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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Income Tax Ordinance 2001: advance tax on paying education fee abroad
KARACHI: Foreign exchange companies are responsible for collecting advance tax on remitting abroad the education related expenses. The Federal Board of Revenue (FBR) recently updated Income Tax Ordinance, 2001 under which Section 236R explained the advance tax on remitting amount abroad for education expenses. Section 236R: Collection of advance tax on education related expenses remitted…
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FBR holds awareness sessions for online payment of duty, taxes
In a proactive step towards modernizing tax procedures and enhancing ease of doing business, the Federal Board of Revenue (FBR) organized informative sessions in Karachi and Lahore for the business community and tax consultants.
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Advance tax on dealers, commission agents
KARACHI: Every market committee has been required to collect advance tax from dealers, commission agents under income tax laws. The Federal Board of Revenue (FBR) recently updated Income Tax Ordinance, 2001 under which advance tax is collectable from dealers, commission agents and arhatis under Section 236J. Section 236J: Advance tax on dealers, commission agents and…
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SBP directs banks to ensure OTC tax collection by March 27
KARACHI: State Bank of Pakistan (SBP) on Friday directed all commercial banks to ensure receiving payment of duty and taxes through over the counter (OTC) channel. The SBP said that the finance department through circular on July 17, 2018 made it mandatory for banks to enable their Over-the-Counter (OTC) Channel for collection of taxes and…
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Option of refund through bonds can be availed by March 25: FBR
ISLAMABAD: Federal Board of Revenue (FBR) has asked sales tax refund claimants to avail option of bonds by March 25, 2019. “Those who wish to be included in the first phase of bond issuance may furnish their options by March 25, 2019,” the FBR said in a notice on Thursday. The FBR said that in…
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FBR notifies promotion of IR officers to BS-16
ISLAMABAD: Federal Board of Revenue (FBR) on Thursday notified promotions of steno-typists and supervisors/head clerks of Inland Revenue Department to BS-16 with immediate effect.
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Income Tax Ordinance 2001: return filers can claim tax adjustment paid on educational fee
KARACHI: Income tax return filers can claim adjustment of advance tax paid on educational fee. According to updated Income Tax Ordinance, 2001 issued by Federal Board of Revenue (FBR) the advance tax collected on education fee under Section 236I is adjustable against total income tax liability of a taxpayer. Section 236I: Collection of advance tax…
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FBR outlines sales tax amendments through second supplementary finance act
ISLAMABAD: Federal Board of Revenue (FBR) has summarized amendments to sales tax regime through Finance Supplementary (Second Amendment) Act, 2019 and directed the officials of Inland Revenue to take necessary action for implementation. The FBR said that to liquidate huge amount claimed by taxpayers in refunds which have been accumulated over a long time, the…
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FBR explains FED on motor vehicles under Second Amendment Act
ISLAMABAD: Federal Board of Revenue (FBR) on Wednesday explained the amendment of Federal Excise Duty (FED) on imported and locally manufactured vehicles through Finance Supplementary (Second Amendment) Act, 2019. The FBR said that Serial Number of Table 1 of the First Schedule to the FED Act, 2005 had been amended and duty of the imported…
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FBR assigns Benami properties cases to BTB zones
ISLAMABAD: Federal Board of Revenue (FBR) has assigned Broadening of Tax Base (BTB) Zones to initiate cases against Benami properties and directed to submit challan within 120 days. The FBR on Wednesday said Benami Transactions (Prohibition) Rules, 2019 have been enforced with immediate effect and BTB zones of Inland Revenue Service have been assigned the…
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