The Federal Board of Revenue (FBR) on Thursday asked the big retailers to ensure installation of its point-of-sale invoicing app into their systems by December 1 to report turnover with the tax authority on real-time basis. If the retailers fail to link their systems with the FBR, they would not be entitled to the reduced 14% sales tax, according to the FBR’s notification. The FBR, … Continue reading Retailers given DEC 1st Deadline by FBR
Bank account holders making aggregate deposits of Rs10 million in a month are on radar of Federal Board of Revenue (FBR) for the purpose of broadening of tax base and identifying concealed incomes. Federal Board of Revenue (FBR) has said that banks are required to provide details of account holders having aggregate deposits of Rs10 million in a month. The FBR issued Income Tax Ordinance, … Continue reading 10 million in deposits? You are now on FBR radar.
The Federal board of revenue (FBR) on Thursday raided unregistered three furniture shops on G.T Road in front of DHA and seized their record to unearth alleged tax evasion. According to the details released by the intelligence arm of the FBR on Thursday, the FBR’s Intelligence & Investigation teams of Inland revenue led by Deputy Director Sarwat Malik Habib with the help of police raided … Continue reading Wood Kastle, Wood Hive and Imbaco Furnishers raided by FBR
Chairman Federal Board of Revenue, Syed Shabbar Ali Zaidi taking to the social networking website Twitter today detailed the meetings he had with Dubai land department in the past few days. Chairman FBR said that he met officials of the Dubai land department on October 9 and 10; the meeting was part of the efforts being made to bring clampdown corrupt elements that had transferred … Continue reading Pakistani owners of Dubai Proprieties – FBR is about to get all your data.
Federal Board of Revenue (FBR) Chairman Syed Shabbar Zaidi on Tuesday lauded an FBR Faisalabad team for unearthing “a big fake and flying invoices scam” and arresting two businessmen involved in it. “Congratulate FBR Faisalabad team for unearthing a big fake and flying invoices scam. Two people are in custody after remand,” he tweeted. Warning people against indulging in such activities, he said automation has … Continue reading FBR officials unearth invoices scam from Faislabad
The government’s reforms to mobilise tax revenue are bearing fruit, says Federal Board of Revenue (FBR) Chairman Syed Shabbar Zaidi. Speaking to Pakistan Tehreek-i-Insaf (PTI) vice president Zahid Hussain Kazmi, he said the FBR succeeded in achieving 90 per cent of tax collection target for the first quarter of the ongoing fiscal year as Rs920 billion have been collected in taxes thus far. During the … Continue reading Shabbar Zaidi Happy with the Tax Reforms
Chairman of the Senate Standing Committee on Commerce and Textile Industry, Senator Mirza Muhammad Afridi, has directed the FBR to solve the issue of NICs being needed for purchases of over Rs 50,000. Speaking at a meeting of the standing committee, Afridi observed that NIC condition has shaken the foundations of the economy, and directed chairman FBR to find an acceptable solution within ten days. … Continue reading FBR given 10 Days to solve purchase over 50k CNIC issue
The Federal Board of Revenue (FBR) is all set to launch an aggressive campaign from October 15, 2019 to get industrial and commercial consumers registered for income tax. Chairman FBR, Syed Shabbar Zaidi, in a tweet on Friday said that all industrial and commercial consumers were must be registered for income tax purposes. The FBR chairman said that the board had been using persuasive modus … Continue reading FBR launching aggressive campaign to get industrial commercial consumers registered for income tax
The Federal Board of Revenue (FBR) has allowed 100 per cent input tax adjustments of sales tax to eight sectors. A sales tax notification, SRO1190 of 2019, issued on Thursday, said the restriction of 90pc of output tax would not apply to persons registered in electrical energy sector, oil marketing companies and petroleum refineries and fertiliser manufacturers. The restrictions will also not apply to persons … Continue reading Input tax adjustments Allowed
The first quarter is over; and back of the envelope calculations depict the government is likely to meet all the quantitative targets of the IMF for quarter end. There are six quantitative performance criteria- and five are likely to be met (read:”IMF targets- all but primary deficit in place”). The basic calculations assert that primary deficit is likely to be met despite over around Rs114 … Continue reading No need of any mini budget or to increase the GST from 17 to 18 % – FBR
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