Sep 21

Outbound passengers to declare currency above $5,000

Federal Board of Revenue (FBR) Wednesday issued draft rules to make it mandatory for outbound passengers to make declaration of currency amounting above $5,000. The FBR issued draft amendment to Baggage Rules, 2006 by issuing SRO 1751(I)/2022 dated September 20, 2022. READ MORE: Rupee ends near historic low; Dollar gains to PKR 239.65 The revenue […]

by Anjum Shah

Dental practitioners directed to get sales tax registration

Sep 21

Taxation

Dental practitioners directed to get sales tax registration

KARACHI: Sindh Revenue Board (SRB) has directed dental practitioners to get registered for sales tax to avoid penal action. The SRB in a circular issued September 21, 2022, said that the services of cosmetic dental surgery, orthodontics, aesthetic dentistry and such other cosmetic and aesthetic dental procedures are taxable services under tariff heading 9842.0000 of […]

by Faisal Shah

FBR advised to fix glitches for smooth filing of income tax returns

Sep 20

Taxation, Top stories

FBR advised to fix glitches for smooth filing of income tax returns

Pakistan Tax Bar Association (PTBA) has urged the Federal Board of Revenue (FBR) to fix glitches in Iris portal for smooth return filing for tax year 2022. In a letter sent to FBR chairman, the PTBA advised that the taxpayers should be provided the statutory period of clear 90 days for submission of their income […]

by Faisal Shah

Tax rates on profit from bank deposits during year 2022/2023

Sep 20

Taxation, Top stories

Tax rates on profit from bank deposits during year 2022/2023

Federal Board of Revenue (FBR) has issued latest tax rates on profit from bank deposits derived during the year 2022/2023. The FBR issued the withholding tax card for tax year 2023 (July 01, 2022 to June 30, 2023) after amending the Income Tax Ordinance, 2001 through changes brought through Finance Act, 2022. The FBR collects […]

by Hamza Shah

School children to promote income tax return filing

Sep 19

National, Taxation

School children to promote income tax return filing

The school children have started motivating their parents to file income tax returns for Tax Year 2022. In this regard Saint Patrick’s High School, Karachi asked a question in the assembly session on September 19, 2022 about the last date of filing income tax return. Few children knew about the deadline and the school management […]

by Faisal Shah

Last date for return filing will not be extended: FBR

Sep 19

Taxation, Top stories

Last date for return filing will not be extended: FBR

ISLAMABAD: Federal Board of Revenue (FBR) on Monday said it will not extend the last date for filing income tax returns beyond September 30, 2022. The FBR sent SMS to taxpayers advising them to file their return of income for the tax year 2022 at the earliest. “The last date to file return is September […]

by Anjum Shah

Pakistan tax agency invites job applications for audit department

Sep 19

National, Taxation

Pakistan tax agency invites job applications for audit department

Pakistan tax agency has invited job applications to fill around 57 vacant posts at its internal audit department. Federal Board of Revenue (FBR), the premier tax agency of Pakistan, said that the vacant posts would be filled in BS-1 to BS-16. It said that the job applications must be submitted by October 02, 2022. Further […]

by Anjum Shah

Up to 70% income tax imposed on dividends for year 2022-2023

Sep 18

Taxation

Up to 70% income tax imposed on dividends for year 2022-2023

KARACHI: A person is not appearing on the Active Taxpayers List (ATL) is liable to pay income tax at 70 per cent dividends during tax year 2022-2023. The Federal Board of Revenue (FBR) has issued latest withholding tax rates for tax year 2022-2023. The rates have been made part of Income Tax Ordinance, 2001 updated […]

by Hamza Shah

FBR suggested fixed tax regime for women entrepreneurs

Sep 18

Taxation, Trade & Industry

FBR suggested fixed tax regime for women entrepreneurs

ISLAMABAD: The Federal Board of Revenue (FBR) has been suggested to introduce fixed tax regime for women entrepreneurs in order to facilitate and encourage businesswomen. The suggestion was made by women entrepreneurs at a meeting with the chairman of Federal Board of Revenue (FBR). READ MORE: FBR announces prize winners of 9th POS balloting FBR […]

by Anjum Shah

FBR announces prize winners of 9th POS balloting

Sep 15

Taxation

FBR announces prize winners of 9th POS balloting

ISLAMABAD: Federal Board of Revenue (FBR) on Thursday announced prize winners of 9th balloting of invoices issued through Point of Sales (POS) installed by big retailers. According to the FBR, the bumper prize of Rs1,000,000 has been awarded to Asfar Imam on the invoice issued by Rehmat e Shereen. READ MORE: FBR announces prize winners […]

by Anjum Shah