OICCI Disturbed at FBR Action Against JAZZ – Negative for Attracting FDI

by Press Release - October 30, 2020October 30, 20200

Overseas Investors Chamber of Commerce and Industry (OICCI), the collective body of top 200 multinational companies in Pakistan, expressed its shock and dismay at the action of the FBR Large Tax Payer Unit (LTU) Islamabad yesterday in sealing the premises of the Pakistan Mobile Telecommunication Limited (PMCL), widely known across the

Penalty for not Filing Return of Income

by Feature Writer - October 24, 2020October 24, 20200

Federal Board of Revenue (FBR) has updated the rate of fine and penalty for failure to file annual return of income by a person, who has taxable income or required to file return of income under the law.The FBR issued Income Tax Ordinance, 2001 (updated up to June 30, 2020)

CNIC Condition Reduces Transactions and Revenue: FBR

by Feature Writer - October 21, 2020October 21, 20200

Federal Board of Revenue (FBR) has admitted that the condition of Computerized National Identity Card (CNIC) reduced number transactions as well as shortfall in revenue.“This [CNIC] condition has further reduced transaction and our revenue,” Dr, Muhammad Ashfaq Ahmed, Member, Inland Revenue, Federal Board of Revenue (FBR) quoted as saying in

FBR Opens Job Vacancies: Invites Applications for BS-01, BS-05

by Feature Writer - October 12, 2020October 12, 20200

Federal Board of Revenue (FBR) has invited job applications for the post of BS-1 and BS-5 at FBR headquarter.The FBR said that applications are invited from candidates having requisite education, quota and age to fill the following posts under the federal governmentSepoy (BS-05): 04 vacant posts; age limit is 30 years with

FBR not to Ask Source of Money Invested for Housing Projects by December 31: MTO Chief

by Feature Writer - October 9, 2020October 9, 20200

Federal Board of Revenue (FBR) will not ask source of money to be invested till December 31, 2020 in a new housing projects, Abdul Hameed Memon, Chief Commissioner, Inland Revenue, Medium Taxpayers Office (MTO) said on Wednesday.“This is a unique program announced by the Prime Minister of Pakistan. The tax

Tax to Apply on Sale of Used Cars Only on Value Addition: FBR

by Feature Writer - October 5, 2020October 4, 20200

Federal Board of Revenue (FBR) on Saturday said that sales tax is applicable at 17 percent on sale of used cars only on value addition.Clarifying news reports regarding levying of 17 percent sales tax on resale of used and refurbished vehicles, the FBR said that the existing law charged sales

FBR Issue Valuation for Sale of Used Cars

by Feature Writer - October 1, 2020October 1, 20200

Federal Board of Revenue (FBR) on Wednesday issued valuation for used cars for purpose of collecting sales tax.The FBR issued SRO 93(I)/2020 to amend Sales Tax Rules, 2006. The FBR issued the rules to implement to the law introduced through Finance Act, 2020 to determine the valuation of used cars.The

FBR to Extend Return Filing Date by one Month Once Again

by Feature Writer - September 30, 2020September 30, 20200

Federal Board of Revenue (FBR) to extend date for filing income tax return by one month i.e. October 31, 2020, sources said on Wednesday.The last date for filing income tax return for tax year 2020 is expiring today evening i.e. September 30, 2020.The date for filing income tax return may

FBR Offices to Remain Open Late Hours for Tax Collection Today

by Feature Writer - September 30, 2020September 30, 20200

The Federal Board of Revenue (FBR) on Tuesday directed its field offices of Inland Revenue to remain open late hours to facilitate taxpayers in payment of duty and taxes on September 30, 2020.In an office order issued by the FBR instructed all the chief commissioners of IR to observe extended

FBR May Extend Date for Filing Income Tax Return

by Feature Writer - September 29, 2020September 29, 20200

Federal Board of Revenue (FBR) is likely to grant first date extension for filing income tax return for tax year 2020.The last date for filing return of income and wealth statements for tax year 2020 is September 30, 2020 for salaried persons, business individuals, Association of Persons (AOPs) and companies

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