Pakistan Revenue
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 Board of Revenue (FBR) said on Tuesday. Any person who fails to deposit the amount of tax due or any part thereof in […]
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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 three years. Sources in the Federal Board of Revenue (FBR) said that the tax offices had launched operations to identify persons making taxable […]
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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 of Revenue (FBR) told PkRevenue.com that under Section 48 of the Sales Tax Act, 1990 a mechanism for recovery of arrears of tax […]
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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 of disposal of requests for condonation of time limit, and directed field formation including LTOs, MTO, CTOs and RTOs to process the taxpayers’ […]
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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 06, 2020 to explain changes made to Sales Tax Act, 1990 through Finance Act, 2020. The FBR said that Eleventh Schedule provides for […]
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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 of Revenue (FBR) said that amendments have been made to Eleventh Schedule of Sales Tax Act, 1990 through Finance Act, 2020 under which […]
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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 Sales Tax Act, 1990 through Finance Bill, 2020: A person whose refunds or input tax adjustment is blocked will continue to be treated […]
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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 bill, which is as follow: “11C. Power of tax authorities to modify orders, etc.– (1) Where a question of law has been decided […]
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ISLAMABAD: Federal Board of Revenue (FBR) may ask certain taxpayers to provide past six years record of their sales for examination, sources said. The sources said that the tax offices may conduct audit of sales tax of many taxpayers in order to meet revenue collection target for current fiscal year. The sources said that under […]
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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. Referring to Section 8B of Sales Tax Act, 1990, the sources said that tax authorities allowed input tax adjustment to a taxpayer on the […]
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