A person is liable to imprisonment up to five years for committing fraud under Section 2(37) 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 of section […]
ISLAMABAD: Shaukat Tarin, Adviser to Prime Minister on Finance and Revenue, has directed the authorities to take measures to reduce the import of luxury items. He was presiding over a meeting to review the balance of trade at Finance Division on Thursday. Federal Minister for National Food Security and Research Syed Fakhar Imam, Federal Minister […]
ISLAMABAD: The Federal Board of Revenue (FBR) has revised upward the valuation of immovable properties in Karachi for collection of withholding tax. The FBR issued SRO 1551(I)/2021 on Thursday to notify the revised valuation of immovable properties in Karachi effective from December 01, 2021. The FBR previously issued SRO 120(I)/2019 dated February 01, 2019 to […]
In a bid to enhance transparency, combat tax evasion, and ensure compliance with legal requirements, the Federal Board of Revenue (FBR) has reinforced the obligation of mandatory tax stamps on all sugar bags.
ISLAMABAD: Federal Board of Revenue (FBR) on Wednesday December 01, 2021 issued valuation and revaluation of immovable properties located in various cities of the country. The FBR has so far updated new and revised valuation of immovable properties located in 38 cities of the country. Following are the new and revised valuation of immovable properties: […]
ISLAMABAD: The Federal Board of Revenue (FBR) has deferred the implementation of a digital mode of payment for another month i.e. December 31, 2021. The digital mode of payment has been made mandatory for the corporate sector, which was to be implemented from December 01, 2021. The FBR issued circular No. 10 of 2021-22 on […]
Taxpayers who deny or obstruct the access to authorized officials of the Federal Board of Revenue (FBR) to the business premises under section 25, Section 38, Section 38A or Section 40B of Sales Tax Act, 1990 , then the taxpayers shall liable to face imprisonment up to five years on conviction by a special judge. […]
A taxpayer is liable to face three years in jail for making a false statement or providing forged documents to tax authorities under Section 2(37) 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 […]
Section 33(10) of Sales Tax Act, 1990 stated that taxpayers in failure to provide information are required to pay penalty.
ISLAMABAD: An officer of the Inland Revenue Service (IRS) has been awarded a major penalty of ‘dismissal from service’ after the officer was found guilty of corruption and misconduct. The Federal Board of Revenue (FBR) on a complaint of a taxpayer initiated an inquiry against Syed Zubair Shah, a BS-19 officer of IRS. M/s. Pak […]