ISLAMABAD: Telenor has been granted a contract worth Rs1.36 billion for providing high speed broadband services in Chaghi and Nushki districts of Balochistan.
(more…)Author: Faisal Shahnawaz
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Active taxpayers’ list under ITO
The Federal Board of Revenue (FBR) has fortified its tax administration toolkit with Section 181A of the Income Tax Ordinance, 2001, which delineates the creation and regulation of the Active Taxpayers’ List (ATL).
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Registration of taxpayers for income tax
Section 181 of the Income Tax Ordinance, 2001 provides a framework for the registration of taxpayers.
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KIBOR rates on September 15, 2021
KARACHI: State Bank of Pakistan (SBP) on Tuesday issued the following Karachi Interbank Offered Rates (KIBOR) on September 15, 2021.
Tenor BID OFFER 1 – Week 6.89 7.39 2 – Week 6.95 7.45 1 – Month 7.04 7.54 3 – Month 7.23 7.48 6 – Month 7.49 7.74 9 – Month 7.57 8.07 1 – Year 7.66 8.16 -
SBP issues customers exchange rates for September 15
Karachi, September 15, 2021 – The State Bank of Pakistan (SBP) has announced the exchange rates for customers on Wednesday, September 15, 2021.
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Additional customs duty reduced to 2% on auto parts
ISLAMABAD: The Federal Cabinet on Tuesday approved a significant reduction in additional customs duty on the import of auto parts, lowering it from seven percent to two percent. This decision aims to boost the indigenous production of vehicles in Pakistan and promote local manufacturing.
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KTBA demands barcode printing on sales tax notices
KARACHI: Karachi Tax Bar Association (KTBA) on Tuesday demanded the tax authorities to implement printing of barcodes on all communication under the sales tax regime.
In this regard, the KTBA has sent a letter to the chairman of the Federal Board of Revenue (FBR). The tax bar demanded the chairman of ensuring the implementation of barcode printing on all notices of sales tax.
The KTBA and its members are consistently receiving unauthorized and designed notices/ communications from the field formations.
In the year 2015, the FBR introduced a scheme of using barcodes on notices/communications under the income tax regime, which eliminated unauthorized notices.
As of today, declarations under the sales tax regime are broadly regulated through old e.fbr portal; on the other hand, the field formations have started issuing notices for audit and late filing via IRIS. However, in addition to the above, notices on various counts are issues manually which subsequently are withdrawn for obvious reasons, the tax bar said.
The KTBA recommended that the practice of communicating all notices and correspondence in the sales tax regime in manual should be replaced with a barcode methodology with an option to reply online as in the case of the income tax regime.
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Tax authorities can take help from police, other agencies
Section 178 of the Income Tax Ordinance, 2001, as amended by the Finance Act, 2021, empowers tax authorities to seek assistance from various entities, including the police, Customs officers, and other government agencies.
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KIBOR rates on September 14, 2021
KARACHI: State Bank of Pakistan (SBP) on Tuesday issued the following Karachi Interbank Offered Rates (KIBOR) on September 14, 2021.
Tenor BID OFFER 1 – Week 6.90 7.40 2 – Week 6.95 7.45 1 – Month 7.03 7.53 3 – Month 7.21 7.46 6 – Month 7.47 7.72 9 – Month 7.53 8.03 1 – Year 7.60 8.10 -
Commissioner can select taxpayers for audit
A commissioner of Inland Revenue has power to select taxpayers for audit under Section 177 of Income Tax Ordinance, 2001.
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