Tax Amendment Ordinance: consumer goods to be confiscated on failure to print retail price

ISLAMABAD: Tax officials have been empowered to confiscate goods where importer / manufacturer failed to mandatory print the retail price on consumer goods. Read more »

Tax Amendment Ordinance: major changes made to sales tax law

ISLAMABAD: Federal Board of Revenue (FBR) on Wednesday issued salient features of amendment to Sales Tax Act, 1990 made through Tax Law (Second Amendment) Ordinance, 2019. Read more »

IR officers empowered to sell defaulters’ properties without attachment

KARACHI: Officers of Inland Revenue (IR) have been empowered to sell moveable or immovable properties of sales tax defaulters for recovery of arrears. Read more »

Applicable withholding sales tax rates on various supplies

KARACHI: Federal Board of Revenue (FBR) has notified withholding sales tax rates to be deducted / collected on various supplies by withholding agents. Read more »

FBR withdraws 3pc value addition tax on imported consumer items

ISLAMABAD: Federal Board of Revenue (FBR) has withdrawn three percent minimum value addition tax on import of consumer items on which sales tax is paid on retail basis. Read more »

No refund, input adjustment to be entertained on invoice issued prior or after of blacklisting

KARACHI: Federal Board of Revenue (FBR) said invoices issued by a person prior or after blacklisting for sales tax will not be entertained for refunds or input adjustment. Read more »

Sellers must retain CNIC information for six years

ISLAMABAD: Sales tax registered persons selling goods are required to keep record of Computerized National Identity Card (CNIC) details for six years. Read more »

Tax officials empowered to recover short payment without notice

KARACHI: Tax officials have been authorized to recover short payment of sales tax through freezing bank accounts of taxpayers without serving show cause notice. Read more »

Payment for transactions above Rs50,000 must be made through crossed cheque

KARACHI: Federal Board of Revenue (FBR) has made it mandatory for buyers to make payment above Rs50,000 through crossed cheque or banking instruments ensuring transfer of payment to seller’s account. Read more »

Buyers, sellers jointly responsible for payment of unpaid tax

KARACHI: Federal Board of Revenue (FBR) has held responsible buyers and sellers in a supply chain where payment of tax is not deposited into the national kitty. Read more »

FBR outlines revised regime of zero-rate sales tax

KARACHI: Federal Board of Revenue (FBR) has outlined the revised regime of zero rating of sales tax on supply of various goods. Read more »

FBR makes mandatory for big retail chains to share real-time sales data from December 01

ISLAMABAD: The big retail chains in the country will share their sales data with the Federal Board of Revenue (FBR) on real-time basis from December 01, 2019. In order to implement the... Read more »