ISLAMABAD: Federal Board of Revenue (FBR) on Tuesday issued updated Sales Tax Act, 1990 incorporating new sales tax rates of 18 per cent and 25 per cent.
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 […]
ISLAMABAD: Pakistan on Monday implemented new amendments to laws of both direct and indirect taxes to generate more revenue during the current fiscal year. The tax laws have been implemented after Dr. Arif Alvi, the president of Pakistan, signed the Tax Laws (Second Amendment) Ordinance, 2022. The president gave the approval to the Ordinance on the […]
KARACHI: Significant changes have been made to sales tax laws through Finance Act, 2022 and that are applicable from July 01, 2022. PwC A.F. Ferguson & Co interpreted the changes made to Sales Tax Act, 1990 through the Finance Act, 2022, which are as follow: READ MORE: Key changes to income tax laws through Finance […]
ISLAMABAD: Following are the salient features of amendment made to Sales Tax Act, 1990 through Finance Bill, 2022. The proposed budgetary measures pertaining to Sales Tax for FY 2022-23 are: RELIEF MEASURES: 1. The condition of CNIC/NTN in case of supply to unregistered persons have been removed. READ MORE: Budget 2022/2023: Salient features of income […]
Section 76 of Sales Tax Act, 1990 has explained fee and service charges. The Federal Board of Revenue (FBR) issued the Sales Tax Act, 1990 updated up to June 30, 2021. The Act incorporated amendments brought through Finance Act, 2021. Following is the text of section 76 of the Sales Tax Act, 1990: 76. Fee and service charges.– (1) The “Board with approval […]
Section 75 of Sales Tax Act, 1990 has described application of the provisions of Act IV of 1969. The Federal Board of Revenue (FBR) issued the Sales Tax Act, 1990 updated up to June 30, 2021. The Act incorporated amendments brought through Finance Act, 2021. Following is the text of section 75 of the Sales Tax Act, 1990: 75. Application of the provisions […]
Section 74A of Sales Tax Act, 1990 has explained validation of all notifications and orders issued. The Federal Board of Revenue (FBR) issued the Sales Tax Act, 1990 updated up to June 30, 2021. The Act incorporated amendments brought through Finance Act, 2021. Following is the text of section 74A of the Sales Tax Act, 1990: 74A. Validation.– (1) All notifications and orders […]
Section 74 of Sales Tax Act, 1990 has described condonation of time limit. The Federal Board of Revenue (FBR) issued the Sales Tax Act, 1990 updated up to June 30, 2021. The Act incorporated amendments brought through Finance Act, 2021. Following is the text of section 74 of the Sales Tax Act, 1990: 74. Condonation […]
ISLAMABAD: The Federal Board of Revenue (FBR) has explained cash discount related to invoices issued through Point of Sale (POS) by Tier-1 retailers. The FBR explained through an official note dated March 17, 2022 that cash discount has been allowed in the form of reduction of prices in seasonal sales / sales and the consideration […]