Pakistan Revenue
A large number of taxpayers have filed their income tax returns for tax year 2022. Yet many taxpayers are stuck up in a complicated calculation of income from property and unable to discharge their liability of return filing. The Federal Board of Revenue (FBR) has already extended the last date till November 30, 2022 for […]
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Supreme Court of Pakistan (SCP) in a landmark judgment dated September 30, 2022 stopped the practice of taxpayers approaching courts for legal remedy in those cases where only show cause notices are issued provided no coercive action has been taken by tax authorities. In a civil petition No. 1693-L of 2022, three-member bench comprising Justice […]
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ISLAMABAD: Pakistan likely to impose tax on petroleum products to avert imminent shortfall in revenue collection. Reports suggested that the Federal Board of Revenue (FBR) – the apex tax collecting agency of the country – is anticipating massive revenue shortfall in coming months due to no tax on petroleum products besides slowdown in economic activity. […]
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KARACHI: State Bank of Pakistan (SBP) on Friday raised the benchmark interest rate by 100 basis points to 16 per cent owing to inflationary pressure and risks to financial stability. The SBP said that the monetary policy committee in its meeting on November 25, 2022 decided to raise the policy rate by 100 basis points […]
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ISLAMABAD: Federal Board of Revenue (FBR) on Thursday said that around 88,317 cases involving Rs2,612 billion were stuck up and pending with different courts. The latest date is based on October 31, 2022. READ MORE: FTO directs probe into benami transactions by Millat Tractors Among these pending cases, 75,021 cases involving Rs2,382 billion are related […]
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(The article is written by Fida Kibbi, Vice President and Head of Marketing, Communications and Sustainability & Corporate Responsibility at Ericsson Middle East and Africa) During COP27, that took place in Egypt, world leaders have grappled over what must be done to curb global warming. Seven years ago, world leaders signed an international treaty to […]
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ISLAMABAD: Federal Board of Revenue (FBR) on Thursday notified transfers and postings of officers of Pakistan Customs Service (PCS) I BS-19 and BS-20. The transfers and postings have been made with immediate effect until further orders. Following officers have been transferred and posted: READ MORE: FTO directs probe into benami transactions by Millat Tractors 01. […]
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ISLAMABAD: Federal Tax Ombudsman (FTO) has directed the Federal Board of Revenue (FBR) to launch probe into huge benami transactions made by M/s. Millat Tractors Limited (MTL). The FTO, in a case against Millat Tractors for making supplies on fake and flying invoices and obtaining refunds on such invoices, asked the FBR to direct Director […]
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KARACHI: All Pakistan Textile Mills (APTMA) has demanded the tax authorities to restore a very controversial SRO for settlement the issue of sales tax refunds. The textile millers demanded the FBR to restore SRO 1125(I)/2011 i.e. zero rating for the textile value chain to enable the industry to survive and maintain export momentum. Gohar Ejaz, […]
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ISLAMABAD: Federal Board of Revenue (FBR) has extended the date for providing details of deemed income of immovable property up to December 31, 2022, where annual returns have already filed. In this regarding the FBR issued SRO 2052(I)/2022 on November 22, 2022 to introduce draft amendments to Income Tax Rules, 2002. Through the draft rules, […]
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