Senior FBR auditor awarded ‘dismissal from service’ for corruption

Jan 7

Taxation

Senior FBR auditor awarded ‘dismissal from service’ for corruption

ISLAMABAD: A senior auditor of Federal Board of Revenue (FBR) has been awarded major penalty of ‘dismissal from service’ on allegations of corruption, misconduct and inefficiency. The FBR on Friday through a notification said that disciplinary proceedings under Government Servants (Efficiency & Discipline) Rules, 1973 were initiated against Gulraiz Ahmad Raza, Senior Auditor (BS-16), while […]

by Hamza Shahnawaz

Single sales tax return to eliminate fake, flying invoices

Jan 6

Taxation, Top stories

Single sales tax return to eliminate fake, flying invoices

The launch of single sales tax return will help the authorities to prevent tax evasion and end the phenomenon of fake and flying invoices. The Federal Board of Revenue (FBR) said that the single sales tax return will facilitate the taxpayers. Besides it will promote ease of doing business and reduce compliance cost as well. […]

by Mrs. Anjum Shahnawaz

Annual sales tax collection from imports climbs up 27%

Jan 5

Taxation, Top stories

Annual sales tax collection from imports climbs up 27%

The Federal Board of Revenue (FBR) has reported a remarkable surge in the annual collection of sales tax on imports, marking a growth of over 27% during the fiscal year 2020/2021.

by Mrs. Anjum Shahnawaz

FBR identifies 1,284 retailers for POS integration

Jan 5

Taxation, Top stories

FBR identifies 1,284 retailers for POS integration

ISLAMABAD: The Federal Board of Revenue (FBR) has identified 1,284 retailers for force them to integrate Point of Sale (POS) with the tax system. The FBR on Wednesday issued a list of 1,284 retailers by notifying Sales Tax General Order (STGO) No. 7 of 2022 dated January 05, 2022. READ MORE: Prize scheme on invoices […]

by Mrs. Anjum Shahnawaz

FBR may issue special procedure under sales tax law

Jan 5

Taxation

FBR may issue special procedure under sales tax law

In a move to enhance flexibility and adaptability within the tax framework, Section 71 of the Sales Tax Act, 1990, grants authority to the Federal Board of Revenue (FBR) to prescribe special procedures for the payment and submission of documents.

by Hamza Shahnawaz

Jan 5

Taxation

Computation of limitation period

ISLAMABAD – A recent amendment to the Sales Tax Act, 1990, introduced through the Finance Act, 2021, sheds light on the computation of the limitation period for appeals or applications.

by Hamza Shahnawaz

Taxpayers can obtain duplicate sales tax documents

Jan 4

Taxation

Taxpayers can obtain duplicate sales tax documents

In a move aimed at providing convenience to taxpayers, the Federal Board of Revenue (FBR) has announced that individuals can now obtain duplicate documents of their sales tax affairs.

by Hamza Shahnawaz

Liability of the registered person for the acts of his agent

Jan 4

Taxation

Liability of the registered person for the acts of his agent

Section 68 of the Sales Tax Act, 1990, delves into the legal framework surrounding the liability of a registered person for the actions undertaken by their appointed agent.

by Hamza Shahnawaz

Provision to pay sales tax refunds through bonds

Jan 4

Taxation

Provision to pay sales tax refunds through bonds

A provision has been added to Section 67A of the Sales Tax Act, 1990, which empowered the Federal Board of Revenue (FBR) to pay sales tax refund through bonds. The Federal Board of Revenue (FBR) issued the Sales Tax Act, 1990 updated up to June 30, 2021. The Act incorporated amendments brought through Finance Act, […]

by Hamza Shahnawaz

FBR to pay additional amount on delayed sales tax refund

Jan 4

Taxation

FBR to pay additional amount on delayed sales tax refund

Federal Board of Revenue (FBR) is liable to pay an additional amount on a sales tax refund that is paid after a specified time under Sales Tax Act, 1990. A procedure for the payment of an additional amount against delayed sales tax refund has been laid down under Section 67 of the Sales Tax Act, […]

by Hamza Shahnawaz