Jun 26

SBP relaxes tax non-filer condition

KARACHI: The State Bank of Pakistan (SBP) on Wednesday relaxed non-filer condition for depositing into to foreign currency accounts in order to facilitate declarants of tax amnesty scheme 2019. Referring Assets Declaration Ordinance, 2019 (ADO), the central bank said that the Ordinance had been promulgated with a view to provide for voluntary declaration of undisclosed […]

by Faisal Shahnawaz

IR offices directed to remain open, observe extended working hours on Friday, Saturday, Sunday

Jun 26

Taxation

IR offices directed to remain open, observe extended working hours on Friday, Saturday, Sunday

ISLAMABAD: Federal Board of Revenue (FBR) has made special arrangements on the last three days of the outgoing fiscal year to facilitate declarants of tax amnesty scheme and income tax return filers besides generating revenue by closing till June 30, 2019. The FBR directed all the offices of Inland Revenue to remain open and observe […]

by Mrs. Anjum Shahnawaz

Owners of undeclared 13,193 luxury vehicles warned of harsh punishment

Jun 21

Taxation

Owners of undeclared 13,193 luxury vehicles warned of harsh punishment

KARACHI: Federal Board of Revenue (FBR) has warned the owners of luxury motor vehicles of harsh punishment in case they are remained non compliant and failed to declare these vehicles under Asset Declaration Scheme. In this regard the Regional Tax Office (RTO)-II Karachi has obtained details of 13,193 luxury vehicles from Excise and Taxation department […]

by Mrs. Anjum Shahnawaz

Untaxed money, assets will find no hiding: CCIR RTO-II

Jun 21

Taxation

Untaxed money, assets will find no hiding: CCIR RTO-II

KARACHI: People will find no place to conceal their untaxed money from next month as Federal Board of Revenue (FBR) planned a comprehensive plan to bring all taxable income into tax net, Badaruddin Ahmad Qureshi, Chief Commissioner Inland Revenue (CCIR), Regional Tax Office (RTO)-II, Karachi at a press conference on Thursday. He said that FBR […]

by Mrs. Anjum Shahnawaz

FBR outlines action in post July 01 scenario; urges people to avail asset declaration scheme

Jun 20

Taxation

FBR outlines action in post July 01 scenario; urges people to avail asset declaration scheme

ISLAMABAD: Federal Board of Revenue (FBR) has outlined course of action in scenario of post July 01, 2019 and some of motives are visible in the Finance Bill 2019. In a statement issued on Thursday, the FBR said that the primary objective of the government is to improve confidence/trust level between the taxpayer and the […]

by Faisal Shahnawaz

SBP issues procedure for repatriation of foreign shares of Pakistan companies under asset declaration scheme

Jun 20

Money & Banking

SBP issues procedure for repatriation of foreign shares of Pakistan companies under asset declaration scheme

KARACHI: State Bank of Pakistan (SBP) on Thursday issued procedure for repatriation of foreign assets held in the form of shares of a company incorporated in Pakistan, under Asset Declaration (Procedure & Conditions) Rules, 2019. The central bank said that in terms of Sub-Rule 6 of Rule 4 of the Assets Declaration (Procedure and Conditions) […]

by Faisal Shahnawaz

FBR warns unregistered industrial, commercial electricity consumers of imprisonment

Jun 19

Taxation

FBR warns unregistered industrial, commercial electricity consumers of imprisonment

KARACHI: Federal Board of Revenue (FBR) has issued notices to unregistered commercial and industrial electricity connection holders to file their returns of incomes and sales otherwise from July 01 the tax authorities would initiate legal action that may lead to imprisonment. Large Taxpayers Unit (LTU) II Karachi issued notices to electricity connection holders of commercial […]

by Mrs. Anjum Shahnawaz

FBR asks jewelers to avail amnesty for undeclared assets

Jun 19

Exclusive, Taxation

FBR asks jewelers to avail amnesty for undeclared assets

KARACHI: Federal Board of Revenue (FBR) has asked jewelers to declare their concealed assets by June 30 otherwise possessing black money or undocumented money will face harsh action.The members of gems and jewelers association met senior tax officials at Regional Tax Office (RTO) – II Karachi on Tuesday related to ongoing tax amnesty scheme, sources […]

by Mrs. Anjum Shahnawaz

Business community wants secrecy of information under assets declaration scheme

Jun 18

Trade & Industry

Business community wants secrecy of information under assets declaration scheme

KARACHI: Business community has urged Federal Board of Revenue (FBR) to keep information secret under assets declaration scheme in order to ensure confidence of declarants. Saleem Parekh, Chairman Site Association of Trade and Industry, urged that all the information disclosed must be kept in secret and should not be shared with any other department. “The […]

by Mrs. Anjum Shahnawaz

Last date for asset declaration scheme not to be extended: Member IR

Jun 18

Taxation

Last date for asset declaration scheme not to be extended: Member IR

KARACHI: Ms. Seema Shakil, Member Inland Revenue (Operations), Federal Board of Revenue (FBR) on Monday said that date for asset declaration scheme will not be extended due to obligations under IMF loan program. “The last date for availing asset declaration scheme is June 30, 2019. There will be no further extension in the last date […]

by Mrs. Anjum Shahnawaz