As per Section 24 of the Sales Tax Act, 1990, a person engaged in taxable supplies is mandated to preserve records and documents for a period of six years, effective from the end of the tax period to which such records or documents relate.
KARACHI: The banking deposits have reached to all time high at Rs13.45 trillion by end of March 2019 amid reports of government initiatives of Treasury Single Account (STA). The deposits of the banking system increased to Rs13.456 trillion by March 2019 as compared with Rs12.57 trillion in the same month a year ago, showing growth […]
KARACHI: A person making taxable supplies is required to issue serially numbered tax invoice at the time of making supply of goods. According to updated Sales Tax Act, 1990 issued by Federal Board of Revenue (FBR), the Section 23 of the Act explained the requirement of issuing tax invoice. Section 23: Tax Invoices Sub-Section (1): […]
KARACHI: A person making taxable supplies is required to maintain record of goods and keep at his office for scrutiny by tax officials. According to updated Sales Tax Act, 1990 issued by Federal Board of Revenue (FBR), the Section 22 of the Act explained the record keeping for taxable supplies. Section 22: Records Sub-Section (1): […]
KARACHI: Any invoice issued by a person, who is suspended or black listed by tax authorities, may not be acceptable for refund claim or input adjustment by another registered person. According to updated Sales Tax Act, 1990 issued by Federal Board of Revenue (FBR), the Section 21 of the Act explained the de-registration, blacklisting and […]
KARACHI: Federal Board of Revenue (FBR) to recommend the government to redefine withholding tax on motor vehicles to bring construction and heavy vehicles into tax net. The FBR sources said that the FBR may propose amendment to Section 231B(7) of Income Tax Ordinance, 2001. This section presently defined motor vehicle, including car, jeep, van, sports, […]
KARACHI: All the persons engaged in making taxable supplies are required to get sales tax registration. According to updated Sales Tax Act, 1990 issued by Federal Board of Revenue (FBR), the Section 14 of the Act, explained the requirement of registration. Section 14: Registration Sub-Section (1): Every person engaged in making taxable supplies in Pakistan, […]
ISLAMABAD: The Amnesty Scheme 2018 has shown the 91 percent tax dodgers, who availed the scheme for declaring undisclosed foreign assets were registered with tax department. According to presentation of the finance ministry on the previous tax amnesty scheme, the analysis showed around 6,195 persons availed the scheme to declare foreign assets. It revealed that […]
KARACHI: Regional Tax Office (RTO) – II Karachi has recommended revival of minimum tax regime for commercial importers in the budget 2019/2020. According to budget proposals sent to Federal Board of Revenue (FBR), the RTO-II Karachi recommended that Final Tax Regime for commercial importers should be withdrawn as it was creating distortion in the taxation […]
KARACHI: The government has allowed exemption on supply of goods and import of goods falling in the Sixth Schedule of Sales Tax Act, 1990. Section 13 of updated Sales Tax Act, 1990 issued by Federal Board of Revenue (FBR), explained the exemptions on domestic supplies and imported goods. Section 13: Exemption Sub-Section (1): Notwithstanding the […]