Pkrevenue.com

Author: Faisal Shahnawaz

  • Paper income tax return draft forms issued

    Paper income tax return draft forms issued

    ISLAMABAD: The Federal Board of Revenue (FBR) on Monday issued draft paper income tax return form for tax year 2021.

    The FBR issued SRO 1022(I)/2021 to notify the draft income tax return forms.

    The revenue body invited objection or suggestions within seven days from date of issuance of the SRO. “Objections or suggestions, which may be received from any person in respect of the said draft, before the expiry of the aforesaid period, shall be considered by the Federal Board of Revenue.”

    The FBR issued the draft income tax returns for individuals driving income other than salary.

    The draft paper income tax return form has been issued as one and half months left for the last date i.e. September 30, 2021.

    Tax experts said that the FBR has already notified electronic income tax return form for taxpayers including salaried persons, business individuals, association of persons and companies. The return forms were issued through SRO 853(I)/2021 dated July 01, 2021.

    The experts said that the FBR had given statutory time of three months for the return filing on the forms issued on July 01, 2021. However, the latest draft return forms would be finalized after considerable time and then the statutory last date for filing the paper return forms would be start on issuance of the forms.

    Return filing for tax year 2021 commences
    To whom filing income tax return for tax year 2021 mandatory
  • SBP launches SME Asaan Finance scheme

    SBP launches SME Asaan Finance scheme

    KARACHI – In a move aimed at bolstering small and medium-sized enterprises (SMEs) in Pakistan, the State Bank of Pakistan (SBP) unveiled the SME Asaan Finance scheme on Monday, allowing banks to lend up to Rs10 million to qualifying businesses.

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  • Amendment of assessment must be completed in 120 days

    Amendment of assessment must be completed in 120 days

    ISLAMABAD: The Federal Board of Revenue (FBR) on Monday said that a limitation of 120 days has been imposed with regard to the period of time during which amendment of assessment under section 122 of the Ordinance must be completed.

    The FBR in a circular No. 4 Income Tax (Operations) stated that owing to availability of extended period of time, the completion of proceedings under section 122 of the Income Tax Ordinance, 2001 within desired time has remained a challenge and diverse treatment was meted out viz-a-viz time taken for completion of proceedings across the formations.

    This varied treatment has commutatively resulted in below par revenue outcomes for the exchequer and increased compliance costs for the taxpayers due to protracted delays in legal actions.

    The Finance Act, 2021 has brought about a significant amendment in section 122 of the Ordinance whereby a limitation of 120 days has been imposed with regard to the period of time during which amendment of assessment under section 122 of the Ordinance must be completed subsequent to issuance of a show cause notice.

    The said amendment harmonizes the procedure of amendment of assessment under the Income Tax Ordinance, 2001 with the procedure of assessment under section 11 the Sales Tax Act, 1990 and section 14 of the Federal Excise Act, 2005.

    The aforementioned amendment is also an effort to restore the true spirit of the Income Tax Ordinance, 2001 where amendment proceedings are entered into after carrying out inquiry or audit, if necessary, and do not remain pending for an indefinite period of time.

    In case the proceedings cannot be completed within the prescribed time period of 120 days, the Commissioner may extend the time limit for up to another ninety days for recorded reasons. The new provision would apply to the show cause notices issued after July 1, 2021.

    Accordingly, formations are expected to be cognizant of this important amendment. The Commissioners are required to ensure that necessary guidance is provided to assessing officers in this regard.

  • KIBOR rates on August 16, 2021

    KIBOR rates on August 16, 2021

    KARACHI: State Bank of Pakistan (SBP) on Monday issued following Karachi Interbank Offered Rates (KIBOR) on August 16, 2021.

     TenorBIDOFFER
    1 – Week6.917.41
    2 – Week6.957.45
    1 – Month7.007.50
    3 – Month7.157.40
    6 – Month7.317.56
    9 – Month7.437.93
    1 – Year7.518.01
    KIBOR rates for August 13, 2021
  • Dollar rises to Rs164.19 in interbank

    Dollar rises to Rs164.19 in interbank

    KARACHI: The US dollar gained 19 paisas against the Pakistani Rupee in the interbank foreign exchange market on Monday, closing at Rs164.19 compared to the previous session’s close of Rs164.00. This appreciation comes as a result of increased demand for the dollar to settle import payments ahead of midweek public holidays.

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  • SBP issues customers exchange rates for August 16

    SBP issues customers exchange rates for August 16

    KARACHI, August 16, 2021: The State Bank of Pakistan (SBP) has published the latest exchange rates for customers on Monday, August 16, 2021.

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  • Bank holidays for Ashura

    Bank holidays for Ashura

    KARACHI: The State Bank of Pakistan (SBP) on Monday announced that the banks shall be closed for two days on August 18 – 19, 2021 on the occasion of Ashura.

    The central bank in a circular addressing presidents and chief executive officers (CEOs) of all banks that the SBP will remain closed on 18th and 19th August, 2021 (Wednesday and Thursday) being 9th and 10th Muharram-ul-Haram, 1443 A.H. on the occasion of Ashura.

  • Tax rates on exports of goods, services for 2021-2022

    Tax rates on exports of goods, services for 2021-2022

    Islamabad – The Federal Board of Revenue (FBR) has released updated withholding tax rates on exports of goods and services for the fiscal year 2021-2022.

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  • Taxpayers’ information intact; database breach prevented

    Taxpayers’ information intact; database breach prevented

    In a recent cyber onslaught, the Information Technology (IT) wing of the Federal Board of Revenue (FBR) emerged triumphant in safeguarding the tax system’s database against a Trojan malware attack.

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  • Tax bar urges updating sales tax return

    Tax bar urges updating sales tax return

    In a bid to streamline tax procedures and ensure compliance with recent legislative changes, the Karachi Tax Bar Association (KTBA) has called upon the Federal Board of Revenue (FBR) to promptly update the online sales tax return form.

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