FBR identifies 7.4 million potential non-filers: Waqar Masood

ISLAMABAD: Special Assistant to Prime Minister on Revenues, Dr Waqar Masood, has said Federal Board of Revenue identified 7.4 million potential non-filers. These people undertook multi-billion rupees transactions and paid withholding taxes for purchasing properties, vehicles and other luxurious items but refused to come into the tax net. “In the… Continue reading

KCCI for simplifying procedures, restoration of previous form

KARACHI: President Karachi Chamber of Commerce & Industry (KCCI) Junaid Esmail Makda, while appreciating the recent announcement to extend the last date for filing income tax returns till November 30, 2018, advised the Federal Minister for Finance, Revenue & Economic Affairs Asad Umer that keeping in view the complications in… Continue reading

Sales tax registration blacklisted

KARACHI: The Federal Board of Revenue (FBR) has blacklisted sales tax registration of three companies as they failed to file their sales tax returns in past many years. The Regional Tax Office (RTO)-III Karachi has blacklisted sales tax registration of M/s STFA Marien Constrvction Co., M/s Al Syed International, M/s… Continue reading

Separate tax rates for filer, non-filer mutual fund investors

KARCHI: Through Finance Bill 2016, the rate of tax on dividends from mutual funds is proposed to include separate rates for filers and non-filers. According to the proposes structure, individual investor will be charged 10 percent tax on dividends derived from stock funds, while rate of tax will be 10… Continue reading

Income tax return to be treated invalid without CNIC / NTN number

KARACHI: Federal Board of Revenue (FBR) has said that income tax return filed for tax year 2014 would be treated as invalid or incorrect in case National Tax Number (NTN) or Computerized National Identity Card (CNIC) number is not provided by a taxpayer making him non-filer. In the instructions issued… Continue reading

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