Karachi, December 26, 2024 – The Federal Board of Revenue (FBR) has authorized refunds of input tax under Section 10 of the Sales Tax Act, 1990, bringing relief to registered persons who face an excess of input tax over output tax during a tax period. This provision, as clarified by the FBR, aims to streamline the refund process and ensure smoother tax compliance for businesses.
(more…)Author: Shahnawaz Akhter
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FBR Explains Joint and Several Liability on Unpaid Tax
Karachi, December 26, 2024 – The Federal Board of Revenue (FBR) has issued a detailed explanation regarding the joint and several liability of registered persons within the supply chain when taxes remain unpaid. This clarification is provided under Section 8A of the Sales Tax Act, 1990.
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FBR Announces Special Year-End Tax Collection Measures
Karachi, December 25, 2024 – The Federal Board of Revenue (FBR) has taken an unprecedented step by deciding to keep its collection windows open on the last Saturday and Sunday of December 2024.
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FBR Achieves 135% Growth in Capital Gains Tax Collection
Karachi, December 25, 2024 – The Federal Board of Revenue (FBR) has recorded an impressive 135% increase in the collection of capital gains tax (CGT) during the first five months of the fiscal year 2024-25 (5MFY25).
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Tax Bars Call on FBR to Abandon Password Expiry Policy
Karachi, December 24, 2024 – Tax bars across Pakistan have strongly criticized the recently introduced password expiry policy by the Federal Board of Revenue (FBR), urging its immediate revocation. The policy, which mandates password changes every 60 days for users accessing the IRIS tax portal, has been denounced as an unnecessary complication for taxpayers and practitioners alike.
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KSE-100 Sheds 1,509 Points Amid Year-End Volatility
Karachi, December 24, 2024 – The KSE-100 index of the Pakistan Stock Exchange (PSX) faced a sharp decline on Tuesday, shedding 1,509 points amid heightened year-end volatility and cautious investor sentiment. The KSE-100 closed at 112,415 points, down from the previous day’s closing of 113,924 points, reflecting a 1.33% drop.
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SRB Advises Oil and Gas Companies, MFBs to File SSTR
Karachi, December 24, 2024 – The Sindh Revenue Board (SRB) has issued a directive advising Exploration and Production (E&P) companies in the oil and gas sector and Microfinance Banks (MFBs) to file their monthly returns using the Single Sales Tax Return (SSTR) system for the tax period of November 2024.
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PRA Broadens Single Sales Tax Return to Two Sectors
The Punjab Revenue Authority (PRA) has expanded the reach of its single sales tax return (SSTR) system to two additional sectors: the oil and gas sector and the microfinance banking sector. This initiative is part of PRA’s ongoing efforts to streamline tax compliance and facilitate ease of doing business in Punjab.
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FBR Mandates IRIS Password Changes Every Two Months
The Federal Board of Revenue (FBR) has introduced a mandatory policy requiring taxpayers to frequently change their passwords on the online tax portal, IRIS, as part of enhanced security measures.
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FBR Establishes Welfare Cell for Families of Deceased Officers
Karachi, December 23, 2024 – The Federal Board of Revenue (FBR) has unveiled a dedicated welfare cell at field office levels nationwide, aiming to provide comprehensive support to the families of Inland Revenue Service (IRS) and Pakistan Customs Service (PCS) officers who have passed away during active service.
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