Penalty up to Rs3 million for failure to integrate business

ISLAMABAD: The Federal Board of Revenue (FBR) may impose up to Rs3 million as a monetary penalty upon persons for failure to integrate their businesses with the online system under Sales Tax Act, 1990. An important amendment has been made through Tax Laws (Third Amendment) Ordinance, 2021, which was promulgated on September 15, 2021 through […]

by Faisal Shahnawaz

FBR issues list of businesses located in eight cities for mandatory income tax integration

Aug 31

Taxation

FBR issues list of businesses located in eight cities for mandatory income tax integration

ISLAMABAD: Federal Board of Revenue (FBR) issued list of business located at eight major cities of the country for making mandatory the online integration under income tax laws. The FBR issued SRO 779(I)/2020 to amend Income Tax Rules 2002 and made mandatory for business located in eight major cities including Karachi, Lahore, Islamabad, Rawalpindi, Faisalabad, […]

by Mrs. Anjum Shahnawaz

Sales tax rates issued for retailers integrated with FBR

Jan 21

Taxation

Sales tax rates issued for retailers integrated with FBR

ISLAMABAD: Federal Board of Revenue (FBR) has issued sales tax rate for different categories of retailers, who integrated their sales with online system of the FBR. The FBR said that the rate of sales tax for items sold by integrated retailers shall be the same as for all other suppliers as provided under the Sales […]

by Mrs. Anjum Shahnawaz

FBR launches sales tax invoice verification system

Dec 19

Taxation

FBR launches sales tax invoice verification system

ISLAMABAD: Federal Board of Revenue (FBR) has launched online system for verification of invoices, which issued against purchases from retail outlets. The FBR launched the integration of sales and purchases by Tier-1 retailers with aim to encourage 100 percent invoice submission to the revenue body. The FBR has given deadline of December 15, 2019 to […]

by Mrs. Anjum Shahnawaz