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

Jul 26

Taxation

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 Section 56 of Sales Tax Act, 1990 through Finance Act, 2020. Prior to amendment the FBR was empowered to send electronically through email […]

by Mrs. Anjum Shahnawaz

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

Jul 26

Taxation

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 August 2020. The registered persons are required to provide details of all those unregistered persons who made purchases above Rs100,000. The information of […]

by Mrs. Anjum Shahnawaz

Jul 25

Stock & Commodity, Taxation

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

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).

by Mrs. Anjum Shahnawaz

Persons not on ATL to pay advance tax on educational fee

Jul 23

Taxation

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 through Finance Act, 2020 the condition of paying advance tax under Section 236I of Income Tax Ordinance, 2001 on educational fee had been […]

by Mrs. Anjum Shahnawaz

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

Jul 22

Taxation

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 Income Tax Ordinance, 2001 has been omitted. This section was introduced for collection of advance tax on education related expenses remitted abroad. This […]

by Mrs. Anjum Shahnawaz

Advance ruling for classification of goods implemented

Jul 21

Pakistan Customs

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 of advance ruling that was proposed through Finance Bill, 2020. According to explanation issued by PWC A F Ferguson Chartered Accountants, the concept […]

by Mrs. Anjum Shahnawaz

Big retail units to be sealed till integration with FBR

Jul 19

Taxation

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 Revenue (FBR) said that the big retail units are required to integrate their outlets with the FBR under Sales Tax Act, 1990. However, […]

by Mrs. Anjum Shahnawaz

Import of heavy electric vehicles allowed at 1 percent customs duty

Jul 19

Pakistan Customs

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 Customs Act, 1969. According to the Finance Act, 2020 the imports of electric buses, electric trucks and electric prime movers have been allowed […]

by Mrs. Anjum Shahnawaz

Advance tax on cable operators abolished

Jul 17

Taxation

Advance tax on cable operators abolished

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 […]

by Mrs. Anjum Shahnawaz

FBR to prescribe valuation method for used vehicles

Jul 15

Taxation

FBR to prescribe valuation method for used vehicles

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 […]

by Mrs. Anjum Shahnawaz