Oct 28

Income tax return filing rises to record high of 2.66 million

ISLAMABAD: The income tax return filing has increased to record high of 2.66 million for tax year 2018, according to returns filed up to October 27, 2019 for the said tax year. Officials of Federal Board of Revenue (FBR) attributed the record high to 100 percent higher withholding tax imposed on persons not appearing on […]

by Mrs. Anjum Shahnawaz

Withholding tax collection on profit from bank deposits surges by 194pc

Oct 24

Exclusive, Taxation

Withholding tax collection on profit from bank deposits surges by 194pc

KARACHI: The collection of withholding tax from profit on bank deposits registered unprecedented growth of 194 percent during first quarter of first fiscal year as the tax rates increased by 100 percent for persons not on the Active Taxpayers List (ATL). Sources in Regional Tax Office (RTO) –II Karachi said that the withholding tax collection […]

by Mrs. Anjum Shahnawaz

Post refund divisions to be set up at RTOs/LTUs to audit claims

Oct 23

Exclusive, Taxation

Post refund divisions to be set up at RTOs/LTUs to audit claims

ISLAMABAD: Federal Board of Revenue (FBR) has decided to audit sales tax refunds by establishing ‘refund division’ at all Regional Tax Offices (RTOs) and Large Taxpayers Units (LTUs). According to amended Sales Tax Rules, 2006 issued by the FBR the Rule 27 has been amended to establish Centralized Sales Tax Refund Office (CSTRO), Refund Division […]

by Mrs. Anjum Shahnawaz

FBR issues broadening of tax base jurisdictions for Karachi

Aug 25

Exclusive

FBR issues broadening of tax base jurisdictions for Karachi

KARACHI: Federal Board of Revenue (FBR) has divided territorial jurisdictions of tax offices in order to identify potential taxpayers in Karachi city – the commercial hub of the country, FBR officials said on August 24, 2019. The FBR empowered Regional Tax Office (RTO) II and RTO III to identify persons having taxable income but not […]

by Mrs. Anjum Shahnawaz

SRB suspends sales tax registration of Chinese sanitation firm

Aug 21

Exclusive, Taxation

SRB suspends sales tax registration of Chinese sanitation firm

KARACHI: Sindh Revenue Board (SRB) on Tuesday suspended sales tax registration of a Chinese sanitation firm for defaulting sales tax payment and failure to file monthly sales tax returns. The SRB issued notice on August 20, 2019 to suspend registration of M/s. Hangzhou Jinjiang Group Sanitation Services Co. Pakistan (Private) Limited. The provincial revenue body […]

by Mrs. Anjum Shahnawaz

FBR sacks senior auditor on corruption charges

Aug 20

Exclusive, Taxation

FBR sacks senior auditor on corruption charges

ISLAMABAD: Federal Board of Revenue (FBR) has sacked a senior tax auditor on the charges of corruption and misconduct. In an office order issued on Tuesday, the FBR said that disciplinary proceedings under Government Servants (Efficiency & Discipline) Rules, 1973 were initiated against Mian Muhammad Ibrahim, Senior Auditor (BS-16) (under suspension), Regional Tax Office, Islamabad […]

by Mrs. Anjum Shahnawaz

FBR asks banks to provide details of government securities investment

Aug 20

Exclusive, Taxation

FBR asks banks to provide details of government securities investment

ISLAMABAD: Federal Board of Revenue (FBR) has asked banks to provide details of additional investment made into the government securities during the tax year 2019. The sources in FBR on Tuesday said that a commissioner of Inland Revenue had been empowered to ask the banking companies to furnish details of the investment in the federal […]

by Mrs. Anjum Shahnawaz

Banking system witnesses massive withdrawal of Rs711 billion in July

Aug 20

Exclusive, Money & Banking

Banking system witnesses massive withdrawal of Rs711 billion in July

KARACHI: The banking system has witnessed massive withdrawal of an amount around Rs711 billion during July 2019 after reaching record high deposits by end of June 2019. According to data released by State Bank of Pakistan (SBP) the total deposits of banking system declined to Rs13,747 billion by end of July 2019 as compared with […]

by Mrs. Anjum Shahnawaz

General education not taxable under training services: SRB

Aug 19

Exclusive, Taxation

General education not taxable under training services: SRB

KARACHI: Sindh Revenue Board (SRB) on Monday said that general education services are not taxable under ‘training services’ which is introduced through Sindh Finance Act, 2019. The provincial revenue authority issued clarification on the issued after receiving objections from the stakeholders for explaining the training services. The SRB said; “The general education services like pre-primary, […]

by Mrs. Anjum Shahnawaz

SBP sets maximum payment limits for board members of banks, DFIs

Aug 18

Exclusive, Money & Banking

SBP sets maximum payment limits for board members of banks, DFIs

KARACHI: The State Bank of Pakistan (SBP) on Saturday amended Prudential Regulations G-1 and sets maximum limits for payment to board members of banks and Development Financial Institutions (DFIs). In a circular issued to banks, the central bank said that the banks/DFIs may pay a reasonable and appropriate remuneration to their board members, as per […]

by Mrs. Anjum Shahnawaz