FBR asks financial institutions to provide account holders details for automatic exchange of information

KARACHI: Federal Board of Revenue (FBR) has asked financial institutions to provide details of their account holders by May 31, 2019 for the purpose of automatic exchange of information with OECD member... Read more »

Sales Tax Act 1990: Recovery of amount erroneously refunded

KARACHI: The officers of Inland Revenue have been authorized to recover tax for refund amount erroneously issued to taxpayer along with penalties and default surcharge. Read more »

FBR promotes 49 Inland Revenue Officers to Assistant Commissioner BS-17

ISLAMABAD: Federal Board of Revenue (FBR) o Wednesday promoted 49 officers of Inland Revenue from BS-16 to the post of Assistant Commissioner Inland Revenue (BS-17) with immediate effect. Read more »

Sales Tax Act 1990: refund of input tax payable in 45 days

KARACHI: Federal Board of Revenue (FBR) is required to pay sales tax refunds to the taxpayers in 45 days from the date of filing claim. Read more »

FBR waives penalty on overstayed consignments

ISLAMABAD: Federal Board of Revenue (FBR) on Tuesday waived penal surcharges on overstayed consignments to facilitate trade community. The FBR said that the waiver had been granted in pursuance to decision taken... Read more »

FBR empowered to use third-party information for identifying tax dodgers: MTEF

ISLAMABAD: Federal Board of Revenue (FBR) has been empowered for using third-party information to identify tax dodgers. The Medium-Term Economic Framework (MTEF), which was launched on Monday by the Finance Minister Asad... Read more »

Active taxpayers list shows 1.88 million return filers

KARACHI: The number of active taxpayers has increased to 1.88 million for tax year 2018 by April 07, 2019, revealed by official document on Monday. Read more »

Sales Tax Act 1990: buyer, seller jointly responsible for unpaid tax

KARACHI: Where an amount of tax unpaid in supply chain then registered buyer and seller are both responsible for paying to national exchequer. Read more »

Sales Tax Act 1990: tax credit not allowed under various conditions

KARACHI: A registered sales tax person is not allowed to entitle to reclaim or deduct input tax paid on various activities of manufacturing / supplies. Read more »

FBR issues notices to 350 Sindh bureaucrats for non-filing

KARACHI: Federal Board of Revenue (FBR) has issued notices to 350 senior bureaucrats of Sindh government for non-filing of income tax returns. Read more »

Sales Tax Act 1990: deduction of input tax by registered persons

KARACHI: A sales tax registered person is allowed to deduct input tax against output tax for determination of taxable supplies made during a period. Read more »

Increase in refund claims by registered persons selected for audit

KARACHI: Federal Board of Revenue (FBR) has selected sales tax audit of those sales tax registered persons whose refund claims increased in a month over the corresponding month last year. Read more »