The Federal Board of Revenue (FBR) has addressed the long-standing ambiguity in determining the “value of supply” for the purpose of calculating sales tax under the updated Sales Tax Act, 1990, applicable for the tax year 2025.
Karachi, December 12, 2024 – The Federal Board of Revenue (FBR) has clarified the concept of “time of supply” for the collection of sales tax, eliminating ambiguities that previously existed among taxpayers and businesses.
The Federal Board of Revenue (FBR) has clarified the definition of Tier-1 retailers as outlined under the Sales Tax Act, 1990. This classification is significant for taxation purposes, particularly regarding compliance and documentation requirements.
Islamabad, December 11, 2024 – The Federal Board of Revenue (FBR) has officially updated the definition of sales tax fraud, refining its core language to ensure greater clarity and prevent misinterpretation. This updated definition, which comes as part of the revised Sales Tax Act of 1990, will apply to the tax year 2025 and aims […]
The Peshawar High Court (PHC) has ruled that the requirement of a pay order for the clearance of tax-exempt consignments undermines the exemption regime granted to certain businesses.
Karachi, July 7, 2024 – The Finance Act, 2024 has introduced significant changes to the best judgement assessment process under sales tax laws in Pakistan. A new section, 11D, has been added to the Sales Tax (ST) Act, 1990, aiming to streamline and strengthen tax compliance.
Karachi, December 8, 2023 – The Federal Board of Revenue (FBR) has taken a significant step in streamlining the retail market by issuing a comprehensive list of items for which the fixation of retail prices is now mandatory.
Karachi, December 7, 2023 – The Government of Pakistan has made it compulsory to conduct sales tax transactions exceeding Rs 50,000 through banking channels.
Karachi, December 6, 2023 – The government of Pakistan has introduced a reward system for whistleblowers who provide credible information leading to the detection of sales tax evasion.
Karachi, December 5, 2023 – The Federal Board of Revenue (FBR) has announced a significant policy shift regarding delayed sales tax refunds, introducing an additional compensation mechanism tied to the Karachi Interbank Offered Rate (KIBOR).