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  • Last date for filing annual tax return is September 30; no extension to be granted

    Last date for filing annual tax return is September 30; no extension to be granted

    KARACHI: The last date for filing income tax return for tax year 2021 is September 30, 2021. The FBR has decided not to extend the last date beyond the cutoff date.

    The FBR opened the IRIS portal on July 01, 2021 to start the income tax return filing for tax year 2021. As per law taxpayers should be given at least three months from launch of income tax return forms for the year. The FBR issued the income tax return forms on July 01, 2021, therefore this year the last date will match the date as prescribed in the lat.

    The taxpayers including salaried persons, business individuals, association of persons and corporate entities whose financial year ends between July 01 to December 31 are required to file their annual return for tax year 2021 by September 30, 2012.

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  • Zong users enjoy free calls, internet service

    Zong users enjoy free calls, internet service

    KARACHI: The users of Zong, the leading mobile phone operator in Pakistan, are enjoying free calls and internet services on Wednesday and still continued till filing this news article.

    Zong has become top trend on Twitter and people messaging about availing free calls and internet services.

    According to some tweets the system of Zong has been crashed which enabled the free services.

    One message is reported as: “Zong network has some technical issues so the users can use free internet, call anyone for free national or international until their service gets on track. So enjoy the free time till then.”

    The reporting team of Pkrevenue has checked free internet and free calls on a zero balance Zong SIM and found the services are available.

    No official comments is available from Zong management in this regard.

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  • FBR updates rates of duty, tax on import of vehicles

    FBR updates rates of duty, tax on import of vehicles

    ISLAMABAD: Federal Board of Revenue (FBR) has issued updated rates of duty and tax for customs clearance of imported vehicle.

    The Federal Government of Pakistan has extended various benefits / exemptions to the taxpayers for importing vehicles, according to updated rates up to June 30, 2020.

    The details concessions / exemptions are given as under:-

    i. S.R.O. 577(I)/2005 Dated 06.06.2005 (Exemption from customs duty, sales tax, withholding tax on import of certain specified Old and used automotive vehicles)

    The import of old and used automotive vehicles of Asian makes meant for transport of persons, specified in column (2) of the Table below, falling under PCT heading No. 87.03 of the First Schedule to the Customs Act, 1969 (IV of 1969), is exempted from so much of the customs-duty, sales tax and withholding tax as are in excess of the cumulative amount specified in column (3) thereof,

    Sr. NoAutomotive vehicles of Asian makes meant for transport of persons.Duty and taxes in US$ or equivalent amount in Pak rupees.
    (1)(2)(3)
    1Up to 800ccUS$4800
    2Up to 801-1000ccUS$6000
    3From 1001 – 1300ccUS$13200
    4From 1301 – 1500ccUS$18590
    5From 1501 – 1600ccUS$22550
    6From 1601 – 1800cc (Excluding Jeeps)US$27940

    It is relevant to mention that the Federal Government has fixed the leviable duty and taxes of automotive vehicles of Asian makes meant for transport of persons as discussed above irrespective of their physical condition. The Customs officers do not have any discretionary power to increase / decrease the leviable duties / taxes, the FBR said.

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    Guidelines for vehicle import into Pakistan
  • Guidelines for vehicle import into Pakistan

    Guidelines for vehicle import into Pakistan

    KARACHI: Pakistan Customs has issued updated taxpayers’ facilitation guide for import of vehicles under various schemes.

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