Tax

The Federal Board of Revenue (FBR), on Monday, failed to explain the legality of “tax on deemed income” imposed on immovable properties through the Finance Act 2022 before the Lahore High Court (LHC). During the hearing of the case on Monday, LHC expressed serious concern over the incompetence of the FBR officials while explaining Section …

Income Tax Application on Deemed Income of Idle Properties is under Threat Read More »

The Federal Board of Revenue (FBR) has decided to give legal cover to electronically-served notices in cases where the person has provided an electronic address. The FBR has issued an SRO549(I)/2022 to issue a draft amendment to the Income Tax Rules, 2002. According to the FBR’s proposed amendment, “Where a person has provided an electronic …

FBR’s Electronically Issued Notices are Legally Enforceable Now Read More »

The Federal Board of Revenue (FBR) has constituted a high-level committee for the resolution of issues of pharmaceutical companies in the country. According to the FBR, the “Issues Resolution Committee” has been formed, headed by Chief Commissioner Inland Revenue Large Taxpayers Office, Karachi. Sixteen other officers of the FBR are also members of the committee. …

Committee to Resolve Pharma Tax Issues Read More »

The Federal Board of Revenue (FBR) has made it mandatory for the importers to submit ‘certificates of origin’ of shipments originating from the United Arab Emirates (UAE) and China excluding imports under the preferential trade agreement (PTA) and Free Trade Agreement (FTA) regime. FBR has made draft amendments to the Customs Rules 2001 by issuing …

FBR Makes It Compulsory for Importers to Submit Certificates of Origin Read More »

The Sindh High Court has restored millions of dollars Track and Trace project by giving the order in favor of M/s AJCL and FBR. SHC Judge Justice Kausar Sultan in her decision stated that this court has no territorial jurisdiction to pass an order. The plaintiff/bidder (SICPA SA) had challenged the FBR’s grievance committee order …

SHC Restores FBR’ Millions of Dollars Worth Track and Trace Project Read More »

The Federal Tax Ombudsman (FTO) has recommended the Federal Board of Revenue (FBR) to pay Rs. 1,000 as an incentive for the filing of an income tax return through cash payback payment in the bank account of the return filer under the policy measure to broaden the tax base. According to the FTO annual report …

Planning Division Wants to Discontinue Gas Subsidy From Export-Oriented Industries Read More »