Pakistan Revenue
ISLAMABAD: The collection of sales tax from textile sector registered a six-fold increase in fiscal year 2019/2020 owing to elimination of zero-rated tax regime. According to official statistics released by Federal Board of Revenue (FBR) the sales tax collection from textile sectors sharply increased to Rs61.2 billion during fiscal year 2019/2020 as compared with Rs8.7 […]
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KARACHI: The abolition of SRO 1125(I)/2011 has not taken away concessions available under income tax laws, the ministry of law and justice said in its opinion. The SRO 1125(I)/2011 has been rescinded through Finance Act, 2019 and all the benefits available under this such as zero-rating of sales tax and reduced rates of sales tax […]
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ISLAMABAD: Federal Board of Revenue (FBR) has directed offices of Inland Revenue to ensure implementation of normal tax rate on supply of gas and electricity to manufacturing facilities. In a communication with the offices of Inland Revenue, the FBR said: “Field formations are requested to ensure implementation accordingly and to ensure that no zero-rated supplies […]
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KARACHI: Federal Board of Revenue (FBR) to generate additional revenue of Rs733.47 billion during current fiscal year after abolishing zero-rating of sales tax and other policy and administrative measures.
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KARACHI: The tax practitioners have discussed impact of abolishing SRO 1125(I)/2011 under which sales tax zero rating was available for export sector. These were discussed at post budget seminar organized by Karachi Tax Bar Association (KTBA) in collaboration with Pakistan Tax Bar Association (PTBA) on Thursday. Adnan Mufti at Shekha & Mufti Chartered Accountants explained […]
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ISLAMABAD: Federal Tax Ombudsman (FTO) has directed Federal Board of Revenue (FBR) to conduct audit of all manufacturers who availed the benefit of SRO 1125(I)/2011. In its suo moto action related to misuse of zero-rated sales tax facility under SRO 1125(I)/2011 the FTO detected systematic flaws and directed, through an order dated May 15, 2019, […]
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KARACHI: Federal Board of Revenue (FBR) has withdrawn sales tax zero rating on supply of electricity to two textile units on misuse of tax concession facility.
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