Highlights of major changes to sales tax through Finance Bill 2020

ISLAMABAD: The government has proposed major changes to sales tax law through Finance Bill 2020 to be applicable from July 01, 2020. EY Ford Rhodes Chartered Accountants highlighted the major changes to... Read more »

IR officers empowered to modify orders

ISLAMABAD: The Finance Bill 2020 has proposed to amend Sales Tax Act 1990 and empower tax authorities to modify orders. A new section 11C to the Act has been proposed through the... Read more »

FBR may ask taxpayers to provide past six-year sales tax record

ISLAMABAD: Federal Board of Revenue (FBR) may ask certain taxpayers to provide past six years record of their sales for examination, sources said. Read more »

Chartered accountants liable to penal action for issuing false tax certificate

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. Read more »

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ISLAMABAD: Federal Board of Revenue (FBR) has withdrawn three percent minimum value addition tax on import of consumer items on which sales tax is paid on retail basis.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