FBR notifies transfers of IRS officers in BS-19-20

Oct 13

Taxation

FBR notifies transfers of IRS officers in BS-19-20

ISLAMABAD: The Federal Board of Revenue (FBR) on Wednesday notified transfers and postings of senior officers of Inland Revenue Service (IRS) in BS-19 and BS-20 with immediate effect and until further orders: The FBR notified transfers and postings of following IRS officers: 01. Faheem Mohammad (Inland Revenue Service/BS-20) has been transferred and posted as Chief, […]

by Hamza Shahnawaz

Sugar mills agree to implement track, trace system

Oct 13

Taxation

Sugar mills agree to implement track, trace system

KARACHI: The sugar mills have agreed to allow the tax authorities to monitor the production and supply through track and trace system. In this regard a tri-partite agreement was signed at Large Taxpayers Office (LTO), Karachi. The agreement was signed by the representatives of sugar mills, Federal Board of Revenue (FBR) and the consortium AJCL/ […]

by Mrs. Anjum Shahnawaz

Sections 238, 239, 240, 241, 242 of Tax Ordinance

Oct 13

Taxation

Sections 238, 239, 240, 241, 242 of Tax Ordinance

The Federal Board of Revenue (FBR) issued the Income Tax Ordinance, 2001 updated up to June 30, 2021. The Ordinance incorporated amendments brought through Finance Act, 2021. Following is the text of Sections 238, 239, 240, 241, 242 of Income Tax Ordinance, 2001: 238. Repeal. — The Income Tax Ordinance, 1979 (XXXI of 1979), shall stand repealed on […]

by Faisal Shahnawaz

FBR’s powers to enforce electronic record keeping

Oct 13

Taxation

FBR’s powers to enforce electronic record keeping

Section 237A of the Income Tax Ordinance, 2001 empowers the Federal Board of Revenue (FBR) to enforce the use of electronic modes for record keeping.

by Faisal Shahnawaz

FBR directs tax officials to avoid ‘hazards of litigation’

Oct 13

Taxation

FBR directs tax officials to avoid ‘hazards of litigation’

ISLAMABAD: The Federal Board of Revenue (FBR) on Tuesday directed tax officials to ensure all formalities while initiating action against taxpayers to avoid “hazards of litigation.” In an official note issued to all field offices, the FBR outlined measures for tax officials to avoid unnecessary litigation. A day earlier the FBR issued an official note […]

by Faisal Shahnawaz

IR officers to freeze bank accounts for tax recovery

Oct 11

Taxation

IR officers to freeze bank accounts for tax recovery

ISLAMABAD: The officers of Inland Revenue (FBR) have been authorized to access bank accounts of taxpayers for recovery of outstanding duty and taxes. In an official memo issued on Monday, the Federal Board of Revenue (FBR) has restored the powers of Commissioners IR to exercise their powers under Income Tax Ordinance, 2001 and Sales Tax […]

by Faisal Shahnawaz

Tax ordinance empowers FBR to make rules

Oct 11

Taxation

Tax ordinance empowers FBR to make rules

Section 237 of Income Tax Ordinance, 2001 has explained the tax ordinance empowered the Federal Board of Revenue (FBR) to make rules. The Federal Board of Revenue (FBR) issued the Income Tax Ordinance, 2001 updated up to June 30, 2021. The Ordinance incorporated amendments brought through Finance Act, 2021. Following is the text of Section 237 of Income Tax […]

by Faisal Shahnawaz

Payment to residents for use of machinery, equipment

Oct 10

Taxation

Payment to residents for use of machinery, equipment

Section 236Q of Income Tax Ordinance, 2001 describes the certain authorities that are not applicable to pay advance tax. The Federal Board of Revenue (FBR) issued the Income Tax Ordinance, 2001 updated up to June 30, 2021. The Ordinance incorporated amendments brought through Finance Act, 2021. Following is the text of Section 236Q of Income Tax Ordinance, 2001: 236Q. […]

by Hamza Shahnawaz

Oct 10

Energy, Taxation

Sales tax on petrol slashed to 6.84%

In a move aimed at providing relief to consumers, the federal government has announced a reduction in the sales tax rates on the supply of petrol and high-speed diesel (HSD).

by Mrs. Anjum Shahnawaz