Feb 2

FBR explains amendments to Customs Act 1969

ISLAMABAD: The Federal Board of Revenue (FBR) has issued explanation of amendments in the Customs Act, 1969 made through Finance (Supplementary) Act, 2022. The FBR issued Customs Circular No. 01 of 2022 to explain the changes. Power to determine the customs value: Under Section 25A of the Customs Act, 1969, both the Collector of Customs […]

by Mrs. Anjum Shahnawaz

DG Customs Valuation powers strengthened

Jan 26

Pakistan Customs, Taxation, Top stories

DG Customs Valuation powers strengthened

ISLAMABAD: The powers of Director General Customs Valuation have been strengthened through amendments made through Finance (Supplementary) Act, 2022. The powers of Customs Collector to determine customs valuation have been withdrawn through Finance (Supplementary) Act, 2022. Sources in Federal Board of Revenue (FBR) on Tuesday said that through the Finance (Supplementary) Act, 2022 amendment had […]

by Mrs. Anjum Shahnawaz

Tax imposed to protect domestic entertainment industry

Jan 24

Taxation, Top stories

Tax imposed to protect domestic entertainment industry

The Federal Board of Revenue (FBR) has introduced taxes on foreign-produced TV dramas and advertisements as part of its efforts to safeguard and promote the domestic media industry.

by Mrs. Anjum Shahnawaz

FBR slaps sales tax at 17% on supply of food stuff

Jan 21

National, Taxation

FBR slaps sales tax at 17% on supply of food stuff

The Federal Board of Revenue (FBR) has instituted a significant change in the tax structure for the supply of food items by restaurants, bakeries, caterers, and sweetmeat shops, imposing a 17% sales tax.

by Mrs. Anjum Shahnawaz

FBR increases income tax to 15% on cellular services

Jan 20

IT & Telecom, Taxation

FBR increases income tax to 15% on cellular services

ISLAMABAD: The Federal Board of Revenue (FBR) on Thursday said the advance income tax on cellular services has been increased to 15 per cent from 10 per cent. The FBR issued Circular No. 12 of 2022 to explain amendments to Income Tax Ordinance, 2001 made through Finance (Supplementary) Act, 2022. The increase in advance tax […]

by Mrs. Anjum Shahnawaz

Banks to share business account details to FBR

Jan 19

Money & Banking, Taxation, Top stories

Banks to share business account details to FBR

KARACHI: It has been made mandatory for banks to provide details of business accounts every month to the Federal Board of Revenue (FBR), official sources said on Wednesday. This is the additional information to be submitted by the banks along with details already mandatory for the financial institutions. READ MORE: Digital payments defined through Finance […]

by Mrs. Anjum Shahnawaz

Digital payments defined through Finance Supplementary Act 2022

Jan 17

Taxation, Top stories

Digital payments defined through Finance Supplementary Act 2022

In an effort to provide clarity and streamline the taxation of digital payments, recent amendments have been made to the Income Tax Ordinance, 2001, through the Finance (Supplementary) Act, 2022.

by Mrs. Anjum Shahnawaz