May 9

Sindh exempts sales tax on insurance services

KARACHI: The Sindh government has exempted the insurance services from payment of sales tax up to June 30, 2019. Sindh Revenue Board (SRB) on Wednesday issued a notification stating that with the approval of the provincial government it had exempted the insurance services (other than its related re-insurance services) from the whole of the sales […]

by Faisal Shahnawaz

FBR field offices show resentment on appointment of chairman from private sector

May 8

Exclusive, Taxation

FBR field offices show resentment on appointment of chairman from private sector

KARACHI: A massive resentment has been shown by the employees of Federal Board of Revenue (FBR) on nomination of a chartered accountant for top post of the revenue body. The working at the FBR is at standstill following the nomination of Shabbar Zaidi as FBR chairman by the Prime Minister two days back. The officers […]

by Faisal Shahnawaz

Sales Tax Act 1990: tax payment by company in liquidation

May 8

Exclusive, Taxation

Sales Tax Act 1990: tax payment by company in liquidation

KARACHI: The sales tax law has defined the procedure for liability for payment of tax in case of private company is in state of liquidation. The updated Sales Tax Act, 1990 issued by Federal Board of Revenue (FBR), the Section 58 explained the payment method from the company is wound up. Section 58: Liability for […]

by Faisal Shahnawaz

Sales Tax Act 1990: No suit shall lie against government servant

May 6

Exclusive, Taxation

Sales Tax Act 1990: No suit shall lie against government servant

KARACHI: The sales tax law had explained that no suit, prosecution or other legal proceeding shall lie against the federal government or against any public servant in respect of any order passed in good faith. The updated Sales Tax Act, 1990 issued by the Federal Board of Revenue (FBR) explained the bar of suits, prosecution […]

by Faisal Shahnawaz

Utility Stores Corporation implements Ramazan Package ahead of fasting month: RM Javed Khan

May 5

Exclusive, National

Utility Stores Corporation implements Ramazan Package ahead of fasting month: RM Javed Khan

KARACHI: Utility Stores Corporation (USC) has implemented subsidized rates under Ramazan Package announced by the government to provide relief the masses during the holy month, a top official said on Sunday. “The reduced rates have been implemented across the country from May 03, 2019 around three or four days ahead of Ramazan,” said Muhammad Javed […]

by Faisal Shahnawaz

Sales Tax Act 1990: ownership transfer of taxable activity

May 5

Exclusive, Taxation

Sales Tax Act 1990: ownership transfer of taxable activity

KARACHI: The sales tax law has explained application of sales tax on taxable activity or transfer of ownership. According to updated Sales Tax Act, 1990 issued by Federal Board of Revenue (FBR) the law explained the sales of taxable activity or transfer of ownership. Section 49: Sales of taxable activity or transfer of ownership Sub-Section […]

by Faisal Shahnawaz

FBR notifies sales tax rates on petroleum products for May 2019

May 4

Exclusive, Taxation

FBR notifies sales tax rates on petroleum products for May 2019

ISLAMABAD: Federal Board of Revenue (FBR) on Saturday notified sales tax rates for petroleum products for the month of May 2019. The FBR issued SRO 507(I)/2019 on May 04, 2019 to amend the rates issued on April 30 and also amend the SRO 57(I)/2016 dated January 29, 2016. Following sales tax rates on petroleum products […]

by Mrs. Anjum Shahnawaz

Withholding tax rates on purchase, registration of motor vehicle for Tax Year 2019

May 4

Exclusive, Taxation

Withholding tax rates on purchase, registration of motor vehicle for Tax Year 2019

KARACHI: Federal Board of Revenue (FBR) has issued updated withholding tax rates on purchase and registration of motor vehicles. The withholding tax rates have been updated through Finance Supplementary (Second Amendment) Act, 2019 as on March 09, 2019.The withholding tax rate on registration of motor vehicle to be collected by excise and taxation department of […]

by Faisal Shahnawaz

Sales Tax Act 1990: Vast recovery powers of IR officers

May 2

Exclusive, Taxation

Sales Tax Act 1990: Vast recovery powers of IR officers

KARACHI: The officers of Inland Revenue have vast powers under sales tax laws to recover outstanding amount from taxpayers. Section 48 of updated Sales Tax Act, 1990 issued by Federal Board of Revenue (FBR) explained the powers of IR officers for recovery of outstanding amount from taxpayers. Section 48: Recovery of arrears of tax. Sub-Section […]

by Faisal Shahnawaz

FBR may proceed for sales tax blacklisting of M/s. Hascol Petroleum Limited

May 2

Exclusive, Taxation

FBR may proceed for sales tax blacklisting of M/s. Hascol Petroleum Limited

KARACHI: Federal Board of Revenue (FBR) will start proceeding to blacklist a major oil marketing company after suspending this week for non-compliance and suppressing sales to evade taxes. The FBR suspended the sales tax registration of M/s. Hascol Petroleum Limited earlier this week for evading sales tax to the tune of Rs3.9 billion by concealing […]

by Faisal Shahnawaz