Inland Revenue officers empowered to recover non-tax revenue

ISLAMABAD: The officers of Inland Revenue have been empowered to recover non-tax revenue by invoking provisions of Income Tax Ordinance, 2001. The finance ministry has issued Public Finance Management Act, 2019, which... Read more »

Reduced rate of withholding sales tax withdrawn for registered persons

ISLAMABAD: A registered person, who is not an active taxpayer, may not avail benefit of reduced rate of withholding sales tax after amendment made through Finance Act, 2020. Sources in Federal Board... Read more »

FBR empowered to send electronic notice, decisions to all sales tax registered persons

KARACHI: Federal Board of Revenue (FBR) has been authorized to serve electronic notice and decision as legal document to sales tax registered persons. In this regard an amendment has been made to... Read more »

FBR to get CNIC details of unregistered persons making purchases above Rs100,000

ISLAMABAD: Federal Board of Revenue (FBR) will get CNIC details of unregistered persons making purchases above Rs100,000 through monthly sales tax return for July 2020 to be filed by registered persons in... Read more »

PSX to collect 3pc income tax on payments to non-residents

ISLAMABAD: Pakistan Stock Exchange (PSX) is required to deduct/collect a reduced rate of three percent income tax on payment to non-residents. Officials of Federal Board of Revenue (FBR) said that amendment has... Read more »

Persons not on ATL to pay advance tax on educational fee

ISLAMABAD: Persons not appearing on Active Taxpayers List (ATL) are liable to pay advance income tax at the time of paying educational fee. Officials at Federal Board of Revenue (FBR) said that... Read more »

Banks, exchange companies no more required to give details of remittances sent abroad for education

ISLAMABAD: Federal Board of Revenue (FBR) shall not ask banks and exchange companies to provide details of persons sending remittances abroad related to education. Through Finance Act, 2020, the Section 236R of... Read more »

Advance ruling for classification of goods implemented

ISLAMABAD: The law of advance ruling for classification of goods or determination of origin has been implemented through Finance Act, 2020 from July 01, 2020. The National Assembly has approved the law... Read more »

Big retail units to be sealed till integration with FBR

ISLAMABAD: Big retail units shall be sealed till their integration with the online system of the Federal Board of Revenue (FBR) for sharing sales and purchases. Sources in the Federal Board of... Read more »

Import of heavy electric vehicles allowed at 1 percent customs duty

ISLAMABAD: Federal Board of Revenue (FBR) has allowed import of heavy electric vehicles at one percent customs duty. Through Finance Act, 2020 the duty at one percent has been made part of... Read more »