Method of accounting for computing income tax

KARACHI: Federal Board of Revenue (FBR) has said that a person’s income chargeable to tax shall be computed in accordance with the method of accounting regularly employed by such person. Read more »

Payment for transactions above Rs50,000 must be made through crossed cheque

KARACHI: Federal Board of Revenue (FBR) has made it mandatory for buyers to make payment above Rs50,000 through crossed cheque or banking instruments ensuring transfer of payment to seller’s account. Read more »

Provisional release of offended imported goods

KARACHI: The collector of customs has been empowered to allow provisional release of imported goods, on which any offence is detected, against duty and payment and submission of bank guarantee for penalty... Read more »

Buyers, sellers jointly responsible for payment of unpaid tax

KARACHI: Federal Board of Revenue (FBR) has held responsible buyers and sellers in a supply chain where payment of tax is not deposited into the national kitty. Read more »

FBR explains chargeability of tax on income from property

KARACHI: The rent received or receivable by a person during a tax year is chargeable to tax under head of income from property. Read more »

Customs empowered to stop vessel departure till payment of dues

KARACHI: Pakistan Customs has been empowered to refuse clearance of vessel until payment of dues including port dues and other charges and penalties. Read more »

FBR outlines revised regime of zero-rate sales tax

KARACHI: Federal Board of Revenue (FBR) has outlined the revised regime of zero rating of sales tax on supply of various goods. Read more »

FBR sacks senior auditor for availing plea bargain benefit

ISLAMABAD: The Federal Board of Revenue (FBR) has imposed major penalty of ‘dismissal from service’ upon a senior auditor for availing plea bargain benefit in corruption case. The FBR on Friday said... Read more »

FBR acquires information of motor vehicle purchasers

KARACHI: Federal Board of Revenue (FBR) has asked motor vehicle registration authorities and car manufacturers to provide information of persons, who are registration or purchasing motor vehicles. Read more »

RTO-III Karachi to examine income of all salary persons of private sector

KARACHI: Regional Tax Office (RTO) –III Karachi has been authorized to examine incomes all salary persons in private sector within the jurisdiction of Karachi division. Read more »

FBR makes mandatory for big retail chains to share real-time sales data from December 01

ISLAMABAD: The big retail chains in the country will share their sales data with the Federal Board of Revenue (FBR) on real-time basis from December 01, 2019. In order to implement the... Read more »

Account holders with Rs10 million deposits on FBR’s radar

KARACHI: Bank account holders making aggregate deposits of Rs10 million in a month are on radar of Federal Board of Revenue (FBR) for the purpose of broadening of tax base and identifying... Read more »