Income Tax Ordinance (ITO), 2001 has explained the meaning of employee and employer for calculation and imposition of income tax. The Income Tax Ordinance, 2001 updated up to June 30, 2020 issued by the Federal Board of Revenue (FBR) explained the terms as: “Employee” means any individual engaged in employment; “Employer” means any person who […]
Income Tax Ordinance (ITO), 2001 has defined ‘electronic record’ as electronic resources or information in electronic form. The Income Tax Ordinance, 2001 – updated up to June 30, 2020 issued by the Federal Board of Revenue (FBR) – explained the following: “Electronic record” includes the contents of communications, transactions and procedures under this Ordinance, including […]
Income Tax Ordinance, 2001 has defined types of income included in dividend distribution for the purpose of tax levy. The Income Tax Ordinance, 2001 updated up to June 30, 2020 issued by the Federal Board of Revenue (FBR), explained that dividend includes — (a) any distribution by a company of accumulated profits to its shareholders, […]
Sales Tax Act, 1990 has defined the word ‘wholesaler’ for the purpose of levying tax on supply of goods. Sales Tax Act, 1990 – updated up to June 30, 2020 issued by the Federal Board of Revenue (FBR) – explained the word ‘wholesaler’ as: “Wholesaler” includes a dealer and means any person who carries on, […]
Sales Tax Act, 1990 has defined “value of supply” in respect of taxable supply, as the consideration in money including all federal and provincial duties and taxes, if any, which the supplier receives from the recipient for that supply. The Sales Tax Act, 1990 updated up to June 30, 2020 issued by the Federal Board […]
Sales Tax Act, 1990 has explained ‘time of supply’ for collection of sales tax. The Sales Tax Act, 1990 [updated up to June 30, 2020 issued by the Federal Board of Revenue (FBR)] explained the term as: “Time of supply”, in relation to,– (a) a supply of goods, other than under hire purchase agreement, means […]
The term ‘Tier-1 retailer’ was introduced through Finance Act, 2017 by inserting relevant clause into Sales Tax Act, 1990. All Tier-1 retailers are required to integrate all their Point of Sales (POSs) with computerized system of the Federal Board of Revenue (FBR). The Sales Tax Act, 1990 (updated up to June 30, 2020 issued by […]
Sales Tax Act, 1990 has defined ‘tax fraud’ as doing of any act knowingly without lawful excuse. The Sales Tax Act, 1990 [updated up to June 30, 2020 issued by the Federal Board of Revenue (FBR)] explained ‘tax fraud’ as: “Tax fraud” means knowingly, dishonestly or fraudulently and without any lawful excuse (burden of proof […]
Sales Tax Act, 1990 has explained the word ‘supply’ for the purpose of imposition and collection of tax. The Sales Tax Act, 1990 [updated up to June 30, 2020 issued by the Federal Board of Revenue (FBR)] has defined the word ‘supply’ as: “Supply” means a sale or other transfer of the right to dispose […]
Sales Tax Act, 1990 has explained the meaning of sales tax imposed on supply of goods. The Sales Tax Act, 1990 [updated up to June 30, 2020 issued by the Federal Board of Revenue (FBR)] has explained the following: “sales tax” means – – (a) the tax, additional tax, or default surcharge levied under this […]