Pakistan Revenue
ISLAMABAD: Federal Board of Revenue (FBR) on Saturday notified sales tax rates for petroleum products for the month of May 2019. The FBR issued SRO 507(I)/2019 on May 04, 2019 to amend the rates issued on April 30 and also amend the SRO 57(I)/2016 dated January 29, 2016. Following sales tax rates on petroleum products […]
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KARACHI: Federal Board of Revenue (FBR) has issued updated withholding tax rates on purchase and registration of motor vehicles. The withholding tax rates have been updated through Finance Supplementary (Second Amendment) Act, 2019 as on March 09, 2019.The withholding tax rate on registration of motor vehicle to be collected by excise and taxation department of […]
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KARACHI: The officers of Inland Revenue have vast powers under sales tax laws to recover outstanding amount from taxpayers. Section 48 of updated Sales Tax Act, 1990 issued by Federal Board of Revenue (FBR) explained the powers of IR officers for recovery of outstanding amount from taxpayers. Section 48: Recovery of arrears of tax. Sub-Section […]
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KARACHI: Federal Board of Revenue (FBR) will start proceeding to blacklist a major oil marketing company after suspending this week for non-compliance and suppressing sales to evade taxes. The FBR suspended the sales tax registration of M/s. Hascol Petroleum Limited earlier this week for evading sales tax to the tune of Rs3.9 billion by concealing […]
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KARACHI: The sales tax laws have authorized suo moto powers to Federal Board of Revenue (FBR) and Commissioner of Inland Revenue (IR) to call for records from department and taxpayers. The Section 45 of updated Sales Tax Act, 1990 explained the suo moto powers of FBR and IR commissioner to call for records in any […]
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KARACHI: Federal Board of Revenue (FBR) may post an officer of Inland Revenue to the premises of a registered taxpayer to monitor sale, purchase and production activities. The Section 40 of updated Sales Tax Act, 1990 explained the powers of FBR and Inland Revenue officers under the law. Section 40: Searches under warrant Sub-Section (1): […]
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ISLAMABAD: Tomorrow April 30, 2019 is the last day for filing income tax return for Tax Year 2018, which was extended many times since the actual filing date. Sources in on Monday said that the Federal Board of Revenue (FBR) may further extend the last date for filing income tax returns with the launch of […]
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KARACHI: Federal Board of Revenue (FBR) has updated withholding tax card for Tax Year 2019 incorporating amendment made to Income Tax Ordinance, 2001 through Finance Supplementary (Second Amendment) Act, 2001. Following are the withholding tax rates for dividend income and return on investment in Sukuk under Section 150 and Section 150 A updated up to […]
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KARACHI: Authorized officers of Inland Revenue have access to business premises of sales tax registered taxpayers to inspect record of sales and purchases. According to Section 38 of updated Sales Tax Act, 1990 issued by Federal Board of Revenue (FBR), explained the powers of authorized officers of Inland Revenue to enter business premises for inspecting […]
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KARACHI: The sales tax law has authorized officers of Inland Revenue to arrest persons committing fraud or any other offence. The Section 37A of the updated Sales Tax Act, 1990 issued by Federal Board of Revenue (FBR) explained the powers of IR officers for making arrests. Section 37A: Power to arrest and prosecute Sub-Section (1): […]
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