KARACHI: Sales Tax / Value Added Tax (VAT) is the most significant source of tax collection in the world. Unlike direct tax it is known as tax on consumption and involves various ways and means to avoid/evade legitimate government revenue.
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Income Tax Ordinance 2001: Tax recovery due by non-resident member of AOP
KARACHI: The Federal Board of Revenue (FBR) has been granted expanded authority to recover outstanding taxes from resident Associations of Persons (AOP) in cases where a non-resident member of the AOP has pending tax liabilities. This development follows a significant amendment to Section 142 of the Income Tax Ordinance, 2001.
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Exchange rate losses increase public debt by Rs1,200 bn
ISLAMABAD: Exchange rate losses have increased the public debt by around Rs1,200 billion, according to Fiscal Policy Statement 2018-2019 released by the Ministry of Finance.
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Income Tax Ordinance 2001: Liquidators require to inform commissioner in 14 days of taking possession of assets
KARACHI: A liquidator is required to inform Commissioner of Inland Revenue in 14 days of taking possession of an asset. Federal Board of Revenue (FBR) recently updated Income Tax Ordinance, 2001 which explained liquidators under Section 141 for recovery of tax from taxpayers in default.
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FBR set to launch door-to-door survey to identify tax evaders
ISLAMABAD: Federal Board of Revenue (FBR) will launch a door-to-door survey for identifying potential tax evaders to broaden the tax base, a report issued by ministry of finance said.
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World Bank advises Pakistan for urgent water reforms to get economic, social benefits
ISLAMABAD: The World Bank has advised Pakistan for urged reforms to improve water use efficiency and service delivery to get more economic, social and environmental benefits from its water, subject to urgent reforms.
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FBR reshuffles BS-19-20 Customs officers; notifies 44 transfers
ISLAMABAD: Federal Board of Revenue (FBR) on Monday notified transfers and postings of 44 officers of Pakistan Customs Service (PCS) in BS-19-20 with immediate effect until further orders.
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FBR notifies transfer, postings of BS-20-21 IRS officers
ISLAMABAD: Federal Board of Revenue (FBR) has notified transfer and postings of senior officers of Inland Revenue Service (IRS) of BS-20-21 with immediate effect and until further orders.
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Equity market climbs up by 500 points on foreign inflows
KARACHI: The equity market climbed up by over 500 points on Monday owing to positive reports of foreign inflows from friendly countries.
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Rupee sheds five paisas against US dollar
KARACHI: The Pakistani Rupee experienced a marginal decline of five paisas against the US Dollar on Monday, attributed to heightened demand for import and corporate payments.
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