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: 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
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
Pakistan has made it mandatory for real estate agents to register with the Federal Board of Revenue (FBR), the authority overseeing taxation. According to the FBR’s notification, no government or private developer may do business with unregistered real estate dealers. Property transfers and registrations will not be allowed for unregistered agents, the FBR said. All… Continue reading Real Estate Agencies: Get Registered with FBR or Lose Your Business
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