Income Tax Ordinance 2001: taxation on non-resident ship owner, charterer

KARACHI: A ship owned or chartered by a non-resident person before leaving any port in Pakistan is required to furnish a return of income. Read more »

FBR starts receiving real-time sales information from 2,574 outlets of textile, leather sectors

ISLAMABAD: Around 2,574 outlets of 75 units of textile and leather sectors have started real-time information of their sales to Federal Board of Revenue (FBR), a statement said on Wednesday. Read more »

FBR releases 24pc less refunds in seven months amid huge collection shortfall

ISLAMABAD: The issuance of refunds by Federal Board of Revenue (FBR) decline by 24 percent yet the net collection for the first seven months witnessed huge shortfall. Read more »

Suppressed sales tax auditors and challenging revenue collection

KARACHI: Sales Tax / Value Added Tax (VAT) is the most significant source of tax collection in the world.       Unlike direct tax it is known as tax on consumption... Read more »

Income Tax Ordinance 2001: Tax recovery due by non-resident member of AOP

KARACHI: Federal Board of Revenue (FBR) has powers to recover outstanding tax from a resident Association of Persons (AOP) in case tax due of a non-resident, who is member of such AOP.... Read more »

Income Tax Ordinance 2001: Liquidators require to inform commissioner in 14 days of taking possession of assets

KARACHI: A liquidator is required to inform Commissioner of Inland Revenue in 14 days of taking possession of an asset. Read more »

FBR set to launch door-to-door survey to identify tax evaders

ISLAMABAD: Federal Board of Revenue (FBR) will launch a door-to-door survey for identifying potential tax evaders to broaden the tax base, a report issued by ministry of finance said. Read more »

FBR reshuffles BS-19-20 Customs officers; notifies 44 transfers

ISLAMABAD: Federal Board of Revenue (FBR) on Monday notified transfers and postings of 44 officers of Pakistan Customs Service (PCS) in BS-19-20 with immediate effect until further orders. Read more »

FBR notifies transfer, postings of BS-20-21 IRS officers

ISLAMABAD: Federal Board of Revenue (FBR) has notified transfer and postings of senior officers of Inland Revenue Service (IRS) of BS-20-21 with immediate effect and until further orders. Read more »

FBR issues SROs to withdraw additional, customs duty on import of cotton

ISLAMABAD: Federal Board of Revenue (FBR) has exempted customs duty and additional customs duty on import of cotton for the period of February 01 to June 30, 2019. Read more »

Commerce ministry adds non-textile product to claim drawback

ISLAMABAD: The ministry of commerce has issued corrigendum to SRO 711(I)/2018 dated June 08, 2018 and added another meat product for allowing non-textile drawback of duty and taxes.     The ministry... Read more »

Income Tax Ordinance 2001: Recovery from persons holding money of taxpayer

KARACHI: Federal Board of Revenue (FBR) or its offices have been empowered under the law to recovery tax from a person, who is holding money of a taxpayer. Read more »