ISLAMABAD: The Federal Board of Revenue (FBR) has restricted input adjustment for manufacturers of steel and oil and ghee. The FBR issued Sales Tax General Order (STGO) No. 12 of 2022 dated April 07, 2022, regarding input tax adjustment to manufacturers of oil and ghee and steel melters and re-rollers. Under the STGO, the sectors … Read more
ISLAMABAD: The government has announced input sales tax adjustment for companies listed on Pakistan Stock Exchange (PSX) to promote corporatization in the country. Finance Minister Shaukat Tarin while presenting federal #budget 2021/2022 on Friday said that relaxation of restriction on input tax adjustment under section 8B of Sales Tax Act, 1990 had been granted. He … Read more
KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has demanded the tax authorities withdraw restriction on input adjustment under Sales Tax Act, 1990. A statement issued on Wednesday said that Advisory Council of the FPCCI on budget found various laws and regulations that failed to generate much revenue on the other hand badly … Read more
The Sales Tax Act, 1990 as issued by the Federal Board of Revenue (FBR) as updated up to June 30, 2020 has explained input tax in relation to a registered person. The input tax in relation to a registered person has been explained as: (a) tax levied under this Act on supply of goods to … Read more
ISLAMABAD: Federal Board of Revenue (FBR) on Wednesday allowed input adjustment of sales tax to Tier-1 retailers. The FBR issued SRO 344(I)/2020 to amend SRO 1190(I)/2019 dated October 02, 2019. The FBR allowed 95 percent input adjustment against output tax. The FBR through SRO 1190(I)/2019 issued fresh list of sectors to allow input adjustment by … Read more
KARACHI: Any auditor of professional accountancy firm is liable to penal action in case found guilty of misconduct in furnishing false tax certificate, sources in Federal Board of Revenue (FBR) said. Referring to Section 8B of Sales Tax Act, 1990, the sources said that tax authorities allowed input tax adjustment to a taxpayer on the … Read more
KARACHI: Karachi Tax Bar Association (KTBA) has highlighted impediments face by taxpayers in claiming input sales tax adjustment. The KTBA in a letter to Federal Board of Revenue (FBR) on Wednesday said that after introduction of STRIVe, there have arisen certain practical impediments at the time of filing sales tax returns to avail the exclusion … Read more
KARACHI: Karachi Tax Bar Association (KTBA) on Thursday urged Federal Board of Revenue (FBR) to resolve the input adjustment issue on payment made through Bill of Additional Duty (BOAD). The KTBA in a letter informed the FBR that it had highlighted the matter through communications dated November 27, 2013 and June 23, 2014, respectively whereby … Read more
ISLAMABAD: Federal Board of Revenue (FBR) has issued fresh list of sectors to allow input adjustment by amending the Section 8B of Sales Tax Act, 1990. The FBR issued SRO 1190(I)/2019 on Thursday in suppression of its previous SRO 647(I)/2007 dated June 27, 2007. The following sectors have been allowed input adjustment and refunds: 01. … Read more
KARACHI: Pakistan Tax Bar Association (PTBA) has recommended the Federal Board of Revenue (FBR) to allow adjustment of further tax against input tax. The PTBA in its proposals for budget 2019/2020, said that presently further tax has been charged by the registered person on the supplies made to the person who are required to be … Read more