Updated Definition of Company Under Sales Tax Laws
The Federal Board of Revenue (FBR) has recently issued an updated definition of a company under the Sales Tax Act, 1990, effective from July 1, 2023.
The Federal Board of Revenue (FBR) has recently issued an updated definition of a company under the Sales Tax Act, 1990, effective from July 1, 2023.
In an effort to streamline tax administration and promote compliance, the Federal Board of Revenue (FBR) has recently released an updated definition of an active taxpayer under the Sales Tax Act, 1990.
Karachi, July 15, 2023 – The Federal Board of Revenue (FBR) has taken decisive action against individuals who default on tax liability under Section 7E of the Income Tax Ordinance, 2001, by prohibiting them from selling immovable properties.
Karachi, July 14, 2023 – In compliance with the recently implemented amendment in the Income Tax Ordinance, 2001, through the Finance Act, 2023, banks have commenced deducting withholding tax on cash withdrawals exceeding Rs50,000 in a single day.
Karachi, July 13, 2023 – Pakistan has allowed exemption from customs duty on imports by dignitaries of UAE, Qatar, Bahrain and Saudi Arabia during 2023-24 and onwards.
Karachi, July 13, 2023 – The Federal Board of Revenue (FBR) has announced an extension of income tax exemption totaling Rs12.24 billion on pensions disbursed to civil servants and military personnel.
Islamabad, July 11, 2023 – In a significant move, the Federal Board of Revenue (FBR) has delegated the authority to conduct anti-smuggling operations to various law enforcement agencies (LEAs) in Pakistan.
The Federal Board of Revenue (FBR) has set a deadline of July 15, 2023, for all officers of the Inland Revenue Services (IRS) and Pakistan Customs Services (PCS) to submit their Declaration of Assets and Liabilities for the fiscal year ending on June 30, 2023.
Karachi, July 9, 2023 – The Federal Board of Revenue (FBR) has taken a decisive step towards ensuring compliance with sales tax regulations by prescribing penalties for individuals and entities failing to furnish their monthly sales tax return.
In a recent development, beauty parlors and beauty clinics operating within the jurisdiction of Islamabad Capital Territory (ICT) are now obligated to pay a 15 percent sales tax on services, as per updated laws issued by the Federal Board of Revenue (FBR).