January 28, 2022

Pkrevenue.com

Pakistan Revenue

Tag: FBR

Services tax on forex companies under provincial ambit
Jan 27
Taxation, Top stories

Services tax on forex companies under provincial ambit

ISLAMABAD: The Federal Board of Revenue (FBR) has said that the tax collection provided by foreign exchange companies on services is under the jurisdiction of provinces. “Services provided by foreign exchange dealers in provinces are not chargeable to Federal Excise under Federal Excise Act, 2005,” the FBR said in a clarification issued on a news […]

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DG Customs Valuation powers strengthened
Jan 26
Pakistan Customs, Taxation, Top stories

DG Customs Valuation powers strengthened

ISLAMABAD: The powers of Director General Customs Valuation have been strengthened through amendments made through Finance (Supplementary) Act, 2022. The powers of Customs Collector to determine customs valuation have been withdrawn through Finance (Supplementary) Act, 2022. Sources in Federal Board of Revenue (FBR) on Tuesday said that through the Finance (Supplementary) Act, 2022 amendment had […]

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FBR collects mobile phone tax, PTA clarifies
Jan 24
IT & Telecom, Taxation

FBR collects mobile phone tax, PTA clarifies

ISLAMABAD: Pakistan Telecommunication Authority (PTA) on Monday clarified that the applicable duty and taxes on mobile devices and handsets were only collected by the Federal Board of Revenue (FBR). READ MORE: FBR increases income tax to 15% on cellular services In the wake of recent increase in taxes/duties for the registration of cellular mobile devices […]

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FBR further extends date for filing sales tax return
Jan 24
Taxation

FBR further extends date for filing sales tax return

ISLAMABAD: Federal Board of Revenue (FBR) on Monday further extended the last date for filing sales tax and federal excise return for the month of December 2021 up to January 28, 2022. The FBR issued an office order to further extend the date of payment and filing of sales tax and federal excise return for […]

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FBR slaps sales tax at 17% on supply of food stuff
Jan 21
National, Taxation

FBR slaps sales tax at 17% on supply of food stuff

ISLAMABAD: The Federal Board of Revenue (FBR) has slapped sales tax at 17 per cent on supply of food stuff by restaurants, bakeries, caterers and sweetmeats shops. The FBR issued Circular No. 07 of 2022 on Thursday to explain amendment introduced in the Sales Tax Act, 1990, through Finance (Supplementary) Act, 2022. The revenue body […]

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Committee formed to hunt tax evaders in supply chain
Jan 20
Taxation, Top stories

Committee formed to hunt tax evaders in supply chain

ISLAMABAD: The Federal Board of Revenue (FBR) on Thursday constituted a committee to hunt for tax evaders in supply chain i.e. manufacturers, importers, distributors, retailers etc. According to a FBR notification, the committee shall identify wholesalers, distributors, small, medium and large manufacturers/importers who potentially have taxable income but neither, they have been brought into the […]

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FBR enhances tax rates on motor vehicle registration
Jan 20
Automotive, Taxation

FBR enhances tax rates on motor vehicle registration

ISLAMABAD: The Federal Board of Revenue (FBR) on Thursday notified the enhanced rates of advance tax on those vehicles, which sold prior to first registration. The tax rates have been enhanced through Finance (Supplementary) Act, 2022 through making amendment in Section 231(B)(2A) of Income Tax Ordinance, 2001. The FBR said that advance tax on vehicle […]

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