Apr 13

Sales Tax Act 1990: exemption on domestic supplies, imports

KARACHI: The government has allowed exemption on supply of goods and import of goods falling in the Sixth Schedule of Sales Tax Act, 1990. Section 13 of updated Sales Tax Act, 1990 issued by Federal Board of Revenue (FBR), explained the exemptions on domestic supplies and imported goods. Section 13: Exemption Sub-Section (1): Notwithstanding the […]

by Faisal Shahnawaz

FBR announces major reshuffle; transfers 41 customs officers of BS-17-18

Apr 12

Exclusive, Pakistan Customs, Taxation

FBR announces major reshuffle; transfers 41 customs officers of BS-17-18

ISLAMABAD: Federal Board of Revenue (FBR) on Friday announced major reshuffle in Pakistan Customs Service (PCS) and transferred and posted 41 officers of BS17 and BS-18 with immediate effect and until further order. The FBR notified transfers and postings of following officers: 01. Ms. Tayyaba Bukhari (Pakistan Customs Service/BS-18) has been transferred and posted as […]

by Faisal Shahnawaz

Apr 12

Exclusive, Taxation

Main features of Amnesty Scheme 2019

KARACHI: The government may launch a new tax amnesty scheme 2019 on April 15 for allowing undeclared local and domestic assets to become part of documented economy. The main features of the draft amnesty scheme, included: – Benami assets – Sales Tax and Federal Excise Duty – mandatory return filing – allowing balance sheet revision […]

by Faisal Shahnawaz

Sales Tax Act 1990: recovery of short payment without notice

Apr 12

Exclusive, Taxation

Sales Tax Act 1990: recovery of short payment without notice

KARACHI: The sales tax law authorized tax authorities to recover short paid amount without issuing notice. According to updated Sales Tax Act, 1990 issued by Federal Board of Revenue (FBR), the Section 11A of the Act explained the authority of tax officials in recovery of short paid amount. Section 11A: Short paid amounts recoverable without […]

by Faisal Shahnawaz

Sales Tax Act 1990: Recovery of amount erroneously refunded

Apr 11

Exclusive, Taxation

Sales Tax Act 1990: Recovery of amount erroneously refunded

KARACHI: The officers of Inland Revenue have been authorized to recover tax for refund amount erroneously issued to taxpayer along with penalties and default surcharge. According to updated Sales Tax Act, 1990 issued by Federal Board of Revenue (FBR), Section 11 of the Act explained the powers of IR officials for assessment of tax and […]

by Faisal Shahnawaz

Sales Tax Act 1990: refund of input tax payable in 45 days

Apr 10

Exclusive, Pakistan Customs, Taxation

Sales Tax Act 1990: refund of input tax payable in 45 days

KARACHI: Federal Board of Revenue (FBR) is required to pay sales tax refunds to the taxpayers in 45 days from the date of filing claim. According to recently updated Sales Tax Act, 1990 issued by the FBR, the Section 10 explained the refund of input tax. Section 10: Refund of input tax Sub-Section (1): If […]

by Mrs. Anjum Shahnawaz

Many withholding tax provisions to be abolished in budget

Apr 9

Exclusive, Taxation

Many withholding tax provisions to be abolished in budget

ISLAMABAD: The government has intended to abolish large number of withholding tax provisions in the budget. According to Medium-Term Economic Framework (MTEF), which was launched by Finance Minister Asad Umar on Monday, pointed out that withholding taxes become regressive if people who are not liable to income taxes and/or if firms treat them as consumption […]

by Faisal Shahnawaz

FBR empowered to use third-party information for identifying tax dodgers: MTEF

Apr 9

Exclusive, Taxation

FBR empowered to use third-party information for identifying tax dodgers: MTEF

ISLAMABAD: Federal Board of Revenue (FBR) has been empowered for using third-party information to identify tax dodgers. The Medium-Term Economic Framework (MTEF), which was launched on Monday by the Finance Minister Asad Umar, the government had promulgated a law so as to allow FBR to access third-party data bases. The MTEF pointed out building data […]

by Faisal Shahnawaz

All tax exemptions to have sunset clause: MTEF

Apr 8

Exclusive, Taxation

All tax exemptions to have sunset clause: MTEF

ISLAMABAD: The ministry of finance on Monday launched Medium-Term Economic Framework (MTEF), which envisaged that all permanent exemptions to be withdrawn or have a sunset clause. The MTEF said that presently tax policy has a predominant revenue focus and as such is likely to create distortions in the economy which can adversely affect the growth […]

by Faisal Shahnawaz

Amnesty Scheme 2019 likely be introduced on April 15

Apr 8

Exclusive, Taxation

Amnesty Scheme 2019 likely be introduced on April 15

ISLAMABAD: The government likely to introduce new tax amnesty scheme 2019 for undeclared foreign and local assets from next week. In this regard a briefing was give to Prime Minister Imran Khan on Monday. According to the sources the amnesty would be introduced from April 15, 2019 and will continue till June 30, 2019. The […]

by Faisal Shahnawaz