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…

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…