In a bid to streamline tax procedures and ensure compliance with recent legislative changes, the Karachi Tax Bar Association (KTBA) has called upon the Federal Board of Revenue (FBR) to promptly update the online sales tax return form.
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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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FBR’s web portal shuts for service optimization
ISLAMABAD: The Federal Board of Revenue (FBR) announced on Saturday that its web portal is currently offline due to ongoing service optimization activities. The technical team is working on migrating services, resulting in the temporary unavailability of services.
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FBR extends last date for payment and return filing
The Federal Board of Revenue (FBR) has extended the last date for payment and filing of returns for the month of July 2021. The decision, communicated through a circular, offers additional time for businesses and individuals to meet their obligations, acknowledging the challenges posed by various factors, including the evolving economic landscape and ongoing global uncertainties.
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Income tax calculation on fair market value
Islamabad – The Federal Board of Revenue (FBR) has shed light on the calculation of income tax concerning the fair market value of various assets, services, and properties.
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Income tax law describes apportionment of deductions
In a bid to enhance clarity and transparency in tax calculations, the Federal Board of Revenue (FBR) in Pakistan has emphasized the importance of Section 67 of the Income Tax Ordinance, 2001.
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Tax treatment of property owned by persons
The Federal Board of Revenue (FBR) has unveiled insights into the tax treatment of properties co-owned by two or more individuals through Section 66 of the Income Tax Ordinance, 2001.
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Tax rates on immovable properties for 2021-2022
The Federal Board of Revenue (FBR) has issued updated rates of withholding tax on sale and purchase of immovable properties.
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FBR disposes of 25,323 appeals involving Rs900bn tax
ISLAMABAD: The Legal Wing of the Federal Board of Revenue (FBR) has disposed of 25,323 appeals involving tax revenue of around Rs900 billion during fiscal year 2020/2021.
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FBR posts officials at retail outlets for sales monitoring
KARACHI: The Federal Board of Revenue (FBR) has initiated action against big retailers by posting tax officials at business premises for monitoring of sales.
Corporate Tax Office (CTO) Karachi, an arm of the FBR, has posted its staff at eight outlets of a big retailer for checking sales, purchase and production of saleable goods.
The tax office posted its staff at eight outlets of Clifton Nimco Private limited under Section 40B of the Sales Tax Act, 1990.
Sources said that it was major step taken by the tax authorities to check tax evasion at retail level.
They said that the step was taken on the directives of Dr. Aftab Imam, chief commissioner inland revenue in order to assure the retail unit is making true declaration of its sales.
The tax office also enforced sales tax rules to install point of sale (POS) at the outlet, which is mandatory for big retailers.
Installing POS machine is mandatory for all retailers falling under category of Tier-1 retailers.
One of the major changes brought through the Finance Act, 2021 that all those outlets accepting debit and credit cards are required to integrate their sales with the FBR.
The sources said that the team of the tax officials would depute till gathering of require information to ascertain the sales and income of the outlet.
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FBR increases minimum prices of steel products
The Federal Board of Revenue (FBR) announced on Wednesday that it has increased the minimum prices of steel products in an effort to align them with the rising costs observed in both domestic and international steel markets.
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