Category Archives: Exclusive

FBR invites services for monitoring tobacco production

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ISLAMABAD: Federal Board of Revenue (FBR) has started procedure to install Electronic Monitoring of Production (Track & Trace) of tobacco products in order to prevent leakage of revenue, under-reporting of production and sales, and to ensure proper payment of Federal Excise Duty (FED) and Sales Tax.

FBR compiles commercial importers’ data for audit

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KARACHI: Federal Board of Revenue (FBR) is compiling data of commercial importers for conducting audit of their imports and sales into the local markets.

Rice exports shrink by 63 percent after implementation of E-Form

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KARACHI: The implementation of export form – a joint initiative of Pakistan Customs and State Bank of Pakistan (SBP) – has curtailed exports of rice by 63 percent since November 2015 to August 2016.

FBR files 253 cases for tax crimes

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ISLAMABAD: The Federal Board of Revenue (FBR) has filed 253 cases regarding prosecution for tax crimes during July 01, 2015 to June 30, 2016, according to official documents.

FBR examines proposals for revising downward immovable property valuation tables

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ISLAMABAD: Federal Board of Revenue (FBR) is examining the proposals of revising downward the valuation tables of immovable properties for industrial land, sources said on Saturday.

FBR may withdraw sales tax withholding for registered persons

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KARACHI: Federal Board of Revenue (FBR) is considering to withdraw the provisions of withholding sales tax for registered persons following the implementation of new sales tax and federal excise returns.

Agreement between federal, provincial revenue authorities on sales tax input adjustment comes to an end

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KARACHI: An agreement between federal and provincial revenue authorities has comes to an end after the implementation of Finance Act, 2016 which disallows sales tax input adjustment, tax experts at Karachi Tax Bar Association said on Wednesday.

Tax treatment of immovable properties for July 2016 as per old law

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ISLAMABAD: A presidential order has amended income tax laws related to transaction of immovable properties with effect from July 31. While the amendment made through Finance Act, 2016 will not be applicable to Section 68 of Income Tax Ordinance, 2001.

Immovable property declaration and Section 111 related to concealed income

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ISLAMABAD: The business community after conclusion of talks on valuation of immovable properties have claimed the government agreed to provide amnesty from declaring source of investment in immovable property purchased before July 01, 2016.

FBR, business community close to end deadlock over immovable property valuation; meet again on July 28

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ISLAMABAD: Federal Board of Revenue and representatives of business community will meet again on July 28 (Thursday) to end deadlock over issue of immovable property valuation as meeting held on Wednesday without reaching an agreement.