Tax

The FBR in explanations related to purchase of immovable properties, said that the commissioner of Inland Revenue can ask to explain the source of funds in the investment made in immovable property and apply the provision of unexplained income under Section 111 of Income Tax Ordinance, 2001 by providing opportunity of being heard. The tax…

The FBR issued SRO 127(I)/2020 dated February 24, 2020 to withdraw the regulatory duty of 40 percent on import of commodities falling under Customs Harmonized Code Chapter of 17.01. The government imposed 40 percent regulatory duty on import of sugar through SRO 680(I)/2019. However, through the latest SRO 127(I)/2020 the regulatory duty has been withdrawn.…

The filing of income tax return is mandatory for persons driving taxable income or specified under Section 114 of Income Tax Ordinance, 2001. The appearance of names on the ATL is only possible after filing income tax returns within due date. In case persons are not on the ATL then the rate of withholding tax…

According to details, the Directorate has received credible information that huge quantity of smuggled Indian origin, Gutka, Paan Praag etc. was dumped at various premises along Marriot Road, Karachi for onward disposal in the markets. Reacting on this information, a team of anti-smuggling organisation in coordination with Kharadar police station raided at the said premises…

Sources in Federal Board of Revenue (FBR) Monday said that the tax payable by a taxpayer on the taxable income of the taxpayer including the tax payable under section 113 or 113A of Income Tax Ordinance, 2001 for a tax year shall be due on the due date for furnishing the taxpayer’s return of income…

The Federal Board of Revenue (FBR) is working out the revenue impact of freight tax imposed on shipping companies for possible withdrawal of the tax in the coming budget under the policy of ease of doing business.   The freight tax is applicable on shipping companies under the Income Tax Ordinance 2001, and its total…

The FBR amended Income Tax Rules, 2002 and introduced new rules related to “Recovery of Tax from Persons Holding Money on Behalf of a Taxpayer.” Under these draft rules, the FBR authorities can recover from employer (who may owe salary to its employee), a tenant (owing or who may owe rent to its landlord), or…

The sources in Federal Board of Revenue (FBR) said that the Collectors of Customs of Sea Ports/Dry Ports are obliged to collect withholding tax on imports as per prescribed rates. In the case of goods/equipments imported through Airways, each Collector is obliged to collect tax at the time of clearance. Statements are to be filed…

According to the updated data of revenue collection, compiled here Wednesday, the FBR has collected Rs 2,412 billion during the first seven months of (2019-2020) against Rs 2,067 billion during the corresponding period of 2018-2019, reflecting an increase of 16.7 percent. According to the provisional revenue collection figures compiled by the FBR, the FBR has…

Object of launching the tax directory was to introduce financial transparency and sharing information with the public on how much the public representatives, who have been availing the resources of the country on behalf of the people, have been paying individually as taxes to the exchequer. It would be the sixth tax directory of parliamentarians,…