Tax

According to the FBR’s response to the allegations of issuance of refunds without any scrutiny, the FBR claimed that it has almost resolved the issue of fake invoices. In different reports issued in the past, the Federal Tax Ombudsman (FTO) had blamed tax officials’ involvement in issuance of inadmissible refunds and frauds. The Auditor General…

The provincial revenue body issued notification SRB-3-4/7/2020 to announce the reduced rate at five percent instead of 10 percent. The normal sales tax rate on services prevailed in Sindh province is 13 percent. The SRB said that the reduced rate of five percent shall be available on the services provided or rendered by healthcare centers,…

The provincial revenue body issued notification SRB-3-4/7/2020 to announce the reduced rate at five percent instead of 10 percent. The normal sales tax rate on services prevailed in Sindh province is 13 percent. The SRB said that the reduced rate of five percent shall be available on the services provided or rendered by such beauty…

Sources in the FBR said that the educational institutions had provided the details of persons paying annual fee of above Rs200,000 along with the withholding tax statement for the period July – December 2019. They said that the educational institutions are required to provide details of persons paying fees including their names, address, CNIC and…

Sources in Federal Board of Revenue (FBR) on Thursday said that the reduced rate has been allowed under Second Schedule of the Income Tax Ordinance, 2001. The reduction in tax liability under this clause shall apply to such project which is—(a) owned and managed by a company formed for operating the said project and registered…

According to a letter written by Director General DGTR to Secretary, Enforcement & Coordination, FBR, the DGTR in principle endorsed the APCAA’s proposal of introducing certificate/diploma courses not only for clearing agents, WeBOC users but also for other stakeholders abiding Customs Laws & Procedures in their daily operations in the global and domestic supply chain.…

The unprecedented growth has been witnessed due to changes in salary tax slabs introduced through Finance Act, 2019. The collection of income tax has increased to Rs3.1 billion during first seven months (July – January) 2019/2020 as compared with Rs1.667 billion in the same period of the last fiscal year. Sources in Large Taxpayers Unit…

The last day for filing withholding statement electronically was January 31, 2020. Most of the withholding agents had filed the statements as per requirement. However, some of them are still non-compliant and will be liable to fine and penalty, FBR sources said on Monday. As per Section 182 of Income Tax Ordinance, 2001, where any…

The signing Cermony was chaired by Muhammad Javed Ghani, Member (Customs-Policy/Operation), Federal Board of Revenue and subsequently presided over by the acting Chairperson, FBR, Ms Nausheen Javaid Amjad. Background of the achievement of this milestone is that Customs Mutual Assistance Agreement was signed between the Government of the Islamic Republic of Iran and the Islamic…

FBR officials told that vigilance teams of tax authorities were observing the day to day affairs of field offices and also examining complaints against tax officials regarding their workings. In order to effectively check misuse of authority to gain financial benefit, new provisions have been introduced through Finance Act, 2019 in all the relevant statutes…