ISLAMABAD: In a bid to assist taxpayers in meeting their obligations before the end of the month, the Federal Board of Revenue (FBR) has directed its Inland Revenue field offices to remain open for extended hours on Wednesday, September 30, 2020. This decision aims to facilitate the payment of duties and taxes on the last day of the month.
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Get the latest FBR news, tax updates, income tax, sales tax, customs, notifications, and policies from the Federal Board of Revenue.
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FBR issues return forms in regional languages to facilitate small traders
ISLAMABAD: Federal Board of Revenue (FBR) has issued income tax return forms in regional languages in order to facilitate small traders and shopkeepers, a spokesman said on Tuesday.
The spokesman said that according to vision of the Prime Minister and directives of the advisor to prime minister on finance and revenue the FBR had issued simplified income tax return forms in regional languages to facilitate the small traders.
The spokesman said that the income tax return forms had been issued in Punjabi, Sindhi, Pushto and Balochi languages. The forms in regional languages have been uploaded on the FBR’s website.
The decision to issue return forms in the regional languages to facilitate the small traders, the spokesman said, adding that the FBR was taking all efforts to facilitate the business community.
The FBR has already issued the return form in national language i.e. Urdu language to facilitate the small traders.
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FBR may extend date for filing income tax return
ISLAMABAD – The Federal Board of Revenue (FBR) is expected to grant the first extension for filing income tax returns for the tax year 2020, due to delayed issuance of necessary forms. The original deadline for submission is set for September 30, 2020, affecting salaried individuals, businesses, Associations of Persons (AOPs), and companies with special fiscal years.
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Letter to FBR chairman: PTBA explains timeline for filing return under tax law
ISLAMABAD: Pakistan Tax Bar Association (PTBA) on Saturday demanded the tax authorities to extend the last date for filing income tax return for at least three months as provided under the law.
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FBR’s technical committee invites stakeholders’ suggestions to promote tax culture
ISLAMABAD: The Chairman of Technical Committee of Federal Board of Revenue (FBR), which was constituted by the Advisor to the Prime Minister on Finance and Revenue to create a taxpayer friendly environment, has invited suggestions for improving various functions of the tax machinery.
Abid Shaban, Chairman, FBR’s Technical Committee, in a communication on Friday said that the government placed great importance on taking measures, which would boost exports, speed up the process of industrialization, encourage local manufacturing, wealth creation and promote a tax culture in the country.
Facilitating taxpayers, ensuring tax compliance and enabling greater ease in compliance, and increasing the collection of legitimate tax revenues for the development of the country are high priority for the government, he said.
The chairman sought suggestions from stakeholders on the Terms of Reference (TOR) while stating problems, proposing a solution to the problem and listing possible benefits (including cost benefit) of the suggestions / ideas.
The TOR of the technical committee are:
(i) Identify distortion, anomalies and inequalities in the taxation system which cause difficulties for taxpayers, or which discourage investment, industrialization and documentation, and propose solutions.
(ii) Propose measures to reduce the dependence on withholding taxes, minimum tax, advance tax etc.
(iii) Propose measures for simplification of all taxation procedures, in a manner which does not compromise revenue collection and documentation.
(iv) Propose improvement in the temporary importation and manufacturing bond schemes in order to enhance their scope and facilitate direct and indirect exporters throughout the value chain.
(v) Identify issues hindering smooth processing of refund claims through the FASTER system. Propose amendments in the procedures or threshold to sales tax refund of various sub-sectors of exporters, and
(vi) Propose remedies for issues relating to adjustment of input tax paid against services subjected to sales tax by the provinces.
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List of persons required to get sales tax registration
KARACHI: Federal Board of Revenue (FBR) has issued list of persons who are mandatorily required to get sales tax registration under Sales Tax Act, 1990.
Following is the list of persons required to get sales tax registration:
a. All importers
b. All wholesalers (including dealers) and distributors
c. Manufacturers not falling in cottage industry. {Cottage industry means a manufacturer whose annual turnover from taxable supplies made in any tax period during the last twelve months ending any tax period does not exceed [ten] million rupees or whose annual utility (electricity, gas and telephone) bills during the last twelve months ending any tax period do not exceed [eight] hundred thousand rupees;}
d. Retailers (Tier-1 retailers means:
a. A retailer operating as a unit of a national or international chain of stores;
b. A retailer operating in an air-conditioned shopping mall, plaza or centre, excluding kiosks;
c. A retailer whose cumulative electricity bill during the immediately preceding twelve consecutive months exceeds Rupees six hundred thousand; and
d. A wholesaler-cum-retailer, engaged in bulk import and supply of consumer goods on wholesale basis to the retailers as well as on retail basis to the general body of the consumers;)
e. A person required under any Provincial or Federal Law to be registered for purpose of any duty or tax collected or paid as if it were a levy of sales tax, e.g. service providers like hotels, clubs, caterers, customs agents, ship chandlers, stevedores, courier services etc.
f. Persons making zero-rated supplies, including commercial exporter who intends to obtain sales tax refund against his zero rated supplies.
g. A person who is required to be registered by virtue of aforesaid criteria, but still avoids registration, can be compulsorily registered by the department, after proper enquiry, under sub- rule 1 of Rule 6 of Sales Tax Rules, 2006.
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Banks start sharing information with FBR
ISLAMABAD: Banks have agreed to share information of accountholders through a solution developed by IT department of the Federal Board of Revenue (FBR), a spokesman said on Thursday.
The spokesman said that the FBR and Pakistan Banks Association (PBA) have agreed on information sharing under Section 165 and Section 165A of Income Tax Ordinance, 2001.
It is agreed that banks will provide information to the FBR regarding cash withdrawal, deposits, payment through credit card and profit on debt.
The spokesman said that the solution would help the banks to instantly provide relevant information to the FBR.
The banks have agreed to provide information to the FBR through IT solution from September 18, 2020.
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FBR extends utilization period of input goods under export schemes
ISLAMABAD: Federal Board of Revenue (FBR) has extended the utilization period of input goods under export facilitation schemes up to February 28, 2021 for all three schemes that are Manufacturing Bond, Export Oriented Units and Export Processing Zones, a statement said on Wednesday.
A FBR spokesman said that this measure would ensure that the feared losses of these exporters due to Covid-19 Pandemic wherein orders were either cancelled or delayed shall be addressed.
Pakistan Customs (FBR) is committed to achieve the vision of Prime Minister for exporter’s facilitation and addressing their genuine hardships on a proactive basis at their doorsteps.
Such steps shall boost exports and will result in trade facilitation by ensuring competitiveness of our exported goods in international markets.
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FBR introduces income tax return form in Urdu language
ISLAMABAD: Federal Board of Revenue (FBR) has introduced income tax return form in Urdu language in order to facilitate taxpayers, a FBR spokesman said on Wednesday.
The spokesman said that on the vision of the Prime Minister to facilitate taxpayers and on the directives of Advisor to Prime Minister on Finance and Revenue, the FBR had introduced income tax return forms in the national language.
The FBR introduced tax return forms in a wizard view for salaried persons and a simplified one-page tax return and one-page wealth statement issued in Urdu language.
These return forms in Urdu language are available on the IRIS portal, the spokesman said.
The spokesman said that to facilitate other taxpayers the FBR was also in process of preparing other return forms and mobile phone application Tax Asaan in Urdu language. These forms will be available soon on the FBR web portal, the spokesman added.
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FBR advised to activate anti-corruption committees
ISLAMABAD: A senior officer of Pakistan Customs has advised the Federal Board of Revenue (FBR) to activate recently established committees for eliminating corruption in the organization.
Dr. Asif Mahmood Jah, Chief Collector Customs (North), who is also In charge of Integrity Management Cell, in a letter advised the FBR chairman to activate ‘integrity committees’ at the field level at the earliest.
The collector said that with a view to giving an easy access to the general public for redressal of their grievances and transforming FBR into an accountable, fair and responsive organization, an “Integrity Management and Performance Management System” was established at FBR HQ in 2014.
The system was aimed at combating corruption within the organization and providing checks to ensure the integrity of its employees.
“Nevertheless, the accountability mechanism remained sluggish and slow owing to various HR and other related issues. It must, however, be understood, without any ambiguity, that FBR is following zero tolerance policy for corruption. Recent suspension of many officials/officers, clearly establishes our resolve against corrupt elements.”
The collector said that recently the FBR geared up its efforts in line with the policy of the government to curb corruption and established internal integrity management system and accountability mechanism within the department.
The collector further said that integrity management committees at the field formation level have also been notified by the board. All field formations of the FBR are, therefore, expected to follow a policy of zero tolerance for corruption and take every possible step to curb this menace.