Reading Time: < 1 minute IMF rejected the proposed tax scheme for builders and developers. Chairman FBR MR. Shabbar Zaidi announced it two months ago that they are drafting a special scheme for the industry to help it under the given economic conditions and to recirculate the money, stuck in the industry. The federal government drafted the presidential ordinance. But … Read more IMF Rejects The Tax Scheme For Builders And Developers
Reading Time: < 1 minute FBR will get your bank account information for certain transactions. FBR and Pakistan Bankers Association (PBA) reached a deal in which the commercial banks agreed to disclose the information of account holders under certain conditions. This ended a longstanding issue between banks and FBR, which started back in 2013 when FBR asked the banks Under … Read more Bank Account Information: FBR Now Has Access To It
Reading Time: 2 minutes 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
Reading Time: < 1 minute 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?
Reading Time: 2 minutes 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
Reading Time: 2 minutes 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?
Reading Time: 4 minutes 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
Reading Time: 3 minutes A new license scheme is underway to register every business and it will be a compulsory one. FBR proposed a plan for registration of businesses and added a new chapter XIIIA in the income tax rules 2002. The draft was open for the public for a week, and now they will send it to the … Read more FBR’s Proposal For Issuance Of A Business License