KARACHI – Passengers arriving from abroad and utilizing the green channel at any airport are urged to cooperate with customs authorities, particularly in the case of random or parametric selections for examination.
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Pakistan Revenue delivers the latest taxation news, covering income tax, sales tax, and customs duty. Stay updated with insights on tax policies, regulations, and financial developments in Pakistan.
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Income Tax Ordinance 2001: Notice can not be issued after 180 days for incomplete return
KARACHI: A commissioner of Inland Revenue is required to send notice to taxpayers for incomplete annual income returns within 180 days from end of financial year in which return was filed.
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MCC Peshawar announces public auction of confiscated mobile phones
ISLAMABAD – The Model Customs Collectorate (MCC) Peshawar has declared a public auction for confiscated mobile phones, scheduled to take place on February 20, 2019.
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Advance Tax not collected on arbitrary grounds: FBR
ISLAMABAD — The Federal Board of Revenue (FBR) issued a clarification on Friday to address certain media reports that suggested advance taxes give artificial boost to revenue collection.
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Schedule for filing annual returns
KARACHI — The Federal Board of Revenue (FBR) has issued the schedule for filing the annual income tax return, emphasizing the significance of adhering to the specified deadlines.
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FBR directs customs officers to join new place of posting immediately
ISLAMABAD — The Federal Board of Revenue (FBR) has issued a stern directive to customs officers, warning of departmental action if they fail to comply with their recent transfer orders.
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FBR assigns first posting to 40 probationary IRS BS-17 officers
ISLAMABAD: Federal Board of Revenue (FBR) has assigned first posting to 40 probationary officers of Inland Revenue Service (IRS) BS-17 on completion of training from Directorate General of Training and Research (IR), Lahore with immediate effect.
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SRB suspends sales tax registration of logistic company
KARACHI: Sindh Revenue Board (SRB) on Thursday suspended sales tax registration of a logistic company for depositing short payment.
According to a notice the SRB suspended the sales tax registration of M/s. AY Logistics for depositing short paid amount of Rs1,074,212 pertaining to tax periods September 2017 to July 2018.
The SRB said that non-payment of sales tax on services and null filing of returns even if one is providing taxable services is contravention of Sindh Sales Tax Act, 2011 and the rules made thereunder.
Record available shows that M/s. Opneport Pakistan (Pvt) Limited and M/s. Agility Logistic (Pvt) Limited have declared purchases of Rs12,874,183 from M/s. AY Logistics during September 2017 to July 2018, however, M/s. AY Logistics have declared sales of Rs1,105,000 during November 2018 with SRB leading to sales suppression of Rs11,769,183 and short payment of sales tax on services of Rs1,074,212.
This is serious violation of provincial sales tax laws, the SRB added.
The SRB directed the taxpayer to comply the notice by February 22, 2019 and take action, included:
To declare all sales and discharge all Sindh sales tax dues along with default surcharge
To e-file the true and correct monthly sales tax returns for the tax periods.
Submit details of all sales and purchases record for the tax periods with copies of income tax returns of 2016/2017 and 2017/2018 and copies of sales tax returns file with other provincial sales tax authorities.
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Return filers entitled to many reductions, rebate and credits
The Federal Board of Revenue (FBR) has released a comprehensive facilitation guide outlining the various tax reductions, rebates, and credits available to income tax return filers.
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Requirement of wealth statement
The Federal Board of Revenue (FBR) has recently introduced amendments to the Income Tax Ordinance, 2001, shedding light on the requirement for taxpayers to submit a wealth statement alongside their annual income return.
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