A tax office of the Federal Board of Revenue (FBR) has filed a reference against the chairman of a prominent Islamic bank, accusing him of engaging in benami transactions to obtain properties.
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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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Notification sought for simplified return for SME taxpayers
KARACHI: The Federal Board of Revenue (FBR) has been urged to issue a simplified income tax return forms for taxpayers of small and medium enterprises (SMEs).
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FBR launches prize scheme for POS customers
ISLAMABAD: Federal Board of Revenue (FBR) on Monday launched prize scheme for customers of retailers, who integrated their sales through Point of Sales (POS) with the tax system.
The FBR issued SRO 1005(I)/2021 for launching the prize scheme for customers of tier-1 retailers, who have integrated their retail outlets with the FBR computerized system for real-time reporting of sales and mystery shopping in respect of verification of invoices from such retailers.
Procedure for prize scheme.—
The customers of integrated tier-1 retailer, whose names and CNICs are notified through random computerized draw shall be entitled to prizes in respect of their purchases from the integrated tier-1 retailers.
The customers shall verify the electronically generated invoice of integrated retailers either through “tax asaan” application or by sending sms to number 9966.
The application shall notify the customer regarding the status of invoice either as “verified” or “unverified”.
In case of verified invoice, the customer shall furnish one time, the following detail to the online system, namely: Name; CNIC; and Mobile number
Names and CNICs of the customers shall be included in the random computerized draw upon fulfillment of the requirement.
In case of unverified invoice, the customer shall report the same through system. The Board shall conduct enquiry and take appropriate action under the relevant provisions of law.
The computerized draw for the prizes shall be held in the first week of every month starting from the month of August, 2021 at the FBR Headquarters and the invoices of the immediately preceding month shall be entered in the draw.
Draw winners shall be required to perform biometric verification, at the nearest e-sahulat facility of NADRA and submit scanned copy on “tax assan” application. After successful biometric verification, winners shall be required to provide their IBAN through “tax asaan” application.
The total prize money and the denomination of the prizes shall be decided on month to month basis by the Board.
Procedure for mystery shopping.—
Mystery shopping shall be conducted by a person or the firm, duly authorized by the Board.
The person or firm authorized by the Board under sub-rule (1), shall carry out mystery shopping on random basis from tier-1 retailers.
The person or firm authorized by the Board under sub-rule (1), shall verify the invoices from the online system of FBR and in case of fake or invalid invoice, report the matter to the Board for necessary action as per relevant provisions of the Act and the rules thereunder.
Any other person may, in case of fake or invalid invoice, report the matter to the Board for necessary action as per relevant provisions of the Act and the rules thereunder.
The informer may claim reward on the basis of the detection and recovery made in consequence of fake or invalid invoice in terms of provisions of section 720 of the Act.
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Point of sale machines allowed tax credit
Section 64D of Income Tax Ordinance, 2001 has allowed tax credit for installing point of sale machine.
The Federal Board of Revenue (FBR) issued the Income Tax Ordinance, 2001 updated up to June 30, 2021. The Ordinance incorporated amendments brought through Finance Act, 2021.
Following is the text of Section 64D of the Income Tax Ordinance, 2001:
64D. Tax credit for point of sale machine.—(1) Any person who is required to integrate with Board’s computerized system for real time reporting of sale or receipt, shall be entitled to tax credit in respect of the amount invested in purchase of point of sale machine.
(2) The amount of tax credit allowed under sub-section (1) for a tax year in which point of sale machine is installed, integrated and configured with the Board’s computerized system shall be lesser of—
(a) amount actually invested in purchase of point of sale machine; or
(b) rupees one hundred and fifty thousand per machine.
(3) For the purpose of this section, the term point of sale machine means a machine meant for processing and recording the sale transactions for goods or services, either in cash or through credit and debit cards or online payments in an internet enabled environment.
(Disclaimer: The text of 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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Employment generation gets tax credit
The Federal Board of Revenue (FBR) has allowed tax credit for employment generation under Section 64B of Income Tax Ordinance, 2001 to taxpayers who set up new manufacturing unit and employed persons registered with Employees Old Age Benefits Institution (EOBI).
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Tax incentive for contribution to pension fund
Islamabad – The Federal Board of Revenue (FBR) has provided tax incentives for contributions to approved pension funds as outlined in Section 63 of the Income Tax Ordinance, 2001.
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Withholding tax rates on interest income for 2021-2022
Withholding tax rates on interest income for 2021-2022 have been notified by the Federal Board of Revenue.
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Tax credit granted on investment in share, investment
The Federal Board of Revenue (FBR) has implemented amendments through the Finance Act, 2021, updating the Income Tax Ordinance, 2001, and introducing new provisions related to tax credits for investments. Section 62 and 62A outline the eligibility and computation of tax credits for investments in shares, insurance, and health insurance.
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Tax credit granted for charitable donations
In a move to encourage philanthropy and support charitable causes, Section 61 of the Income Tax Ordinance, 2001 allows individuals and entities in Pakistan to claim a tax credit for charitable donations.
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Withholding tax rates on dividend payment for 2021-2022
In a move to streamline tax collection and enhance transparency, the Federal Board of Revenue (FBR) has issued updated rates of withholding tax on payment of dividends for the fiscal year 2021-2022.
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