Category: Taxation

Economy, FBR, News, Taxation, Tech

Tax Asaan- FBR APP Initiative for Sales Tax

Tax Asaan is a mobile application with selected functionality of Iris web application. This mobile application provides the taxpayers a quick and on-the-go access of basic verification features like Active Taxpayers List (ATL), Online NTN/STRN Inquiry, Exemption Certificate and CPR Utilization Status etc. A new and simplified functionality is provided under Tax Asaan mobile application for the users to get register for Sales Tax. Now … Continue reading Tax Asaan- FBR APP Initiative for Sales Tax

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Economy, Exports, FBR, News, SBP, Taxation

FBR RELEASES FIRST TRANCHE OF SALES TAX REFUNDS PROCESSED THROUGH FASTER SYSTEM

The first payment through FASTER module, against the refund claims for the tax period July, 2019, has been made on 2nd September, 2019, and the State Bank of Pakistan has confirmed the credit of the refund amount in the bank account of the claimant. It is highlighted that only 9 refund claims of five exporter-oriented sectors were received by Friday, the 30th August, 2019, and … Continue reading FBR RELEASES FIRST TRANCHE OF SALES TAX REFUNDS PROCESSED THROUGH FASTER SYSTEM

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Bookeeping, Feels, Finance, Startup, Stocks and Analysis, Taxation

Finance for non-financial entrepreneurs

This free workshop helps start-ups and small business owners understand material related to business accounting and entrepreneurial finance. In this workshop, you’ll gain a basic understanding of finance, accounting and tax concepts to drive the success of your business. This workshop is worth PKR 1500, however we will be running it for free. It will run for 2 hours (5pm-7pm) on Saturday 14th September 2019 … Continue reading Finance for non-financial entrepreneurs

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Exports, FBR, Taxation

FBR – tax refunds for exporters within 72 hrs

The Federal Board of Revenue (FBR) is claiming that it will now pay sales tax refunds through the newly installed Fully Automated Sales Tax e-Refund (FASTER) system to exporters of five sectors within 72 hours of submission of refund claims. The Federal Board of Revenue (FBR) is claiming that it will now pay sales tax refunds through the newly installed Fully Automated Sales Tax e-Refund … Continue reading FBR – tax refunds for exporters within 72 hrs

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FBR, News, Taxation

A little mistake can hurt you BIG TIME.

Be very careful while filling income tax return 2019, which will be open around September 2nd or 3rd. FBR will be using systematic matching technique to catch those who fill incorrect information or hide assets. Accordingly to experience Tax payer makes 5 common mistakes. Hiding Tax on Education local section 236I & Aboard 236R both, Kindly avoid this mistake. Hiding Capital loss on securities : … Continue reading A little mistake can hurt you BIG TIME.

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Economy, FBR, News, Taxation

FBR – Take Action if Sales Tax is Wrongly Charged

Federal Board of Revenue (FBR) on Saturday urged people to file complaints against businessmen who are charging sales tax without registering themselves under sales tax act. According to details, FBR has issued a circular which states that general public has reported complaints against the businessmen who are charging sales tax from consumers without being registered with FBR under the Sales Tax Act-1990. “It is, therefore, … Continue reading FBR – Take Action if Sales Tax is Wrongly Charged

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Economy, News, SBP, Taxation

FBR collection increases- Foreign Funds Transfers 1B

The Federal Board of Revenue (FBR) collected one billion rupees in withholding tax revenue on funds transferred abroad through credit and debit cards in a year, official statistics showed. The government opened the avenue for revenue collection a year ago considering the growing trend of payment through plastic cards. A new section (236Y), inserted into the Income Tax Ordinance 2001 through Finance Bill 2018, bounded … Continue reading FBR collection increases- Foreign Funds Transfers 1B

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News, Taxation

Good news: NO ACTION AGAINST THE TRADERS TILL 30TH SEPTEMBER – FBR

Chairman Federal Board of Revenue Shabbar Zaidi held a meeting with all groups of traders of Pakistan on August 8, 2019 at FBR and discussed various issues about the traders. It has inter alia been agreed with consensus that no adverse action under the Income Tax Ordinance 2001 and Sales Tax Act, 1990 will be undertaken against the traders merely on the basis of information … Continue reading Good news: NO ACTION AGAINST THE TRADERS TILL 30TH SEPTEMBER – FBR

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Economy, News, Taxation

Billions collected via Amnesty Scheme

Documents reveal billions of rupees worth properties surfaced during last amnesty scheme A large number of people holding Benami properties and assets worth billions of rupees have benefited from the Pakistan Tehreek-e-Insaf (PTI) government’s tax amnesty scheme that ended on July 3, official documents reveal. The Federal Board of Revenue (FBR) has sought from all the subordinate departments detailed reports about people who availed the … Continue reading Billions collected via Amnesty Scheme

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News, Taxation

Boutiques get FBR notice

FBR served notices to 228 shops. As part of its efforts to broaden the tax net, Federal Board of Revenue (FBR) has served notices to as many as 228 garment shops and boutiques on paying no tax despite “having booming business activity.” “This office has identified 228 garments shops/boutiques doing business activity only in the area of North Nazimabad, Karachi and they are not on … Continue reading Boutiques get FBR notice

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