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30/03/2022

02/09/2021

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14/08/2021

FBR extends due dates for depositing of ST Liability & filing of STR FMO August 2021:

Date of depositing of ST Liability FMO August 2021 extended from August 15 to August 23 &

Date of filing of ST Return FMO August 2021 extended from August 18 to August 24.

14/08/2021

Happy 74th Independence Day Pakistan.
No power can undo Pakistan. Pakistan zindabad !

13/08/2021

FBR issues tax rates on immovable properties

The Federal Board of Revenue (FBR) has issued updated rates of withholding tax on sale and purchase of immovable properties under Section 236C and 236K of Income Tax Ordinance, 2001.

The withholding tax shall be one percent to be paid by seller of immovable property. The tax rate shall be increased by 100 percent i.e. 2% in case person is not on the Active Taxpayers List (ATL).

It will be minimum tax if property is acquired and disposed off within the same tax year; otherwise adjustable. Advance tax, under this section, is not collected if the immovable property is held for a period exceeding four years.

Similarly, a purchaser of property shall pay 1% of the transaction made on the basis of fair market value. The tax rate shall be 2% of the fair market value in case person is not on the ATL. Tax experts said any person responsible for collection of payment in installment shall collect the tax from the purchaser or allottee of the immovable property.

13/08/2021

Federal Board of Revenue has issued a clarification on a news story titled “FBR issues thousands of suspicious exemption certificates” appearing in a magazine with the name “Profit” in its edition of 10th August, 2021. The news item, inter alia, mentions that FBR field formations have issued thousands of exemption certificates without fulfilling the requirements envisaged in law.

FBR has clarified that the news has been reported without understanding the relevant provisions of SRO 717(I)/2014 and context of FBRs’ correspondence with field formations. The law stipulates inherent mechanism for examining the propriety and correctness of the exemption certificates issued during a certain period and such exercise is a routine affair at field formation level. Accordingly, field formations were asked by FBR to conduct scrutiny of the exemption certificates issued during tax year 2020 at the time of close of the tax year. The news has been reported out of context and without ascertaining the facts of the matter.

13/08/2021

In the wake of increased prices of steel products in the domestic & international markets, Federal Board of Revenue (FBR) has increased the minimum prices of steel products vide SRO 985 dated 4th Aug, 2021. Last time the prices of steel products were fixed by FBR vide SRO 992 dated 4th Sep, 2019. FBR is empowered to fix minimum prices of steel products under proviso to clause (46) of section 2 of the Sales Tax Act, 1990. The new prices of Bars has been fixed at Rs. 140,000/-; Billets at Rs. 125,000/-, Ingots/Bala & Ship-plates at Rs. 120,000/- and Scrap at Rs. 118,000/- per metric ton.

FBR has further clarified that the said upward revision was essential in the wake of recent surge in local & international prices of steel products and to prevent possible loss of revenue. FBR has further indicated that, in future, minimum prices would be fixed on quarterly basis.

29/07/2021

The new Audit Policy 2021 of the Federal Board of Revenue (FBR) will lay down a mechanism for third-party audit of willful tax defaulters, non-filers, and cases of concealment of income through chartered accountant firms.

Sources told here on Tuesday that the FBR is in the process of finalising the new audit policy.

Presently, there is no detailed mechanism available in the law for third-party audit of non-filers of income tax returns or major cases of concealment of income.

ISLAMABAD: The new Audit Policy 2021 of the Federal Board of Revenue (FBR) will lay down a mechanism for third-party...

28/07/2021

FBR has launched single identifier number for all domestic taxes. Under this initiative a taxpayer can use all applications under the Income Tax, Sales Tax and Federal Excise duty by mere use of CNIC if a taxpayer is an individual.

In case of partnership firms and companies, National Tax Number (NTN) shall be the common tax identifier number.

In this manner the Sales Tax, Income Tax and Federal Excise law have been harmonized. This is an important step toward ease of doing business and will substantially improve Pakistan’s rating on this count.

FBR has also launched a facility whereby taxpayers can now make payments without visiting the bank. This facility is widely known as Alternate Delivery Channel (ADC) payment mode.

ADC allows taxpayer to pay all Federal taxes and duties i.e. Income Tax, Sales Tax, Customs duty and Federal Excise Duty from any commercial bank account through internet banking, ATM, mobile banking and Contact Centers.

However in the case of individual taxpayer, the alternate facility of making the payment over the counter has still been allowed simultaneously along with ADC channel till 30th September to avoid inconvenience to individual taxpayer for filing of returns.