Pakistan Revenue
ISLAMABAD: The Federal Board of Revenue (FBR) has issued draft income tax return form for Tax Year 2021 to enable tax payers to file their returns from July 01, 2021. The FBR issued SRO 730(I)/2021 dated June 11, 2021 to issue draft income tax return forms for salaried persons, business individuals, Association of Persons and […]
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ISLAMABAD: The federal government has withdrawn the discretionary powers of conducing inquiry in certain tax matters by Commissioners Inland Revenue. Finance Minister Shaukat Tarin while presenting budget 2021/2022 on Friday announced curtailing the discretionary power of the tax authorities. He said that the discretionary powers of the income tax authorities are proposed to be curtailed: […]
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ISLAMABAD: The government has announced to bring sugar in the third schedule of Sales Tax Act, 1990 to impose sales tax on actual retail price. Finance Minister Shaukat Tarin while presenting budget 2021/2022 on Friday announced inclusion of sugar in the third schedule. He said that sugar, although not a staple food, is still a […]
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ISLAMABAD: The domestic sellers on online platforms like Amazon and Daraz have been brought into tax net, Finance Minister Shaukat Tarin announced this while presenting budget 2021/2022 on Friday. “We have seen extraordinary sales through online marketplaces especially due to Covid-19 lockdowns.” However, contribution made by these e-commerce digital platforms in national exchequer is negligible, […]
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ISLAMABAD: The government has announced reduction in Federal Excise Duty (FED) from 17 percent to 16 percent to facilitate businesses and provide relief to the general masses. Finance Minister Shaukat Tarin while presenting federal budget 2021/2022 on Friday said the government had decided to reduce FED on telecom services. He said that to facilitate businesses […]
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ISLAMABAD: The government has announced abolishing duty and taxes on locally manufactured and imported cars with engine capacity up to 850cc to enable low earning families to afford motor vehicles. Finance Minister Shaukat Tarin while presenting federal #budget 2021/2022 on Friday announced duty and tax incentives for sale and import of motor cars with engine […]
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ISLAMABAD: The government has announced input sales tax adjustment for companies listed on Pakistan Stock Exchange (PSX) to promote corporatization in the country. Finance Minister Shaukat Tarin while presenting federal #budget 2021/2022 on Friday said that relaxation of restriction on input tax adjustment under section 8B of Sales Tax Act, 1990 had been granted. He […]
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ISLAMABAD: The government has facilitated small businesses and increased the threshold of turnover up to Rs10 million from Rs3 million and they will not be required to get sales tax registration.
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ISLAMABAD: Finance Minister Shaukat Tarin on Friday said that the government will incentivize consumers through a system of prizes on sales tax receipts through an open ballot every month. The finance minister while presenting the federal budget 2021/2022 on the floor of the house said that a special cell in FBR had been established comprising […]
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ISLAMABAD: Finance Minister Shaukat Tarin on Friday announced to restore Universal Self Assessment Scheme (USAS) in actual form to facilitate tax return filers. While presenting federal budget 2021/2022, the finance minister said that the lynchpin of economic policy would be resource mobilisation, especially tax revenues. We plan to fundamentally restructure the taxation regime and working […]
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