In a move aimed at providing flexibility and mitigating financial burdens for taxpayers, Section 183 of the Income Tax Ordinance, 2001 grants the Federal Board of Revenue (FBR) and the Commissioner Inland Revenue (IR) the authority to exempt individuals or classes of persons from penalties and default surcharges.
Section 182A of Income Tax Ordinance, 2001 describes that a person failed to file the income tax return by the due date will not get status of Active Taxpayers’ List (ATL) until the payment default surcharge.
ISLAMABAD: The federal government has announced a reduction of sales tax rate by 31.5 per cent on supply of High Speed Diesel (HSD). The rate sales tax on HSD has been reduced in order to lower the impact of higher prices pass on to the consumer. The Federal Board of Revenue (FBR) issued SRO 1225(I)/2021 […]
ISLAMABAD: Importers will not be allowed to avail of the facility of provision valuation for goods declaration when the valuation of such goods is already in the field. An important amendment has been made into Customs Act, 1969 through Tax Laws (Third Amendment) Ordinance, 2021, which was promulgated through presidential order on September 15, 2021. […]
KARACHI: Following are the exchange rates of foreign currencies in Pak Rupee (PKR) on September 19, 2021 (The rates are updated at 09:40 AM): Currency Buying Selling Australian Dollar 121.6 123.6 Bahrain Dinar 386.6 388.36 Canadian Dollar 133.1 135.1 China Yuan 23.7 23.85 Danish Krone 23.4 23.7 Euro 197 199 Hong Kong Dollar 16.6 16.85 Indian Rupee 2.03 2.1 Japanese […]
The Customs authorities have been restricted from reopening the assessment of consignment clearance based on incorrect information after a three-year period.
The Tax Laws (Third Amendment) Ordinance, 2021 has granted enhanced powers to the Member Customs, allowing them to annul or modify orders previously passed by the Director-General of Customs Valuation.