Pakistan Customs, Tax, Shipping & Business News Resource
ISLAMABAD: The Federal Board of Revenue (FBR) on Thursday released the draft for Small Shopkeepers Scheme for four different categories with fixed tax rates ranging from Rs20,000 to Rs50,000 per…
ISLAMABAD: Data analysis of Income Tax Returns filed in previous years show that huge amount of non-recurring receipts from un-related persons are transferred in the garb of gifts to avoid…
ISLAMABAD: The Federal Board of Revenue (FBR) has explained the incidence of income tax on unexplained foreign remittances vide explanations issued on Tuesday. Through the Finance Act, 2019 the limit…
KARACHI: Through the Finance Act, 2019, the holding period for taxation of capital gain of open plots has been increased to eight years and for constructed properties it has been…
KARACHI: The Federal Board of Revenue (FBR) has explained the penalties to be imposed on offshore tax evader; such person shall pay a penalty of Rs100,000 or an amount equal…
ISLAMABAD: The Federal Board of Revenue (FBR) has decided to launch two new schemes, one for small retailers with two slabs of fixed tax amount of Rs5,000 and Rs10,000 on…
ISLAMABAD: The Federal Board of Revenue (FBR) has defined Tier-1 for retailers as having those with an area of more than 1,000 square feet located at luxury shopping malls with…
ISLAMABAD: PTI’s Amnesty Scheme attracted only $60 million in shape of taxes for whitening of foreign assets/ income. Amnesty scheme, which was introduced during the last PML-N-led regime in 2018,…
ISLAMABAD: Federal Board of Revenue has clarified that no change or increase in tax has been notified on motor vehicles under section 231B and 234 of Income Tax Ordinance-2001. The…
KARACHI: Federal Board of Revenue has constituted a Financial Action Task Force (FATF) Cell to ensure effective and timely completion of FATF related Action Plan. The FATF Cell is placed…
ISLAMABAD: Local industries have raised a legal question whether they have been allowed to import plant and machinery for their own use without payment of Minimum Value Addition Sales Tax…
ISLAMABAD: Federal Board of Revenue (FBR) appointed five new tax commissioners in different cities on Wednesday. While new appeals and IR commissioners took charge in Lahore, Peshawar and Islamabad. According…
ISLAMABAD: The Federal Board of Revenue (FBR) on Tuesday issued a notification jacking up valuation rate of properties for 20 cities. The valuation rates for residential, commercial, industrial and flats…
KARACHI: Sales Tax department has issued a circular here on Monday to clarify the provision of CNIC by a buyer to a “Registered Sales Tax person“. The circular says that…
ISLAMABAD: Federal Board of Revenue (FBR) Chairman Shabbar Zaidi on Monday asked all banks in the country to collect details of ‘benami’ accounts of their bank account holders themselves, instead…
KARACHI: The Federal Board of Revenue (FBR) has notified that annual en-bloc transfers and postings would not be a norm in FBR unless necessitated in the interest of revenue or…
KARACHI: Federal Board of Revenue has advised Inland Revenue Chief Commissioners to ensure that gas and electricity companies collect sales tax from hospitals as the exemption is withdrawn. FBR in…
KARACHI: The Federal Board of Revenue (FBR) has posted Asem Iftikhar as the Director of Inland Revenue Intelligence and Investigation Karachi, as the board plans to tighten the noose around…
KARACHI: Federal Board of Revenue (FBR) has allowed clearance of imported Third Schedule items (consumer goods) without printing of retail price or affixing stickers for which goods declaration are filed…
KARACHI: The Federal Board of Revenue (FBR) has notified amendments in Unified CPF Rules 2014 to ensure financial assistance for the families of ‘Shuhada’ (martyrs) and regulate the income/expenditure from…