FINANCIAL JOURNAL

GOVERNMENT OF PAKISTAN (REVENUE DIVISION) FEDERAL BOARD OF REVENUE  Islamabad, the 31st January, 2018.  NOTIFICATION (SALES TAX)  S.R.O. 98 (1)12018- In exercise of the powers conferred by clause (b) of sub-section (2) and sub-section (6) of section 3 of the Sales Tax Act, 1990, the Board with the approval of Federal Minister-in-charge, is pleased to direct that the following further amendment shall be made from the 1st February, 2018, in its Notification No. S.R.O. 57(1)12016, dated the 29th January, 2016, namely:- In the aforesaid Notification, for the existing Table, the following shall be substituted, namely:- For pdf Click Here

Amendmends The Kingdom of Saudi Arabia (KSA) General Authority of Zakat and Tax (GAZT) has recently approved various amendments in the articles of the Value Added Tax (VAT) Implementing Regulations.  Following are some of the major amendmends: Article 8: The VAT registration certificate should be displayed and visible to the general public. Article 53: All registered businesses need to issue a simplified VAT invoice for all transactions not otherwise covered. Article 63: The taxable Person may correct an error or understatment below SR 5,000 by adjusting the Net Tax in its next Tax Return. Businesses that do not comply with the above requirements will be penalized up to SAR 50,000. Mechanism of VAT on private educational sector Royal Decree No. (A/86) dated 18/4/1439 AH.  -  GAZT announced the mechanism for bearing of VAT by the government on behalf of Saudi nationals in the private educational sector: Saudi citizens: Private educ...

Govt ready to consider convincing proposals for tax relief, says Haroon Akhtar Khan Special Assistant to PM/Federal Minister on Revenue Haroon Akhtar Khan has said the government has always stood for a just and equitable taxation which boosts the economy and strengthens the business industry.  "There is no point going for a taxation if it harms the industry and weakens the very sources of revenue generation," he said while talking to a delegation of the Federation of Pakistan Chamber of Commerce & Industry (FPCCI) which met with him at the FBR House today under the leadership of FPCCI President Ghazzanfar Bilour and other office-bearers and members, including Karim Aziz Malik, Atif Ikram, Chaudhry Javed Iqbal, Malik Sohail Hussain, Adeel Rauf and Hussain Sabri. The top hierarchy of FPCCI had come to congratulate Haroon Akhtar Khan on his elevation as the Federal Minister.  The Minister assured the delegation he was open to listening to and presenting to th...

" ....The Lahore High Court has held that deputy commissioner and assistant commissioner of Inland Revenue can neither issue show-cause notice under section 11 of the Sales Tax Act, 1990 nor pass assessment order against the taxpayers. According to a judgment of the LHC, the FBR has delegated jurisdiction to the commissioner only and the commissioner cannot further delegate his jurisdiction to the deputy commissioners and assistant commissioners..... " " ....The background facts are that a number of writ petitions were filed before the Lahore High Court challenging that the show cause notices issued under section 11 of the Sales Tax Act, 1990 by the sales tax authorities other than commissioner Inland Revenue are without jurisdiction. It was pleaded that FBR in exercise of its power under section 30 of the Sales Tax Act, 1990 had issued jurisdiction order assigning jurisdiction over the case of petitioners to the commissioner Inland Revenue Lahore and in turn the co...

The federal government has allowed exemption from the levy of minimum tax under section 113 of the Income Tax Ordinance, 2001 on public sector universities.  The decision to allow exemption has been taken at a meeting of Economic Coordination Committee (ECC) of the cabinet held on December 22, 2017. Federal Board of Revenue has officially issued S.R.O. 29(I)12018 dated January 12, 2018 allowing exemption to public universities from minimum tax.  Following are the extracts of the SRO Government of Pakistan  Revenue Division  Federal Board of Revenue Islamabad, the 12 th January, 2018. NOTIFICATION  (Income Tax) S.R.O. 29(1)12018.- In exercise of the powers conferred by sub-section (2) of section 53 of the Income Tax Ordinance, 2001 (XLIX of 2001) and pursuant to the approval of the Economic Coordination Committee of the Cabinet vide case No.ECC­ 136/24/2017, dated the 22 nd December, 2017, the Board with the approval ...

If  you are searching for various types of notices sent by FBR please click here 1. Original Assessment Order - Filing of Return of Income Section 120 of the Income Tax Ordinance, 2001 A return of income once filed by the taxpayer instantly becomes an assessment order under section 120 of the Income Tax Ordinance, 2001. Where a taxpayer has furnished a complete return of income (other than a revised return under sub-section (6) of section 114) for a tax year ending on or after the 1st day of July, 2002,— (a) the Commissioner shall be taken to have made an assessment of taxable income for that tax year, and the tax due thereon, equal to those respective amounts specified in the return; and (b) the return shall be taken for all purposes of this Ordinance to be an assessment order issued to the taxpayer by the Commissioner on the day the return was furnished. Section 114 of the Income Tax Ordinance, 2001 Please click here to see the complete list of ...

WHEREAS the Islamic Republic of Pakistan and the Government of Hong Kong Special Administrative Region of the People's Republic of China signed the Agreement for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income on 17 th February, 2017, as set out in the Annexure to this Notification (the Agreement); AND Whereas, in terms of Article 29 of the Agreement each of the Contracting Parties shall notify the other in writing of the completion of procedure required by its laws for bringing into force of this Agreement and shall enter into force on the date of receipt of the later of these notification; NOW, THEREFORE, in exercise of the powers conferred by sub-section (1) of section 107 of the Income Tax Ordinance, 2001 (XLIX of 2001), the Federal Government is pleased to direct that the provisions of the said Agreement shall come into force from 24 th November, 2017 and shall have effect: (a)      ...