Pakistan Revenue
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 […]
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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 […]
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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 […]
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Sales Tax Act, 1990 has explained the meaning of sales tax imposed on supply of goods.
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The word ‘amalgamation’ has been defined under Income Tax Ordinance, 2001. The Ordinance updated up to June 30, 2020 issued by the Federal Board of Revenue (FBR) has defined the word ‘amalgamation’ as: “Amalgamation” means the merger of one or more banking companies or non-banking financial institutions, or insurance companies, or companies owning and managing […]
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The Sales Tax Act, 1990, as updated by the Federal Board of Revenue (FBR) up to June 30, 2020, clearly defines the term ‘taxable activity’ for the purpose of determining liability under the sales tax regime.
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Sales Tax Act, 1990 has defined ‘retail price’ as a price fixed for sales of goods to the end consumers. The Sales Tax Act, 1990 [updated up to June 30, 2020 issued by the Federal Board of Revenue (FBR)] defines the ‘retail price’ with reference to the Third Schedule of the Act, as the price […]
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Sales tax laws have defined ‘person’ for determining transactions i.e. supplies and purchases and application of sales tax rate. The Sales Tax Act, 1990 [updated June 30, 2020 issued by the Federal Board of Revenue (FBR)] explained the following: (21) “person” means,– (a) an individual; (b) a company or association of persons incorporated, formed, organized […]
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Sales tax law has defined output tax as a supply of goods, made by the person. The Sales Tax Act, 1990 (updated June 30, 2020) issued by the Federal Board of Revenue (FBR) has defined output tax in relation to a registered person as:
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A definition of manufacturer of producer has been included into the Sales Tax Act, 1990 (updated up to June 30, 2020) issued by the Federal Board of Revenue (FBR). According to the definition “manufacturer” or “producer” means a person who engages, whether exclusively or not, in the production or manufacture of goods whether or not […]
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