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.
(more…)Tag: Sales Tax Act 1990
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FBR Updates Definition of Sales Tax Fraud
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 to strengthen the enforcement of sales tax regulations across Pakistan.
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PHC Rules Against Pay Order Requirement for Tax Exemption
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.
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Finance Act 2024 Unveils Best Judgement Assessment for ST
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.
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FBR Mandates Fixation of Retail Prices for Various Goods Under Updated Sales Tax Law
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.
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Government Mandates Banking Channels for Sales Tax Transactions Above Rs 50,000
Karachi, December 7, 2023 – The Government of Pakistan has made it compulsory to conduct sales tax transactions exceeding Rs 50,000 through banking channels.
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Government Announces Rewards for Whistleblowers in Sales Tax Evasion Cases
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.
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FBR Introduces KIBOR-Linked Compensation for Delayed Sales Tax Refunds
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).
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Advisory on Claiming Sales Tax Refunds under Updated Law for Tax Year 2024
Karachi, December 4, 2023 – The Federal Board of Revenue (FBR) has issued a crucial advisory to taxpayers in Pakistan, emphasizing the importance of timely claiming sales tax refunds under the updated tax law for the tax year 2024.
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FBR Unveils Tax Recovery Procedure for Companies in Liquidation During Tax Year 2024
Karachi, December 3, 2023 – In a move to address tax recovery challenges from companies undergoing liquidation, the Federal Board of Revenue (FBR) has issued a comprehensive procedure under the Sales Tax Act, 1990 for the tax year 2024.
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