FBR issued special instructions for property dealers and jewelers. These are the draft amendments and open for the public. Subject to cabinet approval, these will become law. There are two basic requirements for real estate agents and jewelers (called designated persons in the draft) to fulfill. To maintain records of their customers To report any … Read more Property Dealers and Jewelers: FBR’s Special Instructions
The top officials of FBR are opposing tax reforms, and they have no genuine reason for that. Prime Minister Khan approved the reforms plan in October, which will set a base for the restructuring of FBR. A new authority Pakistan Revenue Authority (PRA) will come into effect by June 2020. The significant change in the … Read more Tax Reforms: Why FBR Officials Are Opposing It?
If you ask, is there a legal way to launder money out of Pakistan? I will say yes, That will be under the umbrella of the economic reforms act of 1992. Chairman FBR, Mr. Shabbar Zaidi, recently admitted the state’s inability to retrieve the money laundered out of Pakistan, the first official admission regarding the … Read more Economic Reforms Act: A Legal Way Of Money Laundering
FBR issued a general order to clarify the CNIC condition, but in fact, it created more confusion. The condition of CNIC was introduced in the finance act 2019, which requires the registered sellers to take CNIC of their buyers and then print it on the invoices. And, for a fake id, the seller is exempted … Read more CNIC Condition And The Struggling Economy
The last date to file your income tax return is coming (September 30th), but no reminders by FBR so far. Wonder why? That’s because of the possible extension in the deadline. Did you remember the last year’s (2018) filing date? It was extended up to August 9th, 2019. So, people tend to be lazy as … Read more Are You Required To File Income Tax Return?
FBR introduced a mobile app for the sales tax registration and payment of taxes. The app name is “Tax Asaan” and its available on both android and iOS. The app contains selected functionalities under Iris. You can log in through your Iris user name and password. Let’s dig into the app and see what functions … Read more FBR Introduced Mobile App For Sales Tax Registration
So you are about to receive a property as a gift. Wait for a moment because there are some restrictions ahead. Finance act 2019 now restricts tax exemption on gifts for family members only. The Reason Data analysis of previous tax years indicates too many gift transactions between non-family members. Yes, you were free to … Read more Tax Exemption On Gifts Now Limited To Family Members
FBR has introduced a special tax scheme for traders. The draft is open for the public and stakeholders, and later it will be put before the cabinet for approval. It will become law before the 30th of September. FBR states that the scheme is the result of thorough discussion and dialogue between FBR and trade … Read more FBR Introduced Special Tax Scheme For Traders
A new tax scheme for small shop owners is around the corner. FBR introduced small shopkeepers special procedure rules, and they will cover the tax year 2019. The draft is open for the public and stakeholders’ suggestions. Subject to cabinet approval, it will come into force. Let’s examine the draft to see how much tax … Read more FBR Proposed Tax Scheme For Small Shop Owners