Apr 25

Sales Tax Act 1990: One year jail for unauthorized access to FBR computerized system

KARACHI: Any persons attempted to gain unauthorized access to computerized system of Federal Board of Revenue (FBR) is liable to penalty and imprisonment up to one year. According to updated Sales Tax Act, 1990 issued by the FBR, the person trying to get unlawful access to computerized system would face harsh action. The law explained: […]

by Faisal Shahnawaz

Apr 24

Exclusive, Taxation

Withholding tax rate on telephone cards

KARACHI: The decision of Supreme Court of Pakistan has paved way for Federal Board of Revenue (FBR) to collect withholding tax on telephone usages under Section 236 of Income Tax Ordinance, 2001. The apex court on Wednesday restored taxes on pay cards to use mobile phone services. The court suspended the levy of taxes on […]

by Faisal Shahnawaz

Amnesty scheme may be introduced for two months; may conclude before IMF program

Apr 24

Exclusive, Taxation

Amnesty scheme may be introduced for two months; may conclude before IMF program

ISLAMABAD: The government may launch much debated tax amnesty scheme for the last two months of current fiscal year and conclude it before beginning of IMF loan program. Sources said that the government was intending to introduce the scheme for undeclared assets during the period of May – June 2019. The sources said that the […]

by Faisal Shahnawaz

Sales Tax Act 1990: 5-year jail for obstructing IR officers to business premises

Apr 24

Exclusive, Taxation

Sales Tax Act 1990: 5-year jail for obstructing IR officers to business premises

KARACHI: A person may be penalized up to five year imprisonment for obstructing or denying access any officer of Inland Revenue to the business premises or records. The updated Sales Tax Act, 1990 issued by Federal Board of Revenue (FBR) explained offenses and penalties. As per Section 33 of the Sales Tax Act, 1990 following […]

by Faisal Shahnawaz

Sales Tax Act 1990: penalty for non-filing, miscalculation

Apr 23

Exclusive, Taxation

Sales Tax Act 1990: penalty for non-filing, miscalculation

KARACHI: The sales tax law has defined fine and penalty for persons fail to file sales tax returns within due date. The law also defined penalty for miscalculation and other obligations. The updated Sales Tax Act, 1990 issued by the Federal Board of Revenue (FBR) explained the offences and penalties under section 33. Following are […]

by Faisal Shahnawaz

Sales Tax Act 1990: three years imprisonment for persons fail to get registration

Apr 22

Exclusive, Taxation

Sales Tax Act 1990: three years imprisonment for persons fail to get registration

KARACHI: Persons making taxable supplies but failed to get registration with tax department then such persons are liable to three years imprisonment, which may be extendable. According to updated Sales Tax Act, 1990 issued by Federal Board of Revenue (FBR), the fines and penalties had been prescribed for persons deliberately violated the laws. According to […]

by Faisal Shahnawaz

FBR identifies retailers taking undue benefits of present registration requirement

Apr 22

2019-2020, Budget, Exclusive, Taxation

FBR identifies retailers taking undue benefits of present registration requirement

KARACHI: Federal Board of Revenue (FBR) has identified that large number of retailers are suppressing electricity consumption to avoid mandatory registration. A tax unit in Karachi in its budget proposals for fiscal year 2019/2020, asked the FBR Headquarters to review the present regime of sales tax registration for retailers as they were taking undue advantage. […]

by Faisal Shahnawaz

Sales Tax Act 1990: FBR may appoint special panels for audit

Apr 21

Exclusive, Taxation

Sales Tax Act 1990: FBR may appoint special panels for audit

KARACHI: Federal Board of Revenue (FBR) has been empowered under sales tax law to appoint special audit panels for conducting audit of any registered person. The updated Sales Tax Act, 1990 issued by the FBR, the Section 32A explains the powers of the revenue body for appointment of special audit panels. Section 32A: Audit by […]

by Faisal Shahnawaz

Sales Tax Act 1990: return filing requirement by registered persons

Apr 20

Exclusive, Taxation

Sales Tax Act 1990: return filing requirement by registered persons

KARACHI: A sales tax registered person is required to file true and correct sales tax return on monthly basis by providing details of supplies and persons whom the supplies were made during the period. According to updated Sales Tax Act, 1990 issued by Federal Board of Revenue (FBR), the Section 26 explained the requirement of […]

by Faisal Shahnawaz

Sales Tax Act 1990: tax officials authorized to access record

Apr 19

Exclusive, Taxation

Sales Tax Act 1990: tax officials authorized to access record

KARACHI: The sales tax law has authorized tax officials to access record maintain by registered persons for the purpose of investigation and audit. According to updated Sales Tax Act, 1990 issued by the Federal Board of Revenue (FBR), the Section 25 explained maintenance of record by taxpayer and authority of tax department to access the […]

by Faisal Shahnawaz