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DNFBPs Obliged to Register with FBR

The Federal Board of Revenue (FBR), under the Act of Anti-Money Laundering, must ensure that the real estate agents, developers, precious metal and stones dealers, jewelers and FBR supervised accountants are registered as designated non-financial businesses and professions (DNFBP). However, financial institutions, lawyers, law firms, notaries and non-FBR supervised accountants will fall under other competent… Continue reading DNFBPs Obliged to Register with FBR

FBR Imposes 17% Sales Tax on Bakeries, Restaurants and Sweetmeat.

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.

Tax Collection by FBR Surpassed 32.5% in FY 2021-2022’s First Half

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