ISLAMABAD: Federal Board of Revenue (FBR) on Thursday selected total 14,164 audit cases through computerized balloting in income tax, sales tax and federal excise duty cases.
The FBR selected 10,982 audit cases under Section 214C of Income Tax Ordinance, 2001.
The revenue body selected around 3,126 sales tax cases under Section 72B of Sales Tax Act, 1990.
Further, 56 cases have been selected under Section 42B of Federal Excise Act, 2005.
KARACHI – In the early hours of Wednesday, the Pakistani Rupee demonstrated resilience, maintaining its level against the US Dollar in the interbank foreign exchange market.
(more…)KARACHI: The sales tax laws have allowed zero rating of sales tax on exports or supply of goods.
According to updated Sales Tax Act, 1990 issued by Federal Board of Revenue (FBR), the Section 4 of the Act explained the zero rating.
Section 4: Zero rating
Notwithstanding the provisions of section 3 except those of sub-section (1A), the following goods shall be charged to tax at the rate of zero per cent:
(a) goods exported, or the goods specified in the Fifth Schedule;
(b) supply of stores and provisions for consumption aboard a conveyance proceeding to a destination outside Pakistan as specified in section 24 of the Customs Act, 1969 (IV of 1969);
(c) such other goods as the Federal Government may, by notification in the Gazette, specify:
Provided that nothing in this section shall apply in respect of a supply of goods which –
(i) are exported, but have been or are intended to be re-imported into Pakistan; or
(ii) have been entered for export under Section 131 of the Customs Act, 1969 (IV of 1969), but are not exported; or
(iii) have been exported to a country specified by the Federal Government, by Notification in the official Gazette:
Provided further that the Federal Government may by a notification in the official Gazette, restrict the amount of credit for input tax actually paid and claimed by a person making a zero-rated supply of goods otherwise chargeable to sales tax.
(d) such other goods as may be specified by the Federal Board of Revenue through a general order as are supplied to a registered person or class of registered persons engaged in the manufacture and supply of goods supplied at reduced rate of sales tax.
ISLAMABAD: Finance Minister Asad Umar on Wednesday said that if the government introduces any tax amnesty scheme then it will not applicable for public office holders.
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ISLAMABAD: Federal Board of Revenue (FBR) to conduct balloting for selection of audit cases on Thursday, April 04, 2019.
The balloting will be conducting for audit selection of income tax returns filed for tax year 2017.
Around 1.84 million tax returns were filed for the tax year 2017 by salary persons, business individuals, Association of Persons and corporate entities.
The audit selection would be made in income tax, sales tax and federal excise duty.
The FBR conduct balloting to select audit cases under Section 214C of Income Tax Ordinance, 2001.
KARACHI: The State Bank of Pakistan (SBP) will raise Rs3,600 billion through sale of bonds during next three months for repayment against matured securities.
According to auction target calendar issued by State Bank of Pakistan (SBP) on Wednesday, around Rs3,600 billion would be raised through auction of Market Treasury Bills (MTBs) and Pakistan Investment Bonds (PIBs).
The SBP to conduct six auctions of MTBs during April to June 2019 to raise Rs3,300 billion. The amount of maturity is Rs3,100 billion.
The central bank will also conduct three auctions of PIBs for generating Rs300 billion. The amount of repayment against matured PIBs during the period is Rs434.45 billion.
ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet on Wednesday approved immediate import of 100,000 tons of urea to facilitate farmers.
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ISLAMABAD: Federal Board of Revenue (FBR) has extended in suspension period of two customs officers posted in Karachi for further three months.
In a notification issued on Wednesday, the FBR extended the suspension period of Sultan Aurangzeb, Principal Officer (BS-17), Model Customs Collectorate of Port Muhammad Qasim, Karachi for a period of three months effective from March 31, 2019.
The FBR suspended Sultan Aurangzeb on December 31, 2019 while taking disciplinary action against the officer.
In another notification, the FBR extended in suspension period of Muhammad Sarfaraz Hayat, Preventive Officer (BS-16), Model Customs Collectorate of Preventive, Karachi for a period of three months effective from March 31, 2019.
The FBR suspended Muhammad Sarfaraz Hayat on December 31, 2019 while taking disciplinary action against the officer.
The Pakistan Stock Exchange (PSX) witnessed a modest decline on Wednesday, with the benchmark KSE-100 index closing down by 13 points, ending the day at 38,023 points compared to the previous session.
(more…)KARACHI: The Pak Rupee depreciated by 30 paisas against dollar on Wednesday owing to reports of IMF conditionalities for new loan program.
The rupee ended down by 30 paisas to close at Rs141.40 to the dollar from previous day’s close of Rs141.10 in interbank foreign exchange market.
The interbank foreign exchange market was initiated in the range of Rs141.20 and Rs141.40.
The market recorded day high of Rs141.40 and low of Rs141.39 and closed at Rs141.40.
The exchange rate in open market also witnessed devaluation of local currency.
The buying and selling of dollar was recorded at Rs142.50/Rs143.00 from previous day’s close of Rs142.00/Rs142.50 in cash ready market.