ISLAMABAD: Federal Board of Revenue (FBR) on Thursday issued draft rules for filing appeals electronically from January 01, 2021. The FBR issued SRO 1262(I)/2020 to propose amendments in Income Tax Rules, 2002. According to the SRO the FBR proposed amendments to rule 70 to 70O. The draft rules are as follow: 76. Appeal to the […]

ISLAMABAD: Federal Board of Revenue (FBR) expanded the scope of service tax notices and included mobile phone SMS as valid service of documents.

ISLAMABAD – Banks are obligated to furnish statements of deposits and withdrawals of account holders to the Federal Board of Revenue (FBR).

ISLAMABAD: Federal Board of Revenue (FBR) has issued Income Tax Rules, 2002 (updated September 08, 2020) which explained the determination of value of bonus shares issued by a company not quoted on the stock exchange. According to the rules, the value of bonus shares issued by a company, not quoted on the stock exchange, to […]

In a move to enhance transparency and streamline tax-related processes, the Federal Board of Revenue (FBR) has made it mandatory for all individuals and entities involved in commercial transactions to display and quote their National Tax Number (NTN).

ISLAMABAD: Federal Board of Revenue (FBR) on Monday made it mandatory for banks to provide details of transactions including deposits and withdrawals during a month. Besides, the banks are also required to provide information of transactions made through credit/debit cards and details of persons making profit on debt through banking deposits. The FBR issued SRO […]

ISLAMABAD: Federal Board of Revenue (FBR) has issued draft rules for grant of concessional tax rate on import of raw materials and capital goods by manufacturers and exporters. The FBR issued SRO 615(I)/2020 on Thursday for making amendment to Income Tax Rules, 2002. The draft rules have been issued to implement the Twelfth Schedule introduced […]