In a move to recognize and reward the dedicated service of officers within the Pakistan Customs Service (PCS), the Federal Board of Revenue (FBR) issued Notification on Friday, announcing the promotion of several officers from BS-19 to BS-20 on a regular basis with immediate effect.
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FBR, Pakistan’s national tax collecting agency, plays a crucial role in the country’s economy. Pakistan Revenue is committed to providing readers with the latest updates and developments regarding FBR activities.
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Promotion of senior Customs officers to BS-21
In a significant development, the Federal Board of Revenue (FBR) announced on Friday the promotion of distinguished officers from the Pakistan Customs Service (PCS) from BS-20 to BS-21 on a regular basis, effective immediately.
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Penalty for violating embargo placed on goods removal
A person shall pay a penalty of Rs25,000 or 10 per cent of the amount of tax for violating any embargo placed on the removal of goods in connection with the recovery of tax under Section 48 of the Sales Tax Act, 1990.
The Federal Board of Revenue (FBR) issued the Sales Tax Act, 1990 updated up to June 30, 2021. The Act incorporated amendments brought through Finance Act, 2021.
Following is the text of section 33(14) of the Sales Tax Act, 1990:
33. Offences and penalties.– Whoever commits any offence shall, in addition to and not in derogation of any punishment to which he may be liable under any other law, be liable to the penalty mentioned against that offence: –
14. Where any person violates any embargo placed on the removal of goods in connection with the recovery of tax.
Such person shall pay a penalty of twenty-five thousand rupees or ten per cent of the amount of the tax involved, whichever is higher. He shall further be liable, upon conviction by a Special Judge, to imprisonment for a term which may extend to one year, or with a fine which may extend to an amount equal to the amount of tax involved, or with both.
(Disclaimer: The text of the above section is only for information. Team PkRevenue.com makes all efforts to provide the correct version of the text. However, the team PkRevenue.com is not responsible for any error or omission.)
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Imprisonment of five years for fraud under sales tax
A person is liable to imprisonment up to five years for committing fraud under Section 2(37) of the Sales Tax Act, 1990.
The Federal Board of Revenue (FBR) issued the Sales Tax Act, 1990 updated up to June 30, 2021. The Act incorporated amendments brought through Finance Act, 2021.
Following is the text of section 33(13) of the Sales Tax Act, 1990:
33. Offences and penalties.– Whoever commits any offence shall, in addition to and not in derogation of any punishment to which he may be liable under any other law, be liable to the penalty mentioned against that offence: –
13. Any person who commits, causes to commit or attempts to commit the tax fraud, or abets or connives in commissioning of tax fraud.
Such person shall pay a penalty of twenty-five thousand rupees or one hundred per cent of the amount of tax involved, whichever is higher. He shall further be liable, upon conviction by a Special Judge, to imprisonment for a term which may extend to five years, or with a fine which may extend to an amount equal to the loss of tax involved, or with both.
(Disclaimer: The text of the above section is only for information. Team PkRevenue.com makes all efforts to provide the correct version of the text. However, the team PkRevenue.com is not responsible for any error or omission.)
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PM Adviser directs to reduce luxury items import
ISLAMABAD: Shaukat Tarin, Adviser to Prime Minister on Finance and Revenue, has directed the authorities to take measures to reduce the import of luxury items.
He was presiding over a meeting to review the balance of trade at Finance Division on Thursday.
Federal Minister for National Food Security and Research Syed Fakhar Imam, Federal Minister for Industries and Production Makhdoom Khusro Bakhtiar, Federal Minister for Energy Hammad Azhar, Adviser to the PM on Commerce & Investment Abdul Razak Dawood, Federal Secretaries, Governor State Bank of Pakistan (SBP), Chairman Federal Board of Revenue (FBR) and other senior officers participated in the meeting.
The meeting reviewed and discussed the import bill for the last five months- July to Nov 2021.
It was informed that the pressure on import bill was mainly due to global high commodity prices especially energy, steel, and industrial raw materials.
The forum also noted that high import of vaccine contributed significantly to the rise in import bill.
Moreover, it was informed that there will be less import of food items, furnace oil and vaccine in the coming months that will significantly reduce the pressure on trade bill in the second half of the current fiscal year.
At the conclusion, the Adviser to the PM on Finance and Revenue advised the concerned authorities to take effective policy measures to reduce unnecessary imports of luxury items.
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FBR’s new, old valuation tables for Karachi properties
ISLAMABAD: The Federal Board of Revenue (FBR) has revised upward the valuation of immovable properties in Karachi for collection of withholding tax.
The FBR issued SRO 1551(I)/2021 on Thursday to notify the revised valuation of immovable properties in Karachi effective from December 01, 2021.
The FBR previously issued SRO 120(I)/2019 dated February 01, 2019 to revise the valuation of immovable properties in Karachi.
In the latest valuation tables for the city, the FBR added amenity plots for the valuation purpose.
Following are the new and old
New revised Immovable Property Valuation Tables for Karachi
Old immovable property valuation tables for Karachi.
The FBR said:
(i) Values in the above Table are in rupees;
(ii) Value is per square yard of the covered area of ground floor plus covered area for the additional floors;
(iii) Commercial property built up value is per square yard of the covered area of the ground floor plus covered area of the additional floors, if any;
(iv) built up industrial property value is per square yard of the plot area per square foot;
(v) the value in respect of a residential building consisting of more than one storey shall be increased by 25% for each additional story i.e. value of each storey other than ground floor shall be calculated @25% of the value of the ground floor;
(vi) a property which does not appear to fall in any of the categories shown in the Appendix below shall be deemed to fall I the adjacent lowest category of the Appendix;
(vii) whether the land has been granted for more than one purpose. viz residential, commercial and industrial, the valuation in such a case shall be the mean/average prescribed rate;
(viii) a flat means the covered residential tenement having separate property nit number/sub-property unit number;
(ix) in a residential, multi-storey building, the additional storey shall be charged if it consists of bedroom and bathroom;
(x) the rates for basements of built-in commercial property in categories I,II,II and IV shall be Rs. 13,500 per square yard; and
(xi) High Rises at Serial Number No. 37 of Appendix means a building with Storeys above ground plus five.
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FBR tightens condition for tax stamped sugar bags
In a bid to enhance transparency, combat tax evasion, and ensure compliance with legal requirements, the Federal Board of Revenue (FBR) has reinforced the obligation of mandatory tax stamps on all sugar bags.
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FBR issues new, revised tables of property valuation
ISLAMABAD: The Federal Board of Revenue (FBR) announced on Wednesday, December 1, 2021, the updated valuation and revaluation of immovable properties in various cities across Pakistan. This move aims to align property values with current market trends, enhancing transparency and fairness in real estate transactions.
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FBR defers digital payment provision till December 31
ISLAMABAD: The Federal Board of Revenue (FBR) has deferred the implementation of a digital mode of payment for another month i.e. December 31, 2021.
The digital mode of payment has been made mandatory for the corporate sector, which was to be implemented from December 01, 2021.
The FBR issued circular No. 10 of 2021-22 on Wednesday to allow further extension till December 31, 2021.
“In exercise of the powers conferred under Section 214A of the Income Tax Ordinance, 2001 (hereinafter “the Ordinance”) and taking cognizance of various representations filed by the taxpayers, the Federal Board of Revenue is pleased to extend the deadline for digital payments by Corporate Sector stipulated in Section 21(1a) of the Ordinance up to December 31, 2021.”
Previously, the FBR issued Circular No. 09 of 2021-22 to allow an extension in the deadline for implementation of digital mode of payment up to November 30, 2021.
The new provision was introduced through Tax Laws (Third Amendment) Ordinance, 2021.
The FBR in its explanation through Circular No. 07 dated September 23, 2021 said: to improve documentation, a new clause (la) has been inserted in section 21 of the Ordinance.
The Pakistan Tax Bar Association (PTBA) in a letter to the FBR chairman stated that the implementation of digital payment was not practical at the moment.
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Imprisonment of 5yrs for denying access to FBR officials
Taxpayers who deny or obstruct the access to authorized officials of the Federal Board of Revenue (FBR) to the business premises under section 25, Section 38, Section 38A or Section 40B of Sales Tax Act, 1990 , then the taxpayers shall liable to face imprisonment up to five years on conviction by a special judge.
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