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Category: Taxation

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  • Group formed to remove irritants in FBR-NADRA data sharing

    Group formed to remove irritants in FBR-NADRA data sharing

    ISLAMABAD: Adviser to the Prime Minister on Finance and Revenue Dr. Abdul Hafeez Shaikh on Thursday constituted a high powered group to remove difficulties in data sharing between Federal Board of Revenue (FBR) and National Database Registration Authority (NADRA).

    The adviser stressed on the need to establish a link between NADRA and FBR for data sharing and data analytics.

    He created a subgroup of members to point out and sort the difficulties that are hindering the progress on the data sharing issue between the two organizations.

    This subgroup consists of Hammad Azhar, Ishrat Hussain, Faiz Kamoka, Chairman FBR and Chairman NADRA; the subgroup will share its report with the chairman in a week.

    Adviser to the Prime Minister on Finance and Revenue Dr. Abdul Hafeez Shaikh chaired the second meeting of the FBR Policy Board here at the FBR Headquarters.

    Chairman FBR briefed the Adviser on the efforts the institute has been making to improve the abilities and expertise of its human resource and on the progress of the automation drive of FBR/Customs.

    Chairman FBR briefed the Adviser on measures taken and future course planned to improve skills and competence of its staff by providing different in-house and foreign trainings to improve managerial competence and adopt a culture of performance based incentives including promotions.

    He also briefed the Adviser on the work being done on the IRIS (software) side to consolidate various application platforms into one to improve efficiency and performance.

    The Chairman further informed that a technologically advanced sales tax registration verification mechanism is introduced whereby officers with tablets will be sent to capture real time information and pictures including GPS coordinates of businesses requiring verification.

    Details of data sharing arrangements agreed to by 12 other organizations with FBR were also discussed in the meeting. The Adviser took a special notice of the difficulties the traders are facing due to stoppage of containers at the Torkham Border.

    Member customs informed that necessary steps have been taken and the issue will be resolved within the coming weeks.

    Syed Javed shared his recommendations on PRAL and told that CEO PRAL has been appointed. The next meeting of the policy Board will be held by the end of this month and the ToRs of the policy Board will be presented for approval.

    Hammad Azhar and Abdullah Yousaf shall prepare the said ToRs.

  • FBR to introduce pre-filler return forms

    FBR to introduce pre-filler return forms

    ISLAMABAD: Federal Board of Revenue (FBR) is planning to introduce pre-filler return forms to save taxpayers’ time in filing the information every time they fill the form.

    Member IT FBR, Asim Ahmed said that the board had already obtained data of government employees from the AGPR for the purpose, and initially the pre-filler forms would be introduced for the government employees, which could be then extended to other possible tax filers.

    The FBR on Wednesday launched user-friendly mobile application for filing income tax returns and also introduced a new and simplified tax return form to facilitate filers to file their return with ease.

    Briefing the media about the various features of the application and new tax form, which is available at the website of the board as well as could be accessed through mobile phone application, member inland revenue FBR, Ch. Muhammad Tarique said it was after a great hard work by the IT department of the board that such application was developed.

    “You will feel it very easy to use it and file income tax returns,” he said while responding to various queries of the journalists.

    He said that the board also intends to launch an awareness campaign to educate people as well as its own staff to use the application, adding that it would also consider to attach a help guide with the application to help consumers resolve the issues at their own.

    He said that currently the application was available in English language only, however the board would consider to launch its Urdu version to facilitate maximum number of people.

    Member IT, Asim Ahmed said that although the board was having real time integration with NADRA and was using its database for various purposes, however said the FBR would not provide data of third-party to NADRA.

    To a question, he said that there was minimal possibility of data theft from the FBR system.

    He said that the FBR could allow third party to make applications through which consumers could file tax returns, adding that around three consultants have approached FBR to develop application through which the tax could be filed in IRIs system of FBR.

    He said that the board had also established help desks to provide assistance to the people who face difficulties in filing their returns.

    Spokesperson FBR, Syed Nadeem Hussain Rizvi said that the FBR had also added a new page in income tax filer application for traders to file their income tax return.

  • FBR notifies panels for alternate dispute resolution

    FBR notifies panels for alternate dispute resolution

    ISLAMABAD: Federal Board of Revenue (FBR) on Tuesday notified panel of persons in all major cities of the country for alternate dispute resolution.

    The FBR issued SRO 810(I)/2020 to notify the setting up the committees under Income Tax Ordinance, 2001, Sales Tax Act, 1990 and Federal Excise Act, 2005.

    The FBR notified the panel of the following persons for constitution of committees for Alternate Dispute Resolution:

    KARACHI:

    01. Rehmatullah Khan Wazir, Ex-Member, FBR

    02. Khawaja Tanweer Ahmed, Ex-Member, FBR/Advocate

    03. Dr. Tariq Masood, Ex-Member, FBR

    04. Vishno Raja Qavi, Ex-Commissioner/Advocate

    05. Misri Ladhani, ex-Chief Commissioner/Advocate

    06. Agha Shahid Majeed, Ex-Member, Tribunal

    07. Iftikhar Qutub, Ex-Director General, Customs

    08. Adnan Mufti, Chartered Accountant

    09. Hassan Naeem, Chartered Accountant

    10. Hyder Ali Patel, Chartered Accountant

    11. Saqib Masood, Chartered Accountant

    12. Qadeer Ahmed, Chartered Accountant

    13. Ms. Asra Rauf, Chartered Accountant

    14. Muhammad Raza, Chartered Accountant

    15. Amin Bandukwala, Businessman

    16. Bilal Mahpara, Chartered Accountant

    17. Abid Shaban, Advocate

    18. Ghulam Abbas Kertwala, Chartered Accountant

    19. Zeeshan Zafar (KPMG), Chartered Accountant

    20. Zeeshan Merchant, Chartered Accountant

    21. Gohar Manzoor, Chartered Accountant

    22. Ameen Baimani, Chartered Accountant/Businessman

    23. Imtiaz Zuberi, Advocate

    24. Shaikh Shakeel Ahmed, Businessman

    25. Saleem Siddiqui, Chartered Accountant

    26. Qadir Memon, Tax Practitioner

    27. Aijaz ud Din Qureshi, Advocate

    28. Zubair Tufail, Taxpayer

    29. Abdul Qadir Memon, ex-President PTBA

    30. Arshad Siraj, Advocate

    31. Majid Kandawala, Chartered Accountant

    32. Ashfaq Tola, Chartered Accountant

    33. Abdul Haseeb Khan, Taxpayer

    34. Wajid Jawwad, Taxpayer

    35. Anwar Aziz, Businessman

    36. Imran Shuakat, Businessman

    37. Mirza Ikhtiyar Baig, Industrialist

    38. Ali A Rahim, Tax Practitioner

    39. Ameer Bakhsh Metlo, Advocate

    40. Muhammad Amin Faheem, Chartered Accountant

    41. Mohammad Idrees, Businessman

    42. Yasin Merchant, Advocate

    43. Shekha Mufti, Chartered Accountant

    44. Abdul Khaliq Khatri, Advocate

    ISLAMABAD:

    01. Babar Bilal, Advocate

    02. Saeed Ahmed Zaidi, Advocate

    03. Aazar Hameed, Chartered Accountant

    04. Ms. Sadia Nazir, Partner KPMG

    05. Waqar Zafar, Chartered Accountant

    06. Tariq Sadiq, Director, Sihala Flour Mills

    07. Hafiz Muhammad Idrees, Advocate

    08. Waqar Zafar Ahmed, Chartered Accountant

    09. Ch. Naeem ul Haq, Advocate

    10. Shahzad Qazi, Chartered Accountant

    11. Syed Tauqeer Bukhari, Advocate

    12. Zahid Latif Khan, MD Islamabad Stock Exchange

    LAHORE:

    01. Nameed Akhtar Sheikh, Chartered Accountant

    02. Asim Zulfiqar, Chartered Accountant

    03. Muhammad Awais, Chartered Accountant

    04. Mansoor Baig, Advocate

    05. Khurram Shahbaz Butt, Advocate

    06. Zeeshan Ijaz, Chartered Accountant

    07. Sufi Tanveer, Businessman

    08. Rizwan Bashir Sheikh, FCA

    09. Syed Mehtab Haider Kazmi, ACCA

    10. Amir Younas, CA

    11. Muhammad Ijaz Ali Bhatti, Advocate

    12. Saeed ur Rehman Dogar, Advocate

    13. Adil Jillani, Chartered Accountant

    14. Mardan Ali Zaidi, Businessman

    15. Ihsan ur Rehman, Advocate

    RAWALPINDI:

    01. Zahid Idrees Mufti, Advocate

    02. Muhammad Amir Malik, Advocate

    03. Malik Itaat Hussain Awan, Advocate

    04. Dr. G M Chaudhary, Advocate

    05. Muhammad Irshad Chaudhary, Advocate

    06. Ch. Naeem ul Haq, Advocate

    07. Habib Fakhar ud Din, FCA

    08. Shehzad Qazi, FCA

    09. S M Naseem, Businessman

    10. Malik Shahid Saleem, Businessman

    GUJRANWALA:

    01. Mian Abdul Ghaffar, Advocate

    02. Siddiqui Ahmed Ch., Advocate

    03. Abid Hussain Awan, Advocate

    04. Abid Raza Kazmi, Advocate

    05. Siddique Ahmed Bhatti, Advocate

    06. Ch. Shafaqat Ali Buttar, Chartered Accountant

    07. Ghazanfar Mehmod, Chartered Accountant

    08. Malik Zaheer ul Haq, Businessman

    09. Mian Umer Saleem, Businessman

    10. Hafiz Abdul Waheed, Businessman

    ABBOTTABAD:

    01. Agha Sbabbir Ahmed Awan, Advocate

    02. Bashir Ahmed, Advocate

    03. Mudassir Malik, Advocate

    04. Rashid Javed, Accountant

    MULTAN:

    01. Sh. Fazal Elahi, Businessman/President Multan Chamber of Commerce and Industry

    02. Talat Javed, Chartered Accountant

    03. A Moeed Khawaja, Tax Practitioner

    04. Waqas Khalid, Chartered Accountant

    05. Rashid Bashir, Advocate

    SUKKUR

    01. Saeed Akhtar, Advocate

    02. Eng. Abdul Fatah Shaikh, Businessman

    03. Anwar Ali Janwari, Advocate

    04. Aamir Ali Khan Ghouri, Taxpayer

    05. Asif Iqbal Sheikhani, Advocate

    06. Ludomal, Taxpayer

    QUETTA:

    01. Kamal Hassan Siddiqui, Advocate

    02. Muhammad Muneeb, FCMA

    03. Abdul Samad, Businessman

    04. Badaruddin, Businessman

    SIALKOT:

    01. Ch. Ahmed Zulfiqar Hayat, Businessman

    02. Aftab Hussain Nagra, Advocate

    03. Malik Muhammad Ashraf Awan, Businessman

    04. Zulfiqar Ahmed Nasir, Chartered Accountant

    FAISALABAD

    01. Ahammad Jabbar, FCA

    02. Muhammad Yousaf Shekh, Nominee of PTBA

    03. Asad Ali Malkana, Nominee of PTEA

    04. Farooq Yousaf, Nominee of FCCIF

    05. Khan Muhammad, Chartered Accountant

    06. Mian Muhammad Irshad, FTBC

    07. Muhammad Naseeb, PTEA

    08. Kashif Zia, FCCIF

    09. Khubaib Ahmed, FTBA

    10. Azizullah Goheer, PTEA

    11. Arif Ehsan Malik, FCCIF

    SAHIWAL

    01. Shaikh Muhammad Ahsan, Advocate

    02. Faiz ul Hassan Gilani, Advocate

    SARGODHA

    01. Gulzar A Sheikh, Taxpayer/Businessman

    02. Mukhtar Ahmed Mirza, Taxpayer/Businessman

    03. Tariq Yaqoob, Taxpayer/Businessman

    04. Umar Ashraf Bhatti, Advocate

    05. Malik Naik Muhammad, Advocate

    06. Rana Saghir Ahmed, Advocate

    07. Muhammad Safdar Saleemi, Advocate

    BHAWALPUR

    01. Javed Iqbal Ch., Advocate

    02. Iqbal Haider, FCMA

    03. Masood A Majeed, Chairman, Asia Ghee Mills (Pvt) Ltd

    04. Dr. Rana Muhammad Tariq, Managing Director, Shamim Group of Industries

    05. Mian Mehmood Ahmad, ex-Chairman PCGA, Rahimyar Khan

    06. Aijaz Nazam, ex-President, BCCI

    HYDERABAD:

    01. A S Jaffri, Advocate

    02. Shahid Hussain Abbasi, Advocate

    03. Muhammad Asif Memon, Businessman

    04. Doulat Ram, Businessman

    05. Turab Ali Khoja, Businessman

    06. Tanweer Arif, Chartered Accountant

    07. Saman Mal, Businessman

    08. Zubair Ghangra, Businessman

    09. Imamuddin Shoqeen, Businessman

    PESHAWAR:

    01. Muhamamd Ahmad Shahid, Chartered Accountant

    02. Ghulam Shoib Jally, Advocate

    03. Engr. Maqsood Anwar Pervez, Businessman

    04. Zahidullah Shinwari, Businessman

  • FBR gives around 21 days to taxpayers for filing income tax returns

    FBR gives around 21 days to taxpayers for filing income tax returns

    ISLAMABAD: Federal Board of Revenue (FBR) has given around 21 days time-line to taxpayers to file their return of income for tax year 2020.

    The FBR issued SRO 822(I)/2020 to notify the finalized income tax return form for initiation of return filing for the tax year 2020.

    The FBR about 20 day ago issued draft income tax return form and invited comments from stakeholders within seven days.

    The filing of income tax return for tax year 2020 is due on September 30, 2020 as per Income Tax Ordinance, 2001 for taxpayers other than corporate entities having financial year ending on June 30.

    Therefore, taxpayers including salaried persons, business individuals, Association of Persons (AOPs), persons falling under final tax regime and corporate entities having special tax year will require to file their income tax returns by September 30, 2020.

    Tax experts said that the late issuance of return forms will compel the FBR to extend to last date for filing the returns. They said that as per statute the income tax return filing is due from July 01 every year, which means the FBR should give taxpayers, who are required to file their return by September 30, at least three months from the issuance of the return form.

    For the past many years it has become a routine matter for the FBR to delay the issuance of income tax return form which resulted in repeated extensions.

    The final income tax return form for salaried persons, business individuals, AOPs and companies can be downloaded here:

    Final Income Tax Return Form for Tax Year 2020

  • FBR launches single page return form for traders

    FBR launches single page return form for traders

    ISLAMABAD: Federal Board of Revenue (FBR) on Tuesday launched single page income tax return form for traders in order to facilitate this segment of the economy to comply with the mandatory requirement.

    The FBR issued SRO 821(I)/2020 to launch the draft income tax return form for traders having turnover less than Rs10 million. The FBR invited comments on the draft return form from stakeholders to finalize the form.

    In the single return form, the traders shall require to provide following details:

    01. Business turnover/receipts

    02. Cost of sales

    03. Opening stock

    04. Purchases

    05. Closing stock

    06. Other direct expenses

    07. Gross profit

    08. Profit and loss expenses

    09. Total income

    10. Net profit/taxable income

    11. Tax chargeable

    12. Tax payable whichever is higher

    The traders shall also require to submit simple wealth return form. In this form the traders shall provide following details:

    01. Immovable properties

    02. Shop

    03. Moveable assets

    04. Business capital

    05. Investment/advance

    06. Cash in hand/bank

    07. Investment/advance

    08. Loan/liabilities

    09. Net assets

    10. Reconciliation of net assets

    11. Net assets current year

    12. Net assets previous year

    13. Increase/decrease in assets

    14. Income as per return

    15. Other inflows (gift, loan, remittances etc.)

    16. Outflows (gift, loan etc.)

    17. Personal expenses

  • Withholding tax rate on non-cash banking transactions updated

    Withholding tax rate on non-cash banking transactions updated

    ISLAMABAD: Federal Board of Revenue (FBR) has updated withholding tax rate on non-cash banking transactions made by persons not appearing on the Active Taxpayers List (ATL).

    The FBR issued withholding tax card 2020/2021 updated up to June 30, 2020.

    The FBR said that 0.6 percent withholding tax rate is applicable on non-cash banking transactions under Section 236P of Income Tax Ordinance, 2001. It said that every banking company shall collect withholding tax from persons not on the ATL at the time of sale of such instruments. The tax so deducted/collected shall be adjustable.

    Under the Section 236P:

    (i) Every banking company shall collect advance tax from a person whose name is not appearing in the Active Taxpayers List on sale of instruments, including demand draft, pay order, special deposit receipts, cash deposit receipt, short term deposit receipt, call deposit receipt and rupee travelers’ cheque, where payment for sum total of all transactions exceed Rs50,000 in a day.

    (ii) Every banking company shall collect advance tax from a person whose name is not appearing in the active taxpayers list on transfer of any sum through cheque or clearing, interbank or interbank transfers through cheque, online/telegraphic/mail transfer, where payment for sum total of all transactions exceeds Rs50,000 in a day.

  • Marriage halls to install fiscal devices for tax reporting

    Marriage halls to install fiscal devices for tax reporting

    ISLAMABAD: Marriage halls and hotels will be required to install electronic fiscal devices for sharing their business transactions with the Federal Board of Revenue (FBR).

    The installation of fiscal devices have been mandatory in order bring certain service providers into the income tax net.

    According to sources that hotels, motels, guest houses, marriage halls, marquees, clubs (including race clubs) are required to install electronic fiscal devices.

    However, exemption from installation of devices are available where: the restaurant is operating otherwise than as part of a food court; and the facility of air-conditioning is not installed or available in the premises.

    The FBR issued SRO 779(I)/2020 dated August 26, 2020 to unveil draft rules to implement the law related to installation of electronic fiscal devices under Income Tax Ordinance, 2001.

    According to the rules, such taxpayers operating in Karachi, Lahore, Islamabad, Rawalpindi, Faisalabad, Multan, Peshawar and Gujranwala will be required to install the fiscal devices.

    The sources said that the installation of fiscal devices to help the FBR in preventing revenue leakages in hospitality sector.

    They said that the taxpayers shall provide all sales data through online system which will be connected to the FBR portal for online monitoring and examination.

  • FBR launches online system to monitor earnings of doctors, medical consultants

    FBR launches online system to monitor earnings of doctors, medical consultants

    ISLAMABAD: Federal Board of Revenue (FBR) has launched an online system to monitor income derived by medical practitioners, doctors and consultants in order to prevent tax evasion.

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  • FBR explains holding period, tax rates on disposal of immovable properties

    FBR explains holding period, tax rates on disposal of immovable properties

    ISLAMABAD: Federal Board of Revenue (FBR) has explained holding period and tax rates for the computation of capital gains on disposal of immovable properties, which were amended through Finance Act, 2020.

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  • FBR enhances threshold to designate withholding agent

    FBR enhances threshold to designate withholding agent

    ISLAMABAD: In a significant move to enhance the ease of doing business, the Federal Board of Revenue (FBR) has announced that taxpayers with a turnover below Rs100 million are now excluded from the mandatory collection and deduction of withholding tax.

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