Defaulting sales tax payment may liable to three-year jail

ISLAMABAD: A person fails to pay sales tax within due date or to comply with recovery order is liable to certain fine and penalty under Sales Tax Act, 1990, officials in Federal... Read more »

Three years imprisonment for sales tax registration failure

ISLAMABAD: A person who makes taxable supplies but fails to get sales tax registration shall be liable to pay fine and penalties besides the person is also liable to imprisonment up to... Read more »

Sales tax recovery: movable, immovable property may be sold without attachment

ISLAMABAD: Sales tax laws have given immense powers to officers of Inland Revenue and they can recover due sales tax by selling movable or immovable property without attachment. Sources in Federal Board... Read more »

FBR issues procedure for condonation of sales tax cases

ISLAMABAD: Federal Board of Revenue (FBR) on Monday issued procedure for condonation of time limit in sales tax cases. The FBR issued Sales Tax Circular No. 02 of 2020 for the purpose... Read more »

Withholding sales tax regime streamlined

ISLAMABAD: Federal Board of Revenue (FBR) has streamlined sales tax withholding regime for compelling sales tax return filing and realizing full revenue on sale/purchase. The FBR issued Circular No. 01 dated August... Read more »

Reduced rate of withholding sales tax withdrawn for registered persons

ISLAMABAD: A registered person, who is not an active taxpayer, may not avail benefit of reduced rate of withholding sales tax after amendment made through Finance Act, 2020. Sources in Federal Board... Read more »

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 »