Pakistan Revenue
ISLAMABAD: Federal Board of Revenue (FBR) has explained amendments made through Finance Act, 2021 in Sales Tax Act, 1990 and Federal Excise Act, 2005 for ease of doing business. The FBR said that there are certain provisions in the Sales Tax Act, 1990 and Federal Excise Act, 2005, which required some corrections or streamlining, while […]
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ISLAMABAD: Federal Board of Revenue (FBR) on Wednesday constituted a committee to formulate parameters for imposing penalties against non-compliance of invoice and packing list. A spokesman said that the Federal Board of Revenue (FBR) has constituted a committee of senior Customs officers to formulate rules to implement Section 156(I) of the Customs Act, 1969, which […]
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ISLAMABAD: The Federal Board of Revenue (FBR) has prescribed minimum production of steel products for payment of sales tax under Thirteenth Schedule of Sales Tax Act, 1990. According to Finance Act, 2021 an amendment has been made to Section 3 of the Sales Tax Act, 1990 in respect of goods, specified in the Thirteenth Schedule, […]
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ISLAMABAD: The online market places have been brought into the tax net as through the Finance Act, 2021 the owner of online market place has been made withholding agent and made responsible for collecting withholding tax at two per cent on sales made through digital platform. A new definition has been including in the Sales […]
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ISLAMABAD: Federal Board of Revenue (FBR) has said that international buying house act as facilitator for exports from Pakistan to their principals abroad. “In order to reduce disputes the amount remitted in foreign exchange to meet the expense of these buying houses by their principals has been exempted from tax,” the FBR said while explaining […]
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ISLAMABAD: Federal Board of Revenue (FBR) has said that exemption from withholding tax has been granted on purchase of used motor vehicles from general public. The FBR while explaining major changes made to Income Tax Ordinance, 2001 through Finance Act, 2021 said that used vehicle market is working in an undocumented environment. In order to […]
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ISLAMABAD: The government has granted 100 percent tax credit to persons engaged in exports and services of Information Technology (IT), sources in Federal Board of Revenue (FBR) said on Monday. Through Finance Act, 2021 incomes of persons engaged in IT exports and services have be allowed a tax credit equal to one hundred per cent […]
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KARACHI: The Federal Board of Revenue (FBR) has said that in order to facilitate banking companies on payment of additional tax on earning arising from investment in government securities, a new regime has been introduced. The FBR said that the income of banking companies earned from additional investment in federal government securities for tax year […]
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ISLAMABAD: The levy of withholding tax to discourage on money on transfer of motor vehicles will continue beyond July 01, 2021. The Federal Board of Revenue (FBR) in an explanation to Finance Act, 2021 said that application of withholding tax on motor vehicles transferred without registration will continue during current fiscal year and onwards. The […]
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ISLAMABAD: The Federal Board of Revenue (FBR) has highlighted measures taken through Finance Act, 2021 to automate the procedures for facilitating taxpayers. The FBR through an income tax circular highlighted the following measures taken for automation of procedures: Automated issuance of refunds In order to claim refunds, a taxpayer has to file refund application and […]
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