Download PDF As a routine annual ritual, we are pleased to present our bulletin on key changes proposed through Finance Bill, 2023 commonly known as Federal Budget 2023-24. This bulletin contains key changes in tax laws and our feedback wherever it is considered pertinent and relevant. Federal Budget 2023-24 is going to be the second …
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 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. …
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 Board of Revenue (FBR) has raised customs duty drawback rates on the exports of confectionery items with effect from April 26, 2021. The FBR has amended the SRO.212(I)/2009 through a notification. According to an announcement of the FBR, “In line with Prime Minister’s Initiative of ‘ Make in Pakistan, FBR has issued SRO …
FBR Raises Customs Duty Drawback on Confectionary Exports 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 »
The Federal Board of Revenue and all the four Provincial Revenue Authorities signed a Memorandum of Understanding (MOU) for a single sales tax return and single web portal. Signing of the MOU is one of the most significant components of harmonization of sales tax initiative currently underway between the Federation and the provinces. On behalf …
FBR and Provincial Revenue Authorities Sign MoU on Single Portal/Return for Sales Tax Read More »