Aug 22

Pakistan amends laws to tax retailers

ISLAMABAD: Pakistan on Monday revised laws to impose tax on retailers after suspending fixed tax scheme. President Arif Alvi has signed the bill namely Tax Laws (Second Amendment) Ordinance, 2022 to promulgate the revised taxation on the retailers. Through the immediate ordinance, amendments have been made to Sales Tax Act, 1990 under which retailers are […]

by Mrs. Anjum Shahnawaz

Inquiry ordered into collection of increased sales tax ratio

Aug 21

Taxation, Top stories

Inquiry ordered into collection of increased sales tax ratio

ISLAMABAD: The government on Sunday ordered an inquiry into collection of sales tax at increased sales tax ratio from retailers. A statement said that Prime Minister Muhammad Shehbaz Sharif had directed to launch an inquiry into the imposition of higher Sales Tax ratio on small traders through electricity bills other than the agreed one. READ […]

by Mrs. Anjum Shahnawaz

FBR allows tax refund deducted through electricity bills

Aug 11

Taxation, Top stories

FBR allows tax refund deducted through electricity bills

KARACHI: The Federal Board of Revenue (FBR) has allowed tax refund deducted through electricity bills, sources said on Thursday. The sources said that electricity supply companies had started adjusting the amount deducted as sales tax on monthly bills of commercial connection holders. READ MORE: Pakistan decides to roll back fixed tax scheme In this regard […]

by Faisal Shahnawaz

Tax through electricity bills not taken back: clarification

Aug 4

Taxation

Tax through electricity bills not taken back: clarification

ISLAMABAD: The federal government on Thursday clarified that the tax through electricity bills has not been taken back so far. A clarification has been issued through official media of the government of Pakistan that news being released by some media channels that the government has taken back the decision of tax on electricity bills. READ […]

by Mrs. Anjum Shahnawaz

Tax through electricity connections on retailers, service providers

Jul 23

Budget 2022-2023, Taxation, Top stories

Tax through electricity connections on retailers, service providers

ISLAMABAD: The Federal Boar of Revenue (FBR) has issued explanation to tax collection through electricity connections from retailers and service providers. In this regard the FBR issued Income Tax Circular No. 15 of 2022/2023 to explain important amendments introduced through the Finance Act, 2022 to the Income Tax Ordinance, 2001. The FBR said that in […]

by Mrs. Anjum Shahnawaz

Non-ATL retailers to pay double amount of fixed tax

Jul 5

Budget 2022-2023, Taxation, Top stories

Non-ATL retailers to pay double amount of fixed tax

ISLAMABAD: Small retailers or a shopkeepers have to pay double the amount of fixed tax in case of not appearing on the Active Taxpayers List (ATL). The federal government through the Finance Bill, 2022 introduced a scheme of fixed tax for small retailers. However, the National Assembly approved the bill with certain changes in the […]

by Mrs. Anjum Shahnawaz

Fixed tax rates for retailers, payable through electricity bills

Jun 12

Budget 2022-2023, Taxation

Fixed tax rates for retailers, payable through electricity bills

ISLAMABAD: The government has announced a fixed tax regime for small retailers, which will be collected their monthly electricity bills. The fixed tax regime has been proposed through budget 2022/2023, which was announced on June 10, 2022. Through Finance Bill, 2022 amendment has been made to Income Tax Ordinance, 2001 to propose special provisions relating […]

by Mrs. Anjum Shahnawaz

FPCCI demands fixed tax regime for retailers

May 31

Trade & Industry

FPCCI demands fixed tax regime for retailers

KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has demanded the government of a fixed tax regime for retailers. In a statement the FPCCI reminded the finance minister on his promised position to introduce simplified taxation regime on fixed rate basis for the category of the retailers other than the tier-1 retailers, as […]

by Hamza Shahnawaz

Adjustment restrictions hamper return filing by retailers

Mar 20

Taxation

Adjustment restrictions hamper return filing by retailers

Retailers falling under Tier-1 have informed the Federal Board of Revenue (FBR) that they were unable to file monthly sales tax returns due to denial of adjustment by IRIS portal. A number of retailers jointly sent a letter to FBR chairman apprising about unfavorable behavior of IRIS Portal by denying adjustment against credit notes issued […]

by Mrs. Anjum Shahnawaz

FBR constitutes committees for integration of Tier-I retailers

Mar 13

Taxation

FBR constitutes committees for integration of Tier-I retailers

ISLAMABAD: Federal Board of Revenue (FBR) has constituted central committee and regional committees to oversee the integration of Tier-I retailers with the FBR system. The FBR said that in pursuance of the Memorandum of Understanding (MOU) signed between the FBR and the Chainstore Association of Pakistan (CAP) on October 28, 2020, a central committee and […]

by Mrs. Anjum Shahnawaz