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The Federal Board of Revenue (FBR) extended the deadline for filing of income tax returns for the year 2018 to August 9th 2019 coming Friday. “In Continuation of Circular No. 07/2019 dated 02.07.2019 and in exercise of the powers conferred under Section of 214A of the Income Tax Ordinance, 2001, the Federal Board of Revenue is pleased to further extended the date of filing of … Continue reading New deadline by FBR- August 9th 2019
Figure reported by FBR is different from cash deposited in treasury. At least Rs10 billion worth of discrepancy has been found between figures reported by the Federal Board of Revenue (FBR) and cash deposited in the treasury, underscoring the need for immediately resolving reconciliation issues that can undermine credibility of official figures. The discrepancy highlights the urgency to establish an online interface between the FBR … Continue reading Pakistan’s financial system shows discrepancy worth PKR 10b-24b. Urgent need to establish an online interface between the FBR and SBP.
The Federal Board of Revenue (FBR) has rolled out three schemes to facilitate the retailers and small traders in complying with the tax regime. As 80 to 90 percent of the retailers are not registered with the tax authorities an initiative has been taken to make the tax requirements easier and bring the small businesses into the tax net. FBR has notified: Simplified Scheme for … Continue reading Good news for Small Shopkeepers and Traders- FBR finally listened and made it easy.
Federal Board of Revenue – FBR expands its net to non-resident Pakistanis FBR has reduced the stay period of Pakistanis for tax collection purposes with effect from 2015, which may result in litigation as independent legal experts argue that substantive changes in law can only be made prospectively. On 30th June 2019 FBR issued a circular aimed at explaining important amendments to the Income Tax … Continue reading Non resident Pakistanis definition changed.
If you are an importer of raw material or thinking about starting something related to this- we have some good news: You can apply for a reduced rate of withholding tax on importing raw material. Here is how using IRIS: The taxpayer will e-file a single “(Application u/s 159(1) / 148 for reduced rate of withholding tax on Import) (FOR QUOTA ALLOCATION)” for the whole … Continue reading Imports and Reduce rate of WHT
In Pakistan, Sales Tax registration is one of the most important steps after company registration. Without your STRN (Sales Tax Registration Number) you cannot import or export your products or services. You will not be able to participate in tenders in Pakistan. You cannot work with the government, take important sponsors or work with well reputed companies. No multinational company can work with you legally … Continue reading Sales Tax registration made easy – Company
In Pakistan, Sales Tax registration is one of the most important steps after company registration. Without your STRN (Sales Tax Registration Number) you cannot import or export your products or services. You will not be able to participate in tenders in Pakistan. You cannot work with the government, take important sponsors or work with well reputed companies. No multinational company can work with you legally … Continue reading Sales Tax registration made easy – Partnership (AOP)
In Pakistan, Sales Tax registration is one of the most important steps after company registration. Without your STRN (Sales Tax Registration Number) you cannot import or export your products or services. You will not be able to participate in tenders in Pakistan. You cannot work with the government, take important sponsors or work with well reputed companies. No multinational company can work with you legally … Continue reading Sales Tax registration made easy – Individuals
INTRODUCTION The purpose of this article is to facilitate LEATHER AND TEXTILE SECTOR to understand methods for invoice data sharing with FBR. Taxpayer directly connect to FBR system to upload sales invoices in bulk. This mechanism is provided temporarily to upload all the sales invoice data to FBR System till the implementation of Fiscalization Solution. Taxpayer can directly integrate their system with FBR using the provided web service to … Continue reading POS Registration
What is Iris? Iris is an integrated, end-to-end, highly configurable and customizable ERP, covering all business processes of Income Tax. What is my User ID for Iris? User Id for Iris is Registration Number which: In case of individual Pakistani, it is his 13-digits CNIC/NICOP (without dashes) In case of individual Non-Pakistani, it is his 7-digits NTN (excluding dash and check digit) In case of … Continue reading Common questions about IRIS.
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