Pakistan Revenue
KARACHI: Federal Board of Revenue (FBR) to recommend the government to redefine withholding tax on motor vehicles to bring construction and heavy vehicles into tax net. The FBR sources said that the FBR may propose amendment to Section 231B(7) of Income Tax Ordinance, 2001. This section presently defined motor vehicle, including car, jeep, van, sports, […]
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KARACHI: All the persons engaged in making taxable supplies are required to get sales tax registration. According to updated Sales Tax Act, 1990 issued by Federal Board of Revenue (FBR), the Section 14 of the Act, explained the requirement of registration. Section 14: Registration Sub-Section (1): Every person engaged in making taxable supplies in Pakistan, […]
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ISLAMABAD: The Amnesty Scheme 2018 has shown the 91 percent tax dodgers, who availed the scheme for declaring undisclosed foreign assets were registered with tax department. According to presentation of the finance ministry on the previous tax amnesty scheme, the analysis showed around 6,195 persons availed the scheme to declare foreign assets. It revealed that […]
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KARACHI: Sheikh Rasheed Ahmed, Federal Minister for Railways on Saturday said the economy is facing immense difficulties. “We are stuck in a lot of crises and it is a well-known fact that IMF conditions will be really stiff. I, as Minister, have been reiterating this since day one that we have no other option but […]
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KARACHI: Federal Board of Revenue (FBR) has lodged First Information Report (FIR) against Shaheen Air International Limited for committing tax fraud to the tune of Rs 1 billion. According to a copy of FIR made available to PkRevenue.com, the registered person has committed tax fraud as defined under section 2(37) of Sales Tax Act, 1990 […]
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KARACHI: Regional Tax Office (RTO) – II Karachi has recommended revival of minimum tax regime for commercial importers in the budget 2019/2020. According to budget proposals sent to Federal Board of Revenue (FBR), the RTO-II Karachi recommended that Final Tax Regime for commercial importers should be withdrawn as it was creating distortion in the taxation […]
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KARACHI: The stock market likely to perform better during next week owing to launching of new amnesty scheme and progress on IMF bailout package. Analysts at Arif Habib Limited said that the market to turn positive in upcoming days with triggers including amnesty announcement and agreement with the IMF (principal agreement has been reached but […]
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KARACHI: The government has allowed exemption on supply of goods and import of goods falling in the Sixth Schedule of Sales Tax Act, 1990.
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KARACHI: Sindh Revenue Board (SRB) has suspended sales tax registration of an information technology (IT) firm for unrealistic adjustment of input tax adjustment. According to a notice, the SRB suspended sales tax registration of M/s. Cube XS Weatherly (Pvt) Limited. The SRB said that the taxpayer had filed nil return for the tax periods from […]
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KARACHI: Model Customs Collectorate (MCC) Appraisement – West announced public auction of fresh and leftover motor vehicles to be held on April 15, 2019 at Al-Hamd International Container Terminal (AICT). Following vehicles to be presented for the auction: 01. Used Mitsubishi Car, Model 2009 02. Used Volkswagen AG Car, Model 2013, Engine Capacity 999 CC […]
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