LTU Karachi posts 15% revenue collection growth
KARACHI: Large Taxpayers Unit (LTU), Karachi (the prime field formation of Federal Board of Revenue) has been successful to record half yearly growth at 15%. LTU Karachi has collected Rs.688…
Medium sized traders not required to withhold taxes: FBR
ISLAMABAD: A tax law amendment has absolved medium-sized traders from the responsibility of withholding taxes, the Federal Board of Revenue (FBR) said on Saturday. The FBR said the tax amendment…
Minimum tax on traders fixed at 0.5 percent
KARACHI: The government through the Tax Laws (Second Amendment) Ordinance, 2019, notified the rate of minimum tax under Section 113 of Income tax Ordinance for tax year 2020 will be…
Banks, financial institutions to withhold income tax on capital gains made on investment through SCRA
KARACHI: Through the Tax Laws (Second Amendment) Ordinance, 2019, the government has made it mandatory for all banking companies and financial institutions maintaining special convertible rupee account (SCRA) to withhold…
Tax Laws (Second Amendment) Ordinance, 2019 provides harsh penalties for sales tax evasion
KARACHI: The government of Pakistan has promulgated the Tax Laws (Second Amendment) Ordinance, 2019, which notifies several amendments in the Sales Tax Act, 1990. It provides penalties for the persons…
Tax regime for non-residents simplified to encourage investment in long-term debt securities
KARACHI: Amendments in the Income Tax Ordinance, 2001 have been issued to simplify the tax regime for non-resident companies investing in debt instruments and Government securities. These amendments aim to…
FBR collects Rs2.08 trillion in six months
KARACHI: Federal Board of Revenue (FBR) has collected Rs2.08 trillion during first half (July – December) 2019/2020 as compared with Rs1.795 trillion in the corresponding half of the last fiscal…
Who is NAB serving by making questionable plea bargains
KARACHI: The National Accountability Bureau (NAB) has struck plea bargains with three accused including Kashif Hussain, Samiullah and Muhammad Nasir, who had admitted defrauding Customs authorities. The accused would pay…
KTBA asks FBR to fix issue of sales tax input adjustment at customs stage
KARACHI: Tax bar has asked Federal Board of Revenue (FBR) to resolve the issue of sales tax input adjustment on differential amounts paid at customs stage. Karachi Tax Bar Association…
FBR’s Faster settles Rs11 billion of sales tax refund claims
ISLAMABAD: The Federal Board of Revenue (FBR) digital refund settlement system (FASTER) has cleared almost 75 percent or R11 billion of total pending sales tax refund claims received since August…
FTO orders action against tax officials involved in issuing bogus sales tax refunds
KARACHI: Federal Tax Ombudsman (FTO) has advised Federal Board of Revenue (FBR) to initiate disciplinary action against inland revenue officials involved in sanctioning bogus sales tax refunds during 2011-14. According…
Vigilance Committee for FBR’s land finalizes operation to vacate occupied properties
KARACHI: The meeting of Vigilance Committee for FBR’s Lands in Sindh has decided to launch an operation to rapidly remove encroachments on Federal Board of Revenue (FBR) land and secure…
FBR extends date of filing tax returns/statement till December 31, 2019
KARACHI: The Federal Board of Revenue (FBR) has notified extension in the date of filing income tax returns and statements for Tax Year 2019 till December 31, 2019. In exercise…
Inland Revenue launches crackdown on money launderers, money smurfers
KARACHI: Inland Revenue Intelligence and Investigation has launched a crackdown against individuals and entities who have been smurfing the ill-gotten money in offshore tax havens. Information was received from multiple…
Meeting of vigilance committee FBR’s land held
KARACHI: A meeting of the committee, formed by Federal Board of Revenue (FBR) to vacate its land in Sindh, held here to devise an aggressive strategy to get the FBR’s…
LTU Karachi detects huge tax evasion
KARACHI: Large Taxpayers Unit (LTU), Karachi has detected huge tax evasion by a taxpayer, who claimed unauthorized/illegal brought forward losses to the tune of Rs21 billion. This revelation was made,…
FBR mulls amnesty scheme to legalise non-duty paid goods
KARACHI: FBR is planning to launch a nationwide scheme to offer owners of non-duty paid (NDP) goods on payment of duty and taxes as well as with fine/penalty, The News…
FBR refunds Rs5.5bn to textile exporters
KARACHI: The Federal Board of Revenue (FBR) released around Rs5.5 billion of sales tax refunds to textile exporters under the automated payment system, Chairman FBR Syed Shabbar Zaidi said on…
WB projects FBR tax revenue at Rs12.78 tln in 9 years
ISLAMABAD: The World Bank (WB) has endorsed functioning nature of Federal Board of Revenue (FBR) where it has projected that the tax revenues could go up to Rs12,788 billion in…
Date of filing income tax returns and statements extended till December 16
KARACHI: The Federal Board of Revenue has notified extension in the date of filing of Income Tax Returns/Statements for the Tax Year 2019 till December 16, 2019. The date of…