TAXATION AND CORPORATE LAW

TAXATION AND CORPORATE LAW SHAKIL & FARHAN LAW ASSOCIATES ( Advocates, Auditors and Tax Consultants) is a progressive and frien

10/12/2022

FBR, KTBA said that substances registered as drugs under the Drugs Act, 1976 (ie, pharma products) were earlier exempt from the levy of sales tax under the Sales Tax Act, 1990 (“Act”), the Finance (Supplementary) Act, 2022, withdrawn, and the pharma products were made zero-rated in terms of Serial No.19 to the Fifth Schedule of the Act. Later, through the Finance Act 2022, Serial No.19 of the Fifth Schedule was omitted and a new Serial No.81 was introduced in Table 1 of the Eighth Schedule to the Act.

10/12/2022

The FBR has issued Sales Tax General Order (STGO) 5 of 2022 on Friday.

The FBR’s STGO revealed that the said big retailers are required to be integrated with the Board’s POS system. The list of 89 identified retailers revealed that the big retailers are not registered with the sales tax department for the purpose of the POS and they are also not depositing collected sales tax from consumers into the national exchequer

10/12/2022

The Sindh High Court (SHC) has declared that the Federal Board of Revenue (FBR) is fully empowered to transfer officers of audit cadre in Inland Revenue Department anywhere in the field formations including special duty without any assignment

Federal Board of Revenue has informed the Senate Standing Committee on Finance and Revenue that the tax department has i...
10/12/2022

Federal Board of Revenue has informed the Senate Standing Committee on Finance and Revenue that the tax department has issued 149 notices on 767 complaints worth Rs358 billion under the Anti-Money Laundering Act.

The Sindh Revenue Board (SRB) has witnessed a 23 percent growth with a revenue collection of Rs 13.50 billion in Novembe...
03/12/2022

The Sindh Revenue Board (SRB) has witnessed a 23 percent growth with a revenue collection of Rs 13.50 billion in November 2022 compared to Rs 11.01 billion collected in November 2021.

03/12/2022

FBR has issued Sales Tax General Order (STGO) 5 of 2022 on Friday.

The FBR’s STGO revealed that the said big retailers are required to be integrated with the Board’s POS system. The list of 89 identified retailers revealed that the big retailers are not registered with the sales tax department for the purpose of the POS and they are also not depositing collected sales tax from consumers into the national exchequer

The Federal Board of Revenue (FBR) has further extended the date for filing of income tax returns (tax year 2022) up to ...
01/12/2022

The Federal Board of Revenue (FBR) has further extended the date for filing of income tax returns (tax year 2022) up to December 15, 2022.

ISLAMABAD: The Appellate Tribunal Inland Revenue, Islamabad, has directed the Federal Board of Revenue (FBR) to immediat...
01/12/2022

ISLAMABAD: The Appellate Tribunal Inland Revenue, Islamabad, has directed the Federal Board of Revenue (FBR) to immediately return an amount of Rs1,088,303,543 to the corporate taxpayer which was illegally recovered by the Large Tax Office (LTO) Islamabad through the attachment of his bank account.

The U.S. IRS has announced the interest rates for overpaid and underpaid tax for the calendar quarter beginning 1 Januar...
30/11/2022

The U.S. IRS has announced the interest rates for overpaid and underpaid tax for the calendar quarter beginning 1 January 2023, which are increased from the previous quarter due to an increase in the federal short-term rate. The rates are 7% for both overpayments and under payments by individuals and 6% and 7% for corporate.

The UK National Audit Office recently published a report on HMRC's implementation of the Digital Services Tax (DST). The...
30/11/2022

The UK National Audit Office recently published a report on HMRC's implementation of the Digital Services Tax (DST). The DST was introduced in April 2020 and is planned to be retired once Pillar 1 of the OECD's two-pillar solution is introduced in the UK.

30/11/2022

According to the Punjab Revenue Authority (PRA) sources, over the first four months of the financial year, the PRA has recorded a collection of Rs57.447 billion which is 32% higher than the Rs43.672 billion collected during the same period in the previous financial year.

30/11/2022

ISLAMABAD: Directorate General of Intelligence and Investigation Inland Revenue (DGIIIR) is investigating a case of massive tax evasion by a prominent company engaged in the manufacturing of cosmetic products.

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