PTBA suggests allowing further tax adjustment to suppliers

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 […]

by Faisal Shahnawaz

Sales Tax Act 1990: Invoice issued by suspended taxpayers not to be entertained for refund, input adjustment

KARACHI: Any invoice issued by a person, who is suspended or black listed by tax authorities, may not be acceptable for refund claim or input adjustment by another registered person. According to updated Sales Tax Act, 1990 issued by Federal Board of Revenue (FBR), the Section 21 of the Act explained the de-registration, blacklisting and […]

by Faisal Shahnawaz

Sales Tax Act 1990: deduction of input tax by registered persons

KARACHI: A sales tax registered person is allowed to deduct input tax against output tax for determination of taxable supplies made during a period. According to updated Sales Tax Act 1990 issued by Federal Board of Revenue (FBR), Section 7 explained the procedure of deduction of input tax by sales tax registered persons. Section 7: […]

by Faisal Shahnawaz