FBR officials given access to declarations filed under amnesty scheme

ISLAMABAD: The senior officials of the Federal Board of Revenue (FBR) have been authorized to access declarations of undisclosed income and assets under amnesty scheme of year 2019. The FBR issued SRO 369(I)/2021 to notify Assets Declaration Rules, 2021 dated March 31, 2021. Under rule 15 access has been authorized to declarations under the act […]

by Mrs. Anjum Shahnawaz

SBP revises instructions for financing wheat procurement

Apr 4

Money & Banking

SBP revises instructions for financing wheat procurement

KARACHI: The State Bank of Pakistan (SBP) has issued notification to revise instructions regarding bank financing for wheat procurement by the private sector. The SBP issued circular No. 02 of 2021 for amending the instructions issued on March 19, 2021 for financing wheat procurement by the private sector. Following amendments have been notified by the […]

by Mrs. Anjum Shahnawaz

FTO proposes initiating criminal prosecution against smugglers

Apr 4

Budget 2021-2022, Taxation

FTO proposes initiating criminal prosecution against smugglers

ISLAMABAD: Federal Tax Ombudsman (FTO) has recommended that tax authorities should initiate criminal prosecutions against persons involved in smuggling or selling non-duty paid goods. In its proposals for budget 2021/2022, the FTO recommended measures on the issues of smuggling, misdeclarations, under-invoicing and non-transparent auctions. In order to effectively check the smuggling, it was recommended that […]

by Mrs. Anjum Shahnawaz

List of exemptions from total income withdrawn through ordinance

Apr 4

Taxation

List of exemptions from total income withdrawn through ordinance

KARACHI: officials in the Federal Board of Revenue (FBR) have said that through Tax Laws (Second Amendment) Ordinance, 2021 various clauses of Second Schedule of Income Tax Ordinance, 2001 have been deleted that have allowed tax exemption from total income. Following are the clauses that have been deleted through Tax Laws (Second Amendment) Ordinance, 2021: […]

by Mrs. Anjum Shahnawaz

Minimum penalty of Rs10,000 fixed for defaulting withholding statement

Apr 4

Taxation

Minimum penalty of Rs10,000 fixed for defaulting withholding statement

KARACHI: A minimum penalty of Rs10,000 has been fixed for defaulting withholding statement where no tax is required to be deposited. Official at the Federal Board of Revenue (FBR) said that the amendment has been brought into Section 182 of Income Tax Ordinance, 2001 through Tax Laws (Second Amendment) Ordinance, 2021. Chartered Accountants said that […]

by Mrs. Anjum Shahnawaz