Karachi:Federal Board of Revenue (FBR) officials raided the infamous Gul Plaza in Karachi. The raid took place on Monday with officials taking hold of the critical financial record and sealing the shops of the tax violators. FBR reportedly said that they had previously sent the tax notices to the shop owners a week ago and… Continue reading FBR Raids Gul Plaza for Tax Violators
Islamabad: Federal Board of Revenue (FBR) has increased sales tax rate on supply of food stuff by restaurants, bakeries, caterers and sweet meats shops to 17 percent. The FBR recently issued Circular No. 07 of 2022 to explain amendment introduced in the Sales Tax Act, 1990, through Finance (Supplementary) Act, 2022. Earlier, the tax body… Continue reading FBR Imposes 17% Sales Tax on Bakeries, Restaurants and Sweetmeat.
ISLAMABAD: Without first establishing a legally compliant and well-integrated system, the Federal Board of Revenue (FBR) plans to launch the unified sales tax return filing facility on Tuesday. One of the World Bank’s requirements for releasing a $400 million loan is the online portal, which is expected to be inaugurated by Prime Minister Imran Khan… Continue reading The FBR Intends To Launch a Single Sales Tax Return Portal
On Saturday, the tax collection for the first half of the fiscal year 2021-22 (July-Dec) increased by Rs287 billion. According to numbers released by the Federal Board of Revenue (FBR) on Friday night, the provisional revenue collection data for the months of July to December of the current Financial Year 2021-22 have been announced… Continue reading Tax Collection by FBR Surpassed 32.5% in FY 2021-2022’s First Half
LAHORE: According to a top Securities and Exchange Commission of Pakistan (SECP) official, the digitalization and standardization of the company incorporation process, as well as integration with other government agencies, resulted in a 51 percent increase in new company registrations in FY 2020-21. While inaugurating a commission’s facilitation desk at the Lahore Tax Bar, Aamir Khan, chairman SECP, also briefed… Continue reading Company Registrations Increases to 51 Percent
KARACHI: In the forthcoming mini-budget, the government is mulling increasing the withholding tax (WHT) on cellular services from 10% to 15%. The decision directly opposes the federal budget’s announcement of a cut in the tax on phone calls for 2021-22. Furthermore, it is harmful to the economy’s digitalization drive and undermines the ‘Digital Pakistan’ agenda. WHT… Continue reading WHT Likely To Increase on Cellular Services
Islamabad: The government is seeking legal authority for Federal Board of Revenue (FBR) agents to instantly seal business locations that refuse to integrate in real-time after threats of hefty fines and utility service termination failed to sway people’s views. Despite the severe methods at their fingertips, the FBR sought new punitive powers through the Supplementary… Continue reading In A Bid For Power, FBR Wants To Seal Businesses
ISLAMABAD: Under the Tax Laws (Fourth) Amendment Bill, 2021, the Federal Board of Revenue (FBR) proposes to levy Rs.350 billion sales tax on a wide range of items, including a 17 percent sales tax on the import of LPG, mobile phones, computers, plant, machinery/equipment, and a lower rate of sales tax on the import of… Continue reading Tax Laws (Fourth) Amendment Bill: 17 pc GST on Various Items by FBR
The National Database and Registration Authority (NADRA) is likely to compute non-filers income and tax liability this month using 14 million financial transaction records provided by the Federal Board of Revenue (FBR). According to sources, property transactions, vehicle purchases, registration of cars with provincial excise offices, buying and selling of movable and immovable properties, utility… Continue reading Non-Filers’ Income and Tax Liability May Be Computed By NADRA
To avoid disallowance of input tax claims and the establishment of tax demands, the Federal Board of Revenue (FBR) has mandated 482 identified Tier-I Retailers (large retailers) to integrate with the FBR’s Point of Sale (POS) system by December 10, 2021. On Friday, December 3, 2021, the FBR issued Sales Tax General Order No. 6… Continue reading Big Retailers: PoS Integration by December 10
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