Pakistan Revenue
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 Section 56 of Sales Tax Act, 1990 through Finance Act, 2020. Prior to amendment the FBR was empowered to send electronically through email […]
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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 August 2020. The registered persons are required to provide details of all those unregistered persons who made purchases above Rs100,000. The information of […]
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The Pakistan Stock Exchange (PSX) has been mandated to apply a reduced rate of three percent income tax on payments to non-residents, according to officials from the Federal Board of Revenue (FBR).
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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 through Finance Act, 2020 the condition of paying advance tax under Section 236I of Income Tax Ordinance, 2001 on educational fee had been […]
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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 Income Tax Ordinance, 2001 has been omitted. This section was introduced for collection of advance tax on education related expenses remitted abroad. This […]
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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 of advance ruling that was proposed through Finance Bill, 2020. According to explanation issued by PWC A F Ferguson Chartered Accountants, the concept […]
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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 Revenue (FBR) said that the big retail units are required to integrate their outlets with the FBR under Sales Tax Act, 1990. However, […]
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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 Customs Act, 1969. According to the Finance Act, 2020 the imports of electric buses, electric trucks and electric prime movers have been allowed […]
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ISLAMABAD: The government has abolished advance tax on cable operators and other electronic media that was collected under Income Tax Ordinance, 2001. Through Finance Act, 2020 the Section 236F of the Income Tax Ordinance, 2001 has been deleted. The Section 236F was related to advance tax on cable operators and other electronic media, officials at […]
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ISLAMABAD: Federal Board of Revenue (FBR) will prescribe method for valuation of used vehicles for the purpose of sales tax. FBR sources said that amendment has been made to Sales Tax Act, 1990 through Finance Act, 2020 related to value of supply of used vehicles. According to the amendment, in case of registered person who […]
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