Pkrevenue.com

Category: Taxation

Stay updated on taxation news, tax laws, FBR policies, compliance, audits, income tax, sales tax, and fiscal developments in Pakistan.

  • MCC Gwadar announces auction of confiscated vehicles on June 03

    MCC Gwadar announces auction of confiscated vehicles on June 03

    KARACHI: Model Customs Collectorate (MCC) Gwadar has announced auction of confiscated vehicles to be held on June 03 and June 10, 2020 at the Custom House Gwadar.

    A notification issued by the Collectorate stated that vehicles old and used of different make and model and launch without engine would be presented at first auction to be held on June 03, 2020 and in second auction to be held on June 10, 2020 at Custom House Gwadar.

    Following vehicles will be presented for the auction:

    1. Toyota Axio Luxel, 1800CC, Model 2007, Chassis No. ZRE142-6007330, Engine No. ZZRFE-4093073
    2. Toyota Hilux Surf SSR-X, 2700CC, Model 2000, Chassis No. VZN185-9041829, Engine No. 5VZ-FE-3378
    3. Suzuk Jimmy Jeep, 1300CC, Chassis No. JB31W-10334
    4. Land Cruiser V8, 4700CC, Model 2002, Chassis No. UZI100-0140536, Engine No. 2UZ-FE-829811
    5. Toyota Land Cruiser, 4700CC, Model 1998, Chassis No. UZI100-0003462, Engine No. ZUZ-FE4663
    6. Toyota Hilux Surf, 3000CC, Model 1998, Chassis No. RZN185-9041977, Engine No. 3RZ-FE
    7. Toyota Land Cruiser 03 door, Chassis No. VZJ1125-0001242, Engine No. 5VZ-FE-3378
    8. Toyota Corolla X, Chassis No. NZE-120-0123636
    9. Toyota Corolla X, 1500CC, Model 2004, Chassis No. NZE-121-3277622
    10. Toyota Premio, 1794CC, Model 2004, Chassis No. ZZT240-5036121, Engine No. A-582907
    11. Toyota Premio, 1800CC, Model 2006, Chassis No. ZZT240-0113265
    12. Toyota Hilux Surf, 3000CC, Model 1992, Chassis No. LN130-0105065
    13. Toyota Corolla X, Model 2005, Chassis No. NZE121-0373068, Engine No. INZ-A65233
    14. Toyota Premio, Model 2005, Chassis No. ZZT140061952, Engine No. ZZEFE-076639
    15. Toyota Premio, Model 2006, Chassis No. ZZT240-5053096, Engine No. IZZ-FE
    16. Toyota Axio X, Model 2007, Chassis No. NZE141-6024739, Engine No. IZZFE
    17. Toyota Corolla Raum, Model 2003, Chassis No. NCZ20-0018417, Engine No. 1NZ-FE-543056
    18. Zamyad Irani Pickup, Chassis No. NAZPL140-0466694
    19. Toyota Hilux Surf (SSRG), 3378CC, Model 2006, Chassis No. VZN215-0004806, Engine No. 5VZ-FE-3378
    20. Toyota Corolla X, Model 2003, Chassis No. NZE121-3260205, Engine No. 1NZ-FE1496
    21. Toyota Corolla X, 1500CC, Model 2005, Chassis No. NZE121-0353837, Engine No. INZ-FE-B715740
    22. Toyota Corolla X, 1500CC, Model 2005, Chassis No. NZE121-0350500, Engine No. INZ-B698369
    23. Toyota Raum, Model 2004, Chassis No. NCZ20-0042911, Engine No. 1NZ-FE-B121410
    24. Toyota Vitz, Model 2003, Chassis No. SCP13-0024190, Engine No. 2SZ-FE
    25. Toyota Premio, Model 2007, Chassis No. ZRT260-3009646, Engine No. 2ZR-4017915
    26. Toyota Premo, Model 2003, Chassis No. ZZT240-5006935, Engine No. 1ZZ-FE
    27. Toyota Raum, Model 2004, Chassis No. NCZ20-0064404, Engine No. 1NZ-B-451502
    28. Mazda Titan (6-wheeler), 1995CC, Chassis No. KC-WG-67H-100108
    29. Launch without engine
  • FBR extends date for POS integration up to June 30

    FBR extends date for POS integration up to June 30

    ISLAMABAD: Federal Board of Revenue (FBR) on Thursday extended the date for integration of Point of Sale (POS) by high volume retailers up to June 30, 2020.

    The last date for integrating the POS for Tier-1 retailers was April 30, 2020.

    The FBR said that only those retailers can integrate their POS by June 30 who submit their intention to RTOs/LTUs by June 20, 2020.

    FBR sources said that the decision had been taken due to lockdown in the many parts of the country in order to prevent spread of coronavirus the business activities had become stand still.

    They said that big outlets and shopping plazas are observing closure during the lockdown and many of those big retailers would not able to make compliance.

    The deadline was expired on December 15, 2019 which was given by the FBR to tier-1 retailers to integrate their POSs with the FBR online system.

    All tier-1 retailers are required to integrate all their POSs with FBR’s computerized system.

    Tier-1 retailer is defined in section 2(43A) of the Sales Tax Act, 1990, to be a person who falls in any of the following categories:

    (a) a retailer operating as a unit of a national or international chain of stores;

    (b) a retailer operating in an air-conditioned shopping mall, plaza or centre, excluding kiosks;

    (c) a retailer whose cumulative electricity bill during the immediately preceding twelve consecutive months exceeds Rupees twelve hundred thousand;

    (d) a wholesaler-cum-retailer, engaged in bulk import and supply of consumer goods on wholesale basis to the retailers as well as on retail basis to the general body of the consumers; and

    (e) a retailer, whose shop measures one thousand square feet in area or more.

  • SRB extends return filing date up to June 01

    SRB extends return filing date up to June 01

    KARACHI: Sindh Revenue Board (SRB) has extended the date for filing monthly sales tax return for April 2020 up to June 01, 2020.

    In a circular issued on Thursday, the SRB permitted the registered persons, including the withholding agents covered by the provisions of the Sindh Sales Tax Special Procedure (Withholding) Rules, 2014, to:-

    (i) e-deposit the amounts of Sindh sales tax for the tax period April, 2020, on or before Friday, the May 29, 2020, in Sindh Government’s head of account “B-02384” in the prescribed manner; and

    (ii) e-file their tax returns (in Form SST-03 or Form SSTW-03, as the case may be) for the tax period April, 2020, on or before Monday, the 1st June, 2020, in the prescribed manner.

  • No question on source of investment for construction section: FBR

    No question on source of investment for construction section: FBR

    ISLAMABAD: Federal Board of Revenue (FBR) on Thursday highlighted tax relief package and said that source of investment for construction sector will not be investigated.

    The government recently tax relief package for construction sector in order to restore economic activities. The package was also aimed to benefit 40 additional construction-linked industries. Besides, it was also aimed to generate more employment.

    Highlighting the salient features, the FBR said that the tax reform package also allowed 90 percent tax reduction on investment in Naya Paksitan Housing Scheme.

    Further, the package allowed fixed tax scheme with facility to pay tax liability in quarterly installments. Further, the incentive package offers easy and simple tax registration.

    The FBR said that the government has granted concession in income tax and capital gain tax for builders and land developers.

    Further, one time exemption of capital gain tax on sale/purchase of personal accommodation (up to 500 square yards house or 4000 square yards apartment).

    The FBR said that the package extended exemption from requirement of withholding tax on building material and services (except steel and cement).

  • FBR advised to allow examination before filing GDs

    FBR advised to allow examination before filing GDs

    KARACHI: Federal Board of Revenue (FBR) has been advised to allow examination/ weighment should be allowed before filing goods declaration (GDs) in order to verify contents of containers.

    (more…)
  • Probe launched into amnesty scheme cases

    Probe launched into amnesty scheme cases

    ISLAMABAD: The Federal Tax Ombudsman (FTO) has launched investigation of over 12,000 pending cases of aggrieved taxpayers who could not avail amnesty scheme or Assets Declaration Scheme 2019 despite payment of due taxes before the deadline.

    (more…)
  • Islamabad Collectorate announces public auction of confiscated vehicles on May 21

    Islamabad Collectorate announces public auction of confiscated vehicles on May 21

    ISLAMABAD: The Model Customs Collectorate (MCC) Islamabad has announced a public auction of confiscated motor vehicles, scheduled for May 21, 2020.

    (more…)
  • FBR takes notice of closure of field offices

    FBR takes notice of closure of field offices

    ISLAMABAD: Federal Board of Revenue (FBR) has taken serious notice of without approval closure of field offices for prevention against COVID-19 (coronavirus).

    In an official notice issued on Tuesday, the FBR said that it had been observed with grave concern that field offices, unilaterally decided for closure of offices without approval of the Board while dealing with cases of COVID-19.

    “This action not only causes embarrassment to the board but also leads to interruption in service delivery of the organization,” the FBR said.

    The FBR said that although the tax body places a premium on the safety of its human resource, however, it is important that while taking precautionary steps, simultaneous measures are also taken to ensure uninterrupted provision of services to the taxpayers.

    The FBR directed all the field formations to ensure close liaison with Admin Wing, FBR and in future, while dealing with matters related to COVID-19 pandemic or any decision regarding closure or other admin related matters, the same shall only be taken with prior approval of Member (Admin).

  • FBR extends date for sales tax payment, return filing

    FBR extends date for sales tax payment, return filing

    ISLAMABAD: Federal Board of Revenue (FBR) on Tuesday extended the last date for federal excise / sales tax payment and filing monthly return for the month of April 2020.

    A notification issued by the FBR stated that the date for federal excise duty / sales tax payment has been extended up to May 29, 2020, which was due on May 15, 2020.

    Whereas the date for filing sales tax return for the month of April has been extended to May 30, 2020, which was due on May 18, 2020.

  • Hafeez Shaikh directs FBR to collect data for effective budget making

    Hafeez Shaikh directs FBR to collect data for effective budget making

    ISLAMABAD: Adviser to the Prime Minister on Finance and Revenue Dr. Abdul Hafeez Shaikh on Monday directed the Federal Board of Revenue (FBR) to collect data for effective budget making for year 2020/2021.

    Dr. Hafeez Shaikh chaired a meeting at the Finance Division through video link with Dr. Ikram-ul-Haq to discuss proposals on improving the tax structure of the country with the help of effective data gathering and reconciliation mechanism.

    He directed FBR to collect data through multiple sources that may be best used for effective budget making exercise.

    Chairman FBR, Secretary Finance and ex-secretary Finance Dr. Waqar Massoud Khan were also present during the meeting.

    The adviser appreciated the work done by Dr. Ikramul- Haq for gathering data across the country from selected markets and from different chambers of commerce and Industry.

    Dr. Ikram shared with the adviser the important inferences from data gathering exercise and suggested certain techniques for data reconciliation that could improve tax collection in a more effective manner.

    The adviser said that the basic purpose of this exercise is to consult experts to seek suggestions and insights so that the fundamental problems of the tax collection system in the country could be effectively addressed.

    He said that as we are preparing the next budget, we should be more vigilant, practical and analyze the opportunities and challenges offered by the current environment.

    The Government is ready to listen to all stakeholders to prepare a budget which is according to the need of the prevailing economic circumstances and innovative in providing solutions to the structural problems of the economy.

    He asked the Expert to firm up his proposals in concise and doable manner and share the draft as early as possible with the ministry so that these proposals could be well incorporated in the upcoming budget.