Tax

The authorities are now making assessment on the basis of such transactions for imposing income tax for past five years, sources said on Wednesday. The sources said that the tax authorities had captured the cash transactions while disguising themselves as customers during their visits to those places where mostly wedding dresses were being displayed for…

Speaking at a press conference held at Preventive Service Club, Keamari, Collector Preventive Muhammad Saqif Saeed said that during the investigation of major seizures, certain new facts had come to the fore. He said that in the past, the smugglers were only transporting smuggled goods from border areas to the cities. As the anti-smuggling operations…

The FBR has implemented the decision in field formations after amendment made in Section 156 of the Customs Act 1969 through Tax Laws Amendment Ordinance 2019. According to the FBR, the penal Clause 47A of Section 156(1) of the Customs Act provides for fix penalty at Rs5,000 for initial five days and there after at…

The field offices of Federal Board of Revenue (FBR) have been advised to focus on aggressive monitoring on corporate executives / directors with income above certain levels. “Their [executives/directors] tax accounts are usually kept separate and not shared with even ordinary management,” according to an official document related to withholding taxes said. “Enforcement should be…

The FBR sources on Thursday said that the collector of customs is required to collect income advance tax at the rate specified as withholding agent from commercial importers. Under the law withholding agents are required to provide details of persons whose tax was deducted. The sources said that the customs authorities as per the law…

Sources in the FBR said that as per updated Sales Tax Act, 1990 up to December 31, 2019 any person who fails to issue an invoice when required under this Act, then such person shall pay a penalty of five thousand rupees or three percent of the amount of the tax involved, whichever is higher.…

The collectorates of Pakistan Customs have been informed through the fresh advisory on Saturday about the Pneumonia outbreak due to Novel CoronaVirus. According to the advisory, the customs stations have been asked that second hand clothings, used shoes and other worn articles should not be cleared without fumigation under the supervision of Port Health Establishment,…

The sources in tax offices told that bulk of information was provided by provincial property registrar offices and housing societies along with complete details of buyers and purchasers. The sources said that the information would be used for detecting concealment of tax money and quantum of black money used in transactions. The sources said that…

FBR officials said that the valuation of immovable property for the purposes of section 111 of Income Tax Ordinance, 2001 related to undisclosed assets shall be taken to be- (a) the fair market value of immovable property shall be the value notified by the Board under sub-section (4) of section 68, in respect of area…

The sources said that the FBR has received the information of buyers who made purchases during first half (July – December) of current fiscal year. Besides manufacturers and dealers of motor vehicles, registration authorities, banks and leasing company have also provided details of buyers for the period. The FBR gets details of purchasers, included: name…