Category Archives: Exclusive

FBR rejects relief to non-filers in automation selection of audit

KARACHI: Federal Board of Revenue (FBR) has rejected to give any relief to non-filers of income tax returns for tax year 2017 regarding automatic selection of audit.

Non-filers can avoid automatic selection of audit by paying 25pc higher tax than preceding year

ISLAMABAD: The taxpayers, who have failed to file income tax returns by December 15, 2017, can avoid automatic selection for audit by paying 25 percent higher tax as compared to paid in preceding year, within 90 days of expiry of last date.

2.4 million taxpayers automatically selected for audit

ISLAMABAD: About 2.4 million taxpayers have been selected for audit, who have obtained National Tax Number (NTN) but failed to file income tax return for tax year 2017.

FBR invites services for monitoring tobacco production

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

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

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 may withdraw sales tax withholding for registered persons

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

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.

Business community to seek immunity from declaring source of investment in immovable properties

KARACHI: Business community will seek immunity from declaring investment made in immovable property business at a meeting to be held with Finance Minister Senator Mohammad Ishaq Dar on July 27 in order to regularize the undocumented money involved in this business.

Federal, provincial governments should design immovable property valuation: Tax Reform Commission

KARACHI: Tax Reform Commission (TRC) constituted by the Finance Minister has recommended immovable property valuation in various categories should be designed by federal government in coordination with provincial governments.