Pakistan Revenue
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: 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Federal Board of Revenue (FBR), the RTO-II Karachi recommended that Final Tax Regime for commercial importers should be withdrawn as it was creating distortion in the taxation […]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 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 […]
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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 […]
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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 […]
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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 […]
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KARACHI: The officers of Inland Revenue have been authorized for recovery of refunded amount erroneously issued to taxpayer along with penalties and default surcharge.
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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.
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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 […]
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