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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Finance Supplementary (2nd Amendment) Act 2019: Directorate set up for tax recovery from undeclared offshore assets
ISLAMABAD: The federal government has set up Directorate General of International Tax Operations for recovery of tax in undeclared off-shore assets and incomes. According to Finance Supplementary (Second Amendment) Act, 2019, the directorate has been established under new section 230E of Income Tax Ordinance, 2001. The new section is as follow: Section 230E: Directorate General…
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Motor vehicle purchase restriction on non-filers withdrawn
ISLAMABAD: The federal government has allowed non-filers of income tax returns to purchase locally manufactured motor vehicles. According to Finance Supplementary (Second Amendment) Act, 2019, the government lifted the mandatory condition of return filing for purchase of motor car. Further through the Act, non-resident Pakistani citizens holding international passport have also been allowed to registered…
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FBR to issue sales, income tax refund bonds
ISLAMABAD: Federal Board of Revenue (FBR) will issue sales tax and income tax refund bonds through its subsidiary company ‘FBR Refund Settlement Company (Private) Limited.
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FBR imposes regulatory duty up to Rs18,500 per mobile phone
ISLAMABAD: The Federal Board of Revenue (FBR) has imposed regulatory duty up to Rs18,500 per set on import of mobile phones. The FBR issued SRO 327(I)/2019 on Monday to amend the SRO 1265(I)/2018 dated October 16, 2018, and imposed regulatory duty on six different categories of mobile phones imported under HS Code 8519.1219. The new…
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FBR announces reward money for whistleblowers in benami properties
ISLAMABAD: Federal Board of Revenue (FBR) on Monday announced reward for whistleblowers for helping tax authorities in detection and confiscation of benami properties. The FBR issued SRO 326(I)/2019 to notify rules calling Benami Transactions (Prohibition) Rules, 2019 in order to implement the benami law, which was passed in February 2017. The FBR said that for…
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Income Tax Ordinance 2001: advance tax on electricity consumption
KARACHI: Power supply companies are required to deduct and collect advance tax from industrial and commercial consumers at rates specified. According to updated Income Tax Ordinance, 2001 issued by Federal Board of Revenue (FBR), the Section 235 explained the rates of advance tax on consumption of electricity. Section 235: Electricity consumption Sub-Section (1): There shall…
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Late filers may be allowed for Active Taxpayers List
KARACHI: Federal Board of Revenue (FBR) may allow taxpayers who filed their returns after due date to have their names on Active Taxpayers List (ATL).FBR sources said that the finance ministry had asked the revenue body to review the issue. The ministry of finance had received many representations on the issue.The government through Finance Act,…
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Income Tax Ordinance 2001: advance tax on cash withdrawal
KARACHI: Every banking company is responsible for deducting and collecting a certain percentage of tax on cash withdrawal on Rs50,000 per day from an account. Since passage of Finance Supplementary (Second Amendment) Bill, 2019 from the parliament, the tax is no more on withdrawal by a filer of income tax return. Therefore, this tax is…
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Income Tax Ordinance 2001: offences and penalties
KARACHI: Any person who commits any offence under provisions of Income Tax Ordinance, 2001, he may be liable to penalty. According to updated Income Tax Ordinance, 2001 issued by Federal Board of Revenue (FBR), Section 182 explains the offenses and penalty under the Ordinance: 01. Where any person fails to furnish a return of income…
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