Nov 30

FBR collects over Rs2.31 trillion in five months

ISLAMABAD: The Federal Board of Revenue (FBR) – Pakistan’s apex revenue collecting agency – has collected over Rs2.31 trillion during the first five months (July – November) of the fiscal year 2021/2022. According to provisional statistics released by the FBR on Tuesday, the net revenue collection is at Rs2.314 trillion during the first five months, […]

by Mrs. Anjum Shahnawaz

FBR asked to redouble efforts for broadening tax base

Nov 29

Taxation

FBR asked to redouble efforts for broadening tax base

ISLAMABAD: Shaukat Tarin, Adviser to the Prime Minister on Finance and Revenue, on Monday asked the Federal Board of Revenue (FBR) to redouble its efforts for broadening the tax base. The adviser expressed his full support and confidence to the FBR team and advised to redouble their efforts and launch the taxpayer outreach initiative at […]

by Mrs. Anjum Shahnawaz

FBR imposes AML condition on immovable properties

Nov 29

Taxation

FBR imposes AML condition on immovable properties

ISLAMABAD: The Federal Board of Revenue (FBR) on Monday imposed a condition under the Anti-Money Laundering Act, 2010 on transfers and registration of immovable properties. The FBR DNFBPs Order No. 1 of 2021 impose the condition. The FBR said that the Anti-Money Laundering Act, 2010 empowered the revenue board to license or register its reporting […]

by Mrs. Anjum Shahnawaz

Up to Rs50,000 penalty for obstructing access to records

Nov 28

Taxation

Up to Rs50,000 penalty for obstructing access to records

Section 33(9) of the Sales Tax Act, 1990, stipulates that individuals who obstruct officials of Inland Revenue in accessing records may face penalties ranging from Rs5,000 to Rs50,000.

by Hamza Shahnawaz

Penalty for failure to maintain sales tax record

Nov 28

Taxation

Penalty for failure to maintain sales tax record

The Sales Tax Act, 1990, empowers authorities to impose penalties on individuals or businesses failing to maintain records as required under Section 22 and Section 24 of the Act.

by Hamza Shahnawaz

Imprisonment for selling goods without tax registration

Nov 28

Taxation

Imprisonment for selling goods without tax registration

A person is liable to imprisonment where he is required to get registered for sales tax under Section 14 of the Sales Tax Act, 1990, but he makes supplies without making an application for the registration. The Federal Board of Revenue (FBR) issued the Sales Tax Act, 1990 updated up to June 30, 2021. The […]

by Hamza Shahnawaz

Penalty for repeated miscalculation in sales tax return

Nov 28

Taxation

Penalty for repeated miscalculation in sales tax return

The Federal Board of Revenue (FBR) has reinforced its commitment to maintaining the integrity of the tax system by imposing penalties on individuals who repeatedly make erroneous calculations in their sales tax returns.

by Hamza Shahnawaz

Three-year jail for defaulting sales tax payment

Nov 28

Taxation

Three-year jail for defaulting sales tax payment

A special judge may award imprisonment up to three years to a person who defaulted sales tax payment despite an opportunity from the tax authorities to pay the amount under Section 3, Section 6, Section 7 and Section 48 of the Sales Tax Act, 1990.

by Mrs. Anjum Shahnawaz

Penalty for failure to notify changes in registration details

Nov 28

Taxation

Penalty for failure to notify changes in registration details

Section 33(4) of the Sales Tax Act, 1990 has revealed penalty for failure to notify changes in registration details by taxpayers.

by Hamza Shahnawaz

Penalty for issuing unauthorized sales tax invoice

Nov 27

Taxation

Penalty for issuing unauthorized sales tax invoice

The Federal Board of Revenue (FBR) has intensified efforts to curb unauthorized practices in the realm of sales tax by implementing penalties for the unauthorized issuance of sales tax invoices.

by Hamza Shahnawaz