Pakistan Revenue
KARACHI: Federal Board of Revenue (FBR) has been empowered under sales tax law to appoint special audit panels for conducting audit of any registered person. The updated Sales Tax Act, 1990 issued by the FBR, the Section 32A explains the powers of the revenue body for appointment of special audit panels. Section 32A: Audit by […]
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KARACHI: A sales tax registered person is required to file true and correct sales tax return on monthly basis by providing details of supplies and persons whom the supplies were made during the period. According to updated Sales Tax Act, 1990 issued by Federal Board of Revenue (FBR), the Section 26 explained the requirement of […]
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KARACHI: The sales tax law has authorized tax officials to access record maintain by registered persons for the purpose of investigation and audit. According to updated Sales Tax Act, 1990 issued by the Federal Board of Revenue (FBR), the Section 25 explained maintenance of record by taxpayer and authority of tax department to access the […]
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As per Section 24 of the Sales Tax Act, 1990, a person engaged in taxable supplies is mandated to preserve records and documents for a period of six years, effective from the end of the tax period to which such records or documents relate.
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KARACHI: A person making taxable supplies is required to issue serially numbered tax invoice at the time of making supply of goods. According to updated Sales Tax Act, 1990 issued by Federal Board of Revenue (FBR), the Section 23 of the Act explained the requirement of issuing tax invoice. Section 23: Tax Invoices Sub-Section (1): […]
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KARACHI: A person making taxable supplies is required to maintain record of goods and keep at his office for scrutiny by tax officials.
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KARACHI: All the persons engaged in making taxable supplies are required to get sales tax registration. According to updated Sales Tax Act, 1990 issued by Federal Board of Revenue (FBR), the Section 14 of the Act, explained the requirement of registration. Section 14: Registration Sub-Section (1): Every person engaged in making taxable supplies in Pakistan, […]
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KARACHI: The government has allowed exemption on supply of goods and import of goods falling in the Sixth Schedule of Sales Tax Act, 1990.
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KARACHI: The sales tax law authorized tax authorities to recover short paid amount without issuing notice. According to updated Sales Tax Act, 1990 issued by Federal Board of Revenue (FBR), the Section 11A of the Act explained the authority of tax officials in recovery of short paid amount. Section 11A: Short paid amounts recoverable without […]
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KARACHI: The officers of Inland Revenue have been authorized for recovery of refunded amount erroneously issued to taxpayer along with penalties and default surcharge.
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