CNIC made mandatory for recipient of services

ISLAMABAD: Federal Board of Revenue (FBR) has said that buyer’s CNIC (Computerized National Identity Card) detail is now mandatory on the invoice issued by seller for providing service in order avail credit.... Read more »

Budget salient features related to Sales Tax, FED

ISLAMABAD: Federal Board of Revenue (FBR) issued budget salient feature related to sales tax and federal excise duty (FED) presented through Finance Bill, 2020. RELIEF MEASURES The minimum threshold of supplies by... Read more »

FBR chief rules out reducing sales tax rate to single digit

KARACHI: Nausheen Javaid Amjad, Chairperson of Federal Board of Revenue (FBR) has ruled out reducing sales tax rate to single digit and said such move would bankrupt the economy of the country.... Read more »

OICCI suggests harmonization of sales tax on goods, services

KARACHI: Overseas Investors Chamber of Commerce and Industry (OICCI) has recommended harmonization of sales tax on goods and services and should be set at 13 percent as applicable in Sindh province. The... Read more »

FBR urged to defer CNIC condition for six months

KARACHI: Business community has urged Federal Board of Revenue (FBR) to defer CNIC condition on purchases above Rs50,000 for at least six months. In a statement Saquib Fayyaz Magoon, Convener of Federation... Read more »

Sectoral analysis shows massive decline in sales tax from OMCs

ISLAMABAD: Federal Board of Revenue (FBR) has conducted sectoral analysis to identify reasons behind shortfall in revenue collection. The analysis showed massive decline in sales tax from Oil Market Companies (OMCs) during... Read more »

FBR extends ST, FE return date up to February 26

KARACHI: Federal Board of Revenue (FBR) has extended the last date for filing sales tax (ST) and federal excise (FE) return for the month of January 2020 up to February 26, 2020. Read more »

Registered persons to pay Rs5,000 as penalty for each invoice for not obtaining CNIC

KARACHI: Federal Board of Revenue (FBR) has said that registered persons to pay Rs5,000 as penalty amount on each invoice for failure to obtain CNIC information of buyers. Read more »

Sales tax on mobile phones reduced by 85% to promote digital economy: FBR

ISLAMABAD: Federal Board of Revenue (FBR) has reduced sales tax on imported mobile phones by 85 percent in order to promote digital economy in the country. Read more »

FBR issues procedure for verification of sales tax invoice

KARACHI: Federal Board of Revenue (FBR) has issued procedure for verification of sales tax invoices prepared by Tier-1 retailers. Read more »