Dec 13

FBR Issues Guidelines for Notices on Unexplained Income

Karachi, December 13, 2024 – The Federal Board of Revenue (FBR) has issued detailed instructions to all Chief Commissioners of Inland Revenue (CCIRs) regarding the issuance of notices for unexplained income. These guidelines emphasize the procedural requirements that must be adhered to before initiating proceedings for amending tax assessments.

by Shahnawaz Akhter

Banks Offer Cheaper Loans to Boost ADR Ratios

Dec 13

Money & Banking, Taxation, Top stories

Banks Offer Cheaper Loans to Boost ADR Ratios

Karachi, December 13, 2024 – Banks in Pakistan are under significant pressure to meet Advance to Deposit Ratio (ADR) ratios and are now offering loans below market rates to address this challenge.

by Shahnawaz Akhter

FBR Removes Confusion Regarding Time of Supply for Sales Tax

Dec 12

Taxation

FBR Removes Confusion Regarding Time of Supply for Sales Tax

Karachi, December 12, 2024 – The Federal Board of Revenue (FBR) has clarified the concept of “time of supply” for the collection of sales tax, eliminating ambiguities that previously existed among taxpayers and businesses.

by Shahnawaz Akhter

Who Qualifies as a Tier-1 Retailer under the Sales Tax Act, 1990?

Dec 12

Taxation

Who Qualifies as a Tier-1 Retailer under the Sales Tax Act, 1990?

The Federal Board of Revenue (FBR) has clarified the definition of Tier-1 retailers as outlined under the Sales Tax Act, 1990. This classification is significant for taxation purposes, particularly regarding compliance and documentation requirements.

by Shahnawaz Akhter

PM Shehbaz Constitutes Probe Team for Sales Tax Frauds

Dec 12

Pakistan, Taxation, Top stories

PM Shehbaz Constitutes Probe Team for Sales Tax Frauds

Islamabad, December 12, 2024 – Prime Minister Shehbaz Sharif has taken decisive action against sales tax fraud by forming a high-powered joint inquiry team to investigate and address this pressing issue.

by Faisal Shahnawaz

FBR Explains Federal Excise Duty on Electric Vehicles

Dec 12

Automotive, Taxation

FBR Explains Federal Excise Duty on Electric Vehicles

ISLAMABAD – Chairman Federal Board of Revenue (FBR) Rashid Mahmood Langrial clarified the issue of Federal Excise Duty (FED) on imported electric vehicles (EVs) and hybrid electric vehicles (HEVs) during a briefing to the Senate Standing Committee on Finance and Revenue. He stated that the Ministry of Law would determine whether imported SUVs, including those […]

by Faisal Shahnawaz

Ali A. Rahim Elected Unopposed as KTBA President

Dec 11

Taxation

Ali A. Rahim Elected Unopposed as KTBA President

Karachi, December 11, 2024 – Ali A. Rahim has been elected unopposed as the President of the Karachi Tax Bar Association (KTBA) for the tax year 2025.

by Shahnawaz Akhter

FBR Directs Customs to Ensure Duty Collection on Saturdays

Dec 11

Taxation

FBR Directs Customs to Ensure Duty Collection on Saturdays

Karachi, December 11, 2024 – The Federal Board of Revenue (FBR) has issued specific instructions to Pakistan Customs for ensuring the seamless collection and transfer of duties and taxes on Saturdays.

by Shahnawaz Akhter

FBR Updates Definition of Sales Tax Fraud

Dec 11

Taxation

FBR Updates Definition of Sales Tax Fraud

Islamabad, December 11, 2024 – The Federal Board of Revenue (FBR) has officially updated the definition of sales tax fraud, refining its core language to ensure greater clarity and prevent misinterpretation. This updated definition, which comes as part of the revised Sales Tax Act of 1990, will apply to the tax year 2025 and aims […]

by Shahnawaz Akhter

FBR Clarifies Amendments to Baggage Rules

Dec 11

Taxation

FBR Clarifies Amendments to Baggage Rules

Islamabad, December 11, 2024 – The Federal Board of Revenue (FBR) has issued an official clarification addressing recent confusion regarding proposed amendments to the Baggage Rules, 2006. The clarification comes after the release of draft SRO 2028(I)/2024 dated December 6, 2024, which led to widespread misinterpretation about the valuation limits on personal baggage.

by Shahnawaz Akhter