Tag: FBR
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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Accountability framework for FBR officials suggested to make tax audit transparent
KARACHI: Pakistan Tax Bar Association (PTBA) has said that there should be accountability framework for tax officers in order to make audit transparent. Abdul Qadir Memon, President, PTBA in a message to PTBA Tax Journal outlined eight-point recommendations to tax authorities for making audit system more transparent in order to boost confidence of taxpayers on…
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Sales Tax Act 1990: tax credit not allowed under various conditions
KARACHI: A registered sales tax person is not allowed to entitle to reclaim or deduct input tax paid on various activities of manufacturing / supplies. The Section 8 of updated Sales Tax Act, 1990 issued by Federal Board of Revenue (FBR) explained where tax credit is not allowed. Section 8: Tax credit not allowed Sub-Section…
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FBR issues notices to 350 Sindh bureaucrats for non-filing
KARACHI: Federal Board of Revenue (FBR) has issued notices to 350 senior bureaucrats of Sindh government for non-filing of income tax returns. The notices have been issued by Regional Tax Office (RTO) –II Karachi on identification of expenditures through various sources by those provincial government officers. The FBR sources said that these government officers had…
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Sales Tax Act 1990: deduction of input tax by registered persons
KARACHI: A sales tax registered person is allowed to deduct input tax against output tax for determination of taxable supplies made during a period. According to updated Sales Tax Act 1990 issued by Federal Board of Revenue (FBR), Section 7 explained the procedure of deduction of input tax by sales tax registered persons. Section 7:…
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Increase in refund claims by registered persons selected for audit
KARACHI: Federal Board of Revenue (FBR) has selected sales tax audit of those sales tax registered persons whose refund claims increased in a month over the corresponding month last year. According to risk parameters for selection of audit under Audit Policy 2018, the FBR selected audit cases through computerized balloting of those registered persons whose…
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KTBA asks FBR to clarify filing withholding statements after amendment
KARACHI: Karachi Tax Bar Association (KTBA) has asked Federal Board of Revenue (FBR) to issue clarification regarding filing withholding tax statement following amendment made through Finance Supplementary (Second Amendment) Act, 2019.
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Sales Tax Act 1990: rate in force to apply at time of supply
KARACHI: Any change in the rate of sales tax shall apply at the time of supply or clearance of imported goods, as clarified by Section 5 of the Sales Tax Act, 1990, updated by the Federal Board of Revenue (FBR). This section outlines the specific rules for applying sales tax when rates are adjusted and…
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FBR excludes salary persons from audit selection
ISLAMABAD: Federal Board of Revenue (FBR) on Thursday issued Audit Policy 2018 and excluded salary persons from selection of audit. The following exclusions have been identified and approved by the Board under relevant rules where selection for audit by the Board is not required. Income Tax i. All cases already selected for audit by the…
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FBR selects 14,164 audit cases through computerized balloting
ISLAMABAD: Federal Board of Revenue (FBR) on Thursday selected total 14,164 audit cases through computerized balloting in income tax, sales tax and federal excise duty cases. The FBR selected 10,982 audit cases under Section 214C of Income Tax Ordinance, 2001. The revenue body selected around 3,126 sales tax cases under Section 72B of Sales Tax…
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Sales Tax Act 1990: zero rating on export, supply of goods
KARACHI: The sales tax laws have allowed zero rating of sales tax on exports or supply of goods. According to updated Sales Tax Act, 1990 issued by Federal Board of Revenue (FBR), the Section 4 of the Act explained the zero rating. Section 4: Zero rating Notwithstanding the provisions of section 3 except those of…
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