FBR suggested to reduce customs duty to 5 percent on steel products

KARACHI: Federal Board of Revenue (FBR) has been suggested to reduce customs duty to five percent on import of steel products in order to reduce cost of doing business for industries. Karachi... Read more »

Tax officials’ power to select income tax return for audit should be withdrawn

KARACHI: Tax practitioners have recommended that the selection of income tax returns for audit should be rest only with the Federal Board of Revenue (FBR) and powers of commissioner in this regard... Read more »

Online verification of tax withheld should be available

KARACHI: Tax practitioners have urged the Federal Board of Revenue (FBR) to ensure verification of tax withheld on the IRIS portal in order to facilitate taxpayers in making adjustment or claiming refunds.... Read more »

CNIC should be made mandatory for purchase of moveable, immovable properties

KARACHI: Federal Board of Revenue (FBR) has been proposed to make computerized national identity card (CNIC) mandatory for purchase of movable and immovable properties for bringing potential taxpayers into the tax net.... Read more »

PTBA recommends restoring Rs1.2 million threshold for salaried persons

KARACHI: Pakistan Tax Bar Association (PTBA) has recommended to restore basic threshold of Rs1,200,000 for salaried persons in the budget 2020/2021. According to a presentation of Zeeshan Merchant, advocate high court, given... Read more »

FBR urged to allow tax holiday on import of industrial raw material

KARACHI: Federal Board of Revenue (FBR) has been urged to allow tax holiday to import of industrial raw material in order to help the country to fetch much needed foreign exchange through... Read more »

Commercial importers demand abolishing CNIC condition, FTR restoration

KARACHI: Commercial importers have demanded the government of abolishing condition of Computerized National Identity Card (CNIC) and restoring Final Tax Regime (FTR) in order to save businesses from adverse impact of COVID-19.... Read more »

FBR officials treat taxpayers as criminal using search powers

KARACHI: Business community has resented the use of powers related to search by Inland Revenue officers and treating registered taxpayers as criminal. Karachi Chamber of Commerce and Industry (KCCI) in its proposals... Read more »

Proposed powers for reopening past 10 years tax cases rejected

KARACHI: Karachi Chamber of Commerce and Industry (KCCI) on Wednesday said it will oppose any move to grant powers to tax officials regarding opening cases of past 10 years. KCCI President Agha... Read more »

FBR recommended to reduce record retention period to three years

KARACHI: Federal Board of Revenue (FBR) has been recommended to reduce the time limit to past three years for retention of sales tax record. Karachi Chamber of Commerce and Industry (KCCI) in... Read more »