Dec 11

FBR announces first POS prize scheme draw on Jan 15

ISLAMABAD: Federal Board of Revenue (FBR) on Friday announced that the first balloting for prize money on invoices issued by retailers of Point of Sale (POS) will be held on January 15, 2022. The FBR said that thousands of prizes worth a hundred thousand rupees will be distributed every month to the winners after computerized […]

by Mrs. Anjum Shahnawaz

FBR announces cash reward to IREN officials for raids

Dec 10

Taxation

FBR announces cash reward to IREN officials for raids

KARACHI: Dr. Muhammad Ashfaq Ahmed, Chairman of the Federal Board of Revenue (FBR), has announced cash reward for officials of Inland Revenue Enforcement Network (IREN) for conducting successful raids against illegal sugar bags. A statement issued on Saturday said that the Chairman had appreciated the performance of IREN squads and announced a cash reward for […]

by Hamza Shahnawaz

Special Judges may be appointed under Sales Tax Act

Dec 10

Taxation

Special Judges may be appointed under Sales Tax Act

Section 37C of the Sales Tax Act, 1990 revealed that a special Judges may be appointed for sales tax cases.

by Hamza Shahnawaz

Procedure for IR officers on arrest of person

Dec 10

Taxation

Procedure for IR officers on arrest of person

Section 37B of Sales Tax Act, 1990 has explained procedure for IR officers on arrest of person. 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, 2021. Following is the text of section 37B of the Sales Tax Act, 1990: 37B. Procedure to be followed on […]

by Hamza Shahnawaz

Commissioner having power to arrest and prosecute

Dec 9

Taxation

Commissioner having power to arrest and prosecute

Section 37A of Sales Tax Act, 1990 has explained commissioner having power to arrest and prosecute. 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, 2021. Following is the text of section 37A of the Sales Tax Act, 1990: 37A. Power to arrest and prosecute.– (1) […]

by Hamza Shahnawaz

Power to order persons for evidence and documents

Dec 9

Taxation

Power to order persons for evidence and documents

Section 37 of Sales Tax Act, 1990 has explained power to summon persons to give evidence and produce documents in inquiries. 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, 2021. Following is the text of section 37 of the Sales Tax Act, 1990: 37. Power […]

by Hamza Shahnawaz

Exemption from penalty and default surcharge

Dec 9

Taxation

Exemption from penalty and default surcharge

Section 34A of the Sales Tax Act, 1990, provides a mechanism for the exemption from penalty and default surcharge imposed under Sections 33 and 34 of the Act.

by Hamza Shahnawaz

FBR issues Taxpayers’ Charter (rights, obligation) guide

Dec 9

Taxation, Top stories

FBR issues Taxpayers’ Charter (rights, obligation) guide

The Federal Board of Revenue (FBR) has issued taxpayers’ charter to define rights of the taxpayers and their obligation toward their liability to pay tax. According to the FBR, the taxpayers’ charter defines rights and obligations of taxpayers, which will help eliminate the traditional perception and create a new tax culture of mutual trust, confidence […]

by Mrs. Anjum Shahnawaz

Default surcharge for failure in timely tax payment

Dec 8

Taxation

Default surcharge for failure in timely tax payment

Taxpayers are liable to pay default surcharge in case the due payment is not deposited in national kitty in time under Section 34 of the Sales Tax Act, 1990. 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, 2021. Following is the text […]

by Hamza Shahnawaz

Major changes in sales tax regime on the cards

Dec 8

Taxation, Top stories

Major changes in sales tax regime on the cards

The government is set to introduce a finance supplementary bill which may bring major changes in sales tax regime, sources said on Wednesday. The sources said that in the Sales Tax Act, 1990, zero-rating under the Fifth Schedule is proposed to be streamlined and certain entries are to be withdrawn. Exemption regime under Sixth Schedule […]

by Faisal Shahnawaz