The Federal Board of Revenue (FBR) has amended tax laws to legally authorize the direct recovery of sales tax amounts from the bank accounts of tax defaulters.
Sales Tax Act, 1990 has explained the meaning of sales tax imposed on supply of goods. The Sales Tax Act, 1990 [updated up to June 30, 2020 issued by the Federal Board of Revenue (FBR)] has explained the following: “sales tax” means – – (a) the tax, additional tax, or default surcharge levied under this […]
The Federal Board of Revenue (FBR) announced on Wednesday the exemption of sales tax and additional sales tax on the import of 52 fire-fighting vehicles.
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. The FBR in its explanation of Sales Tax and Federal Excise through Circular No. 01 of 2020, stated the word “services” has been […]
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 retailers for obtaining CNIC of the buyers is proposed to be increased from Rs 50,000 to 100,000; In wake of COVID-19, the Federal […]
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. However, she hinted at reducing the further sales tax rate in the upcoming budget 2020/2021. A press release issued by Federation of Pakistan […]
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 OICCI in proposals for budget 2020/2021, said that the sales tax rate in Pakistan, at 17 percent, is the highest in Asia. Our […]
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 of Pakistan Chambers of Commerce and Industry (FPCCI) standing committee on Sales Tax and Chairman Indenters Association of Pakistan (IAOP), urged Government to […]
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 July – January 2019/2020. According to official documents, the collection of sales tax from OMCs was at Rs13.56 billion during first seven months […]
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. The FBR issued a notification on Tuesday addressing all chief commissioners Inland Revenue of Large Taxpayers Units and Regional Tax Offices to inform […]