FBR outlines sales tax amendments through second supplementary finance act

ISLAMABAD: Federal Board of Revenue (FBR) has summarized amendments to sales tax regime through Finance Supplementary (Second Amendment) Act, 2019 and directed the officials of Inland Revenue to take necessary action for... Read more »

FBR explains FED on motor vehicles under Second Amendment Act

ISLAMABAD: Federal Board of Revenue (FBR) on Wednesday explained the amendment of Federal Excise Duty (FED) on imported and locally manufactured vehicles through Finance Supplementary (Second Amendment) Act, 2019. Read more »

Advance tax rates enhanced by 50pc for non-filers on motor vehicle purchase

KARACHI: The government has allowed non-filers to purchase locally manufactured motor vehicles but at the same time the advance tax rates for non-compliant taxpayers have been increased by 50 percent. Read more »

Finance Supplementary (2nd Amendment) Act 2019: Directorate set up for tax recovery from undeclared offshore assets

ISLAMABAD: The federal government has set up Directorate General of International Tax Operations for recovery of tax in undeclared off-shore assets and incomes. Read more »

Finance Supplementary (2nd Amendment) Act 2019: motor vehicle purchase restriction on non-filers withdrawn

ISLAMABAD: The federal government has allowed non-filers of income tax returns to purchase locally manufactured motor vehicles. Read more »

Finance Supplementary (2nd Amendment) Act 2019: FBR to issue sales, income tax refund bonds

ISLAMABAD: Federal Board of Revenue (FBR) will issue sales tax and income tax refund bonds through its subsidiary company ‘FBR Refund Settlement Company (Private) Limited. Read more »

Non-filers allowed purchase of locally assembled motor vehicles of any engine capacity

ISLAMABAD: The federal government has allowed non-filers of income tax returns to purchase of locally assembled motor vehicles of any engine capacity. Read more »

Bill focuses very low on revenue collection: former FBR Member

KARACHI: The finance supplementary budget has very nominal impact on revenue collection and it mainly focuses on industrial growth, said a former Member of Federal Board of Revenue (FBR). Read more »

Bill to further empower FBR to tighten noose around undisclosed offshore assets

ISLAMABAD: Federal Board of Revenue (FBR) on Monday said that the proposals in the Finance Supplementary (Second Amendment) Bill, 2019 to further empower the revenue authority for tightening noose around undisclosed offshore... Read more »

Reform package exempts withholding tax for rupee accounts receiving foreign remittances

KARACHI: The new reform package has allowed exemption from collection of withholding tax on cash withdrawals from a bank account maintained in local currency where deposits are made through foreign remittances. Read more »

Bill proposes valuation in US Dollar for imported mobile phones to collect smart phone levy

KARACHI: The Finance Supplementary (Second Amendment), 2019 has proposed to determine the valuation of imported mobile phones in US Dollar for collection of levy on smart phones. Read more »

Customs, regulatory duties on 135 tariff lines to be reduced / eliminated for raw materials

ISLAMABAD: The government has identified 135 customs tariff lines for eliminating or reducing customs duty, additional customs duty and regulatory duty for enhancing export and industrial output.     In his speech... Read more »