Jan 20

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 […]

by Mrs. Anjum Shahnawaz

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 […]

by Mrs. Anjum Shahnawaz

FBR increases income tax to 15% on cellular services

Jan 20

IT & Telecom, Taxation

FBR increases income tax to 15% on cellular services

ISLAMABAD: The Federal Board of Revenue (FBR) on Thursday said the advance income tax on cellular services has been increased to 15 per cent from 10 per cent. The FBR issued Circular No. 12 of 2022 to explain amendments to Income Tax Ordinance, 2001 made through Finance (Supplementary) Act, 2022. The increase in advance tax […]

by Mrs. Anjum Shahnawaz

FBR issues new FED rates on motor vehicles

Jan 20

Automotive, Taxation, Top stories

FBR issues new FED rates on motor vehicles

ISLAMABAD: The Federal Board of Revenue (FBR) on Thursday issued new rates of Federal Excise Duty (FED) on imported and locally assembled motor vehicles. The FBR revised upward the FED rates after the implementation of Finance (Supplementary) Act, 2022. In this regard the FBR issued Circular No. 06 of 2022. Through S. No. 55, 55B, […]

by Mrs. Anjum Shahnawaz

Banks to share business account details to FBR

Jan 19

Money & Banking, Taxation, Top stories

Banks to share business account details to FBR

KARACHI: It has been made mandatory for banks to provide details of business accounts every month to the Federal Board of Revenue (FBR), official sources said on Wednesday. This is the additional information to be submitted by the banks along with details already mandatory for the financial institutions. READ MORE: Digital payments defined through Finance […]

by Mrs. Anjum Shahnawaz

Debt, credit card machines must for POS retailers: FBR

Jan 19

Taxation, Top stories

Debt, credit card machines must for POS retailers: FBR

ISLAMABAD: The Federal Board of Revenue (FBR) on Wednesday said retailers, who integrated Point of Sale (POS), must have facility of debt and credit card machines to facilitate their customers in making payments. The FBR issued Circular No. 05 of 2022 regarding implementation of Rule 150ZEB(II) of the Sales Tax Rules, 2006. READ MORE: Who […]

by Mrs. Anjum Shahnawaz

FBR asked to facilitate startups, e-commerce

Jan 18

IT & Telecom, Taxation

FBR asked to facilitate startups, e-commerce

ISLAMABAD: Federal Board of Revenue (FBR) has been asked to facilitate startups and e-commerce across border exporters in the country. Special Assistant to the Prime Minister (SAPM) on E-Commerce, Senator Aon Abbas Buppi on Tuesday issued the directives at a meeting with FBR Chairman Dr. Muhammad Ashfaq. The SAPM also stated that startups is a […]

by Mrs. Anjum Shahnawaz

FBR slashes sales tax rates on petrol, HSD

Jan 18

Energy, National, Taxation, Top stories

FBR slashes sales tax rates on petrol, HSD

ISLAMABAD: Federal Board of Revenue (FBR) on Tuesday slashed sales tax rates on petrol and high speed diesel (HSD) in order to reduce the impact of high oil prices at consumer end. The FBR issued SRO 88(I)/2022 dated January 18, 2022 to notify changes the sales tax rates on supply of petroleum products. The sales […]

by Mrs. Anjum Shahnawaz

FBR to re-notify property values on February 01

Jan 18

Taxation, Top stories

FBR to re-notify property values on February 01

ISLAMABAD: The Federal Board of Revenue (FBR) on Tuesday said it will re-notify the valuation of immovable properties on February 01, 2022. The FBR further said that the valuation issued on December 01, 2021 will remain in abeyance till January 31, 2022. Previously, the FBR deferred the implementation of values for immovable properties till January […]

by Mrs. Anjum Shahnawaz

Digital payments defined through Finance Supplementary Act 2022

Jan 17

Taxation, Top stories

Digital payments defined through Finance Supplementary Act 2022

In an effort to provide clarity and streamline the taxation of digital payments, recent amendments have been made to the Income Tax Ordinance, 2001, through the Finance (Supplementary) Act, 2022.

by Mrs. Anjum Shahnawaz