Pakistan Revenue
KARACHI: The sales tax laws have empowered officers of Inland Revenue to summon person in legal proceedings for evidence and produce documents. According to updated Sales Tax Act, 1990 issued by Federal Board of Revenue (FBR), Section 37 explains power of IR officers to summon persons. Section 37: Power to summon persons to give evidence […]
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KARACHI: A person willfully does not make sales tax payment or commits fraud shall liable to pay default surcharge along with actual amount. According to updated Sales Tax Act, 1990 issued by the Federal Board of Revenue (FBR) the default surcharge has been explained through Section 34. Section 34: Default Surcharge Sub-Section (1): Notwithstanding the […]
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ISLAMABAD: Federal Board of Revenue (FBR) on Thursday notified rules to make Alternate Dispute Resolution Committee (ADRC) functional for cases in sales tax and federal excise. The FBR issued SROs 488 and 489 (I)/2019 to notify the rules. The ADRC is required to decide a case within 120 days and the decision will have binding […]
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KARACHI: Pakistan Stock Exchange (PSX) has proposed to exempt capital gain tax (CGT) on disposal of securities by foreign investors. The PSX in its proposals for budget 2019/2020 on Thursday, recommended the exemption of CGT on disposal of securities by foreign investors. Giving rationale to its proposals, the PSX said that the exemption of CGT […]
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KARACHI: Any persons attempted to gain unauthorized access to computerized system of Federal Board of Revenue (FBR) is liable to penalty and imprisonment up to one year. According to updated Sales Tax Act, 1990 issued by the FBR, the person trying to get unlawful access to computerized system would face harsh action. The law explained: […]
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KARACHI: The decision of Supreme Court of Pakistan has paved way for Federal Board of Revenue (FBR) to collect withholding tax on telephone usages under Section 236 of Income Tax Ordinance, 2001. The apex court on Wednesday restored taxes on pay cards to use mobile phone services. The court suspended the levy of taxes on […]
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ISLAMABAD: The government is reportedly planning to roll out a much-anticipated tax amnesty scheme during the last two months of the current fiscal year, with a conclusion targeted before the initiation of the International Monetary Fund (IMF) loan program.
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KARACHI: A person may be penalized up to five year imprisonment for obstructing or denying access any officer of Inland Revenue to the business premises or records. The updated Sales Tax Act, 1990 issued by Federal Board of Revenue (FBR) explained offenses and penalties. As per Section 33 of the Sales Tax Act, 1990 following […]
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KARACHI: The sales tax law has defined fine and penalty for persons fail to file sales tax returns within due date. The law also defined penalty for miscalculation and other obligations. The updated Sales Tax Act, 1990 issued by the Federal Board of Revenue (FBR) explained the offences and penalties under section 33. Following are […]
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KARACHI: Persons making taxable supplies but failed to get registration with tax department then such persons are liable to three years imprisonment, which may be extendable. According to updated Sales Tax Act, 1990 issued by Federal Board of Revenue (FBR), the fines and penalties had been prescribed for persons deliberately violated the laws. According to […]
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