax up to April 27, 2020, which was due on April 15, 2020. Similarly, the FBR extended the last date…

Pakistan’s tax to GDP ratio likely fall to 11 percent as losses due to coronavirus lockdown on tax revenue has been estimated at around Rs1,023 billion in current fiscal year. The tax to GDP ratio was actually estimated at 12.8 percent for tax year 2019/2020. However, it is projected at 11 percent after the coronavirus…

KARACHI: The government has launched the incentive package for construction industry and introduced a fixed tax regime for builders and developers. The Federal Board of Revenue (FBR) issued Tax Laws (Amendment) Ordinance, 2020, which was promulgated through presidential order to amend Income Tax Ordinance, 2001 in order to provide tax incentives. According to commentary on…

The FBR on Friday issued three different SROs of income tax, sales tax and customs to allow the comprehensive imports of medical and testing equipment regarding outbreak of coronavirus. The revenue body allowed the exemption initially for three months which would be further extended on the recommendations of the health ministry. The exemption from duty…

Sources in FBR said that sales tax registered persons would provide details of Computerized National Identity Card (CNIC) of buyers making purchases above Rs50,000. The registered persons will provide the details of CNIC through their monthly sales tax return that is due on March 18, 2020 for the month of February 2020. The FBR made…

The FBR has decided to launch real-time monitoring of production by cement, sugar and fertilizer sectors in order to prevent tax evasion. In this regard the FBR issued Invitation for Licence (IFL) for IT based solution for Electronic Monitoring (Trade and Trace System) of specified products i.e. cement, sugar and fertilizer. The FBR said that…

The tax authorities have started sending notices to individuals and companies who filed their returns and declaration of assets for tax year 2018 but failed to comply this obligation in the subsequent year. The FBR issued Active Taxpayers List (ATL) on March 01, 2020 for tax year on the basis of return filed up to…

Federal Board of Revenue (FBR) has to collect around Rs2,500 billion during last four months (March – June) 2020 in order to achieve revenue collection target of Rs5,238 billion set for the fiscal year 2019/2020. The FBR provisionally collected Rs2,714 billion during first eight months (July – February) 2019/2020 as compared with Rs2,331 billion collected…

According to a tax expert, the FBR has issued the new Active Taxpayers List (ATL) displaying names of 2,446,294 taxpayers comprising 2,342,701 individuals, 62,403 Associations of Persons and 40,988 companies as per the FBR data of tax returns. For Tax Year 2018, by the end of February 2019, there were 1.59 million taxpayers on ATL.…

Persons who have failed to submit their annual income tax returns and declaration of assets for tax year 2019 will pay 100 percent additional withholding tax on certain transactions, sources in Federal Board of Revenue (FBR) said on Monday. They said that those taxpayers availing the benefit of reduced rate of withholding tax on the…