The Federal Board of Revenue (FBR) has unveiled insights into the tax treatment of properties co-owned by two or more individuals through Section 66 of the Income Tax Ordinance, 2001.
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Stay updated on taxation news, tax laws, FBR policies, compliance, audits, income tax, sales tax, and fiscal developments in Pakistan.
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Tax rates on immovable properties for 2021-2022
The Federal Board of Revenue (FBR) has issued updated rates of withholding tax on sale and purchase of immovable properties.
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FBR disposes of 25,323 appeals involving Rs900bn tax
ISLAMABAD: The Legal Wing of the Federal Board of Revenue (FBR) has disposed of 25,323 appeals involving tax revenue of around Rs900 billion during fiscal year 2020/2021.
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FBR posts officials at retail outlets for sales monitoring
KARACHI: The Federal Board of Revenue (FBR) has initiated action against big retailers by posting tax officials at business premises for monitoring of sales.
Corporate Tax Office (CTO) Karachi, an arm of the FBR, has posted its staff at eight outlets of a big retailer for checking sales, purchase and production of saleable goods.
The tax office posted its staff at eight outlets of Clifton Nimco Private limited under Section 40B of the Sales Tax Act, 1990.
Sources said that it was major step taken by the tax authorities to check tax evasion at retail level.
They said that the step was taken on the directives of Dr. Aftab Imam, chief commissioner inland revenue in order to assure the retail unit is making true declaration of its sales.
The tax office also enforced sales tax rules to install point of sale (POS) at the outlet, which is mandatory for big retailers.
Installing POS machine is mandatory for all retailers falling under category of Tier-1 retailers.
One of the major changes brought through the Finance Act, 2021 that all those outlets accepting debit and credit cards are required to integrate their sales with the FBR.
The sources said that the team of the tax officials would depute till gathering of require information to ascertain the sales and income of the outlet.
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FBR increases minimum prices of steel products
The Federal Board of Revenue (FBR) announced on Wednesday that it has increased the minimum prices of steel products in an effort to align them with the rising costs observed in both domestic and international steel markets.
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Tax rates on car registration for 2021-2022
The Federal Board of Revenue (FBR) has issued revised rates for advance tax on the registration or transfer of motor car.
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MCC Gwadar announces auction of vehicles on Aug 13
KARACHI: Model Customs Collectorate (MCC), Gwadar has announced auction of old and new lot of confiscated vehicles to be held on August 13, 2021.
The auction will be held at Customs House, Gaddani on ‘as is where is’ basis.
The collectorate to auction following confiscated vehicles:
01. Toyota Land Cruiser, Reg No. BC-0448, Chassis No. HJ61-002060, Engine No. Nil, Model: 1986
02. Hino Bus, Reg No. BSB-808, Chassis No. AK1JRKA-16027, Engine JO8CB16832, Model:2012
03. Coach, Reg No. BSA-515, Chassis No. AK1JMKA-1415, Engine No. Nil, Model: Nil
04. Toyota Land Cruiser (Red), Reg No. BA-8164, Chassis No. BJ160-009711, Engine No. Not Traceable, Model: 1985
05. Indus Corolla Car, Reg No. GF-1411, Chassis No. AE100-0028693, Engine No. Not Traceable, Model: 1994
06. Land Cruiser Prado, Reg No. Not Traceble, Chassis No. LJ78-0002499, Model. 1990
07. Toyota Land Cruiser, Reg No.BA-5186, Chassis No. HJ60-009651, Model. 1984
08. Toyota Land Cruiser, Reg: JAA-889, Ch# BJ-60-020679, Model: 1988
09. Mitsubishi Pajero, Reg: JAL-231, Ch# LO48G-3005856, Model: 1985
10. Land Cruiser, Reg: QAB-1649, Ch# HJ61-013994, Model:1989
11. Toyota Jeep Land Cruiser, Reg: AFR-2015, Ch: FJ40-371932, Model: 1989
12. Toyota Land Cruiser, Reg: Nil, Ch:# LJ78-0039971, Eng:# ZL-33868, Model: 1993
13. Honda Civic Car, Reg: Nil, Ch:# ESI-1600827, Eng:#D1610173-004871, Model: 2002
14. BMW, Reg: Nil, Ch:# WBAGL62090DJ92594, Eng:#CC-300, Model: 2002
15. Toyota Surf, Reg: Nil, Ch:# KZN130-9032504, Eng:#Not Traceable, Model: 1993
16. Toyota Land Cruiser, Reg No. LSA-3469, Chassis No.FJ55-88824, Engine No. Nil, Model: 1992
17. Hino Bus, Reg No. CH-14538, Chassis No. AK8JRKA-14538, Engine No. Nil, Model: 2016
18. Hino Bus, Reg No. BSA-554, Chassis No. AK1JRKA-11056, Engine No. Nil, Model: Nil
19. Hino Bus, Reg No. JB-3335, Chassis No. AK8JRKA-15635, Model: 2012
20. Hino Bus, Reg No. BSA-327, Chassis No. AK17X-41808, Engine No. –Model: 1992
21. Hino Bus, Reg No. BSA-571, Chassis No. AK-I-JRKA-16707, Engine No. Nil, Model: 2011
22. Toyota Land Cruiser, Reg No. QBA-3037, Chassis No. FZ180-016013, Model Nil
23. Nissan Sunny Car, Reg No. Nill, Chassis No. JN1BDAB14Z0336115, Engine No. GMI-6080565, Model: Nill
24. Honda Accord, Reg No. AVP-786, Chassis No. CL7-3003313, Engine No. N/A, Model: Nill
25. Toyota Altis Car, Reg No. AZR-182, Chassis No. ZZE142-7403917, Engine No. N/T, Model: N/T
26. Mitsubmishi Pejero, Reg No.KB-1782, Chassis No. CL048VFY100117, Engine No. N/T, Model: N/T
27. Mitsubishi Pejero, Reg No.Nill, Chassis No. V45-4401374, Engine No. 2L2678454, Model: 1998
28. Mitsubishi Pejero, Reg No.JAB-248, Chassis No. LJ78-00151955, Engine No. –TE, Model: Nill
29. Mitsubishi Pejero (03 Door), Reg No.LSC-5465, Chassis No. V24-7700536, Engine No. 4D56-T7UF, Model: Nill
30. Toyota Land Cruiser, Reg No.BD-4472, Chassis No. FZJ80-0022240, Engine No. N/T, Model:1992
31. Toyota Land Cruiser, Reg No.BF-7385, Chassis No. HZJ80-0011965, Engine No. N/T
32. Toyota Land Cruiser, Reg No.Nill, Chassis No. LENFN28FX95300066, Engine No. 312684, Model:Nill
33. Toyota Land Cruiser Prado, Reg No.JAF-883, Chassis No. IZJ78-0027017, Engine No.1KZIT, Model:1996
34. Toyota Hilux Pickup, Reg No.WAE-893, Chassis No. RN43-008601, Engine No.Nill, Model:Nill
35. Toyota Land Cruiser, Reg No.JAA-038, Chassis No. HJ61-006515, Engine No.1158881, Model:1987
36. Toyota Land Cruiser, Reg No.JAA-195, Chassis No. LJ71-0003920, Engine No.2L-1651949, Model:Nill
37. Pejero, Reg No.JAA-983, Chassis No. CL0048VGJ400698, Engine No.Nill, Model:Nill
38. Toyota Land Cruiser, Reg No.JAC-265, Chassis No. KZJ78-0001358, Engine No.1KZ-TE-0005609, Model:NIll
39. Toyota Land Cruiser, Reg No.JAD-117, Chassis No. FZ-J80-0163691, Engine No.Nill, Model:Nill
40. Hino Mazda Truck, Reg No. JW-1236, Chassis No. AK176KA-43256, Engine No. 12181, Model: 1992
New Lots
41. Toyota Mark-X Car, Reg No. AYH-634, Chassis No. GRX121-3002167, Engine No. 3GR-00666157, Model: 2007
42. Toyota Prius Car, Reg No. AVK-555, Chassis No. NHW20-0008279, Engine No. A.311091, Model: 2004
43. Toyota Mark-X Car, Reg No.AFR-2020, Chassis No. GRX121-1002780, Engine No. 3GR-FSE, Model: 2004
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Tax credit for capital investment in specified sectors
Section 65G of Income Tax Ordinance, 2001 has allowed tax credit for capital investment in specified industrial undertakings.
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Law allows certain persons to avail tax credit
Section 65F of Income Tax Ordinance, 2001 has allowed tax credit for certain persons against their incomes.
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Tax credit for establishing industrial undertaking
Tax credit for establishing industrial undertaking has been clarified by the Federal Board of Revenue (FBR) to facilitate the business community.
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