Measures for ease of doing business taken through Finance Act, 2021

Jul 11

Taxation

Measures for ease of doing business taken through Finance Act, 2021

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 […]

by Mrs. Anjum Shahnawaz

FBR constitutes committee for penalty on non-compliance of invoice, packing lists

Jul 7

Pakistan Customs

FBR constitutes committee for penalty on non-compliance of invoice, packing lists

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 […]

by Mrs. Anjum Shahnawaz

FBR prescribes minimum output of steel products for sales tax payment

Jul 6

Taxation

FBR prescribes minimum output of steel products for sales tax payment

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, […]

by Mrs. Anjum Shahnawaz

Online market places to collect 2% withholding sales tax

Jul 6

Taxation

Online market places to collect 2% withholding sales tax

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 […]

by Mrs. Anjum Shahnawaz

Income tax exemption granted to international buying houses

Jul 5

Taxation

Income tax exemption granted to international buying houses

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 […]

by Mrs. Anjum Shahnawaz

Withholding tax exemption allowed on purchase of used motor vehicles

Jul 5

Automotive, Taxation

Withholding tax exemption allowed on purchase of used motor vehicles

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 […]

by Mrs. Anjum Shahnawaz

IT exports, services granted 100% income tax credit

Jul 5

IT & Telecom, Taxation

IT exports, services granted 100% income tax credit

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 […]

by Mrs. Anjum Shahnawaz

Banks to pay income tax on advance to deposit ratio

Jul 5

Money & Banking, Taxation

Banks to pay income tax on advance to deposit ratio

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 […]

by Mrs. Anjum Shahnawaz

Additional tax on transfer of unregistered motor vehicles to continue

Jul 4

Taxation

Additional tax on transfer of unregistered motor vehicles to continue

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 […]

by Mrs. Anjum Shahnawaz

FBR highlights automation of procedures through Finance Act 2021

Jul 4

Taxation

FBR highlights automation of procedures through Finance Act 2021

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 […]

by Mrs. Anjum Shahnawaz