INTRODUCTION Federal Board of Revenue issued letter dated October 31, 2019 COMMENTARY: Through this letter, FBR has extended date of Payment and Filing of Sales Tax and Federal Excise Return for Tax Period September 2019 are as follows: Submission of Sales and Federal Excise Return November 8, 2019 Prior to [...]
Federal Board of Revenue has issued Circular No 15 of 2019 (ref: C.No.2(1)Contd/I.Tax/2018 on October 31, 2019. This Circular states that the Date of Filing of Income Tax Returns / Statements for Tax Year 2019 has been extended upto November 30, 2019 The new date i.e. November 30, 2019 will be applicable for Individuals, AOPs and [...]
INTRODUCTION The Federal Revenue Board (FRB) issued S.R.O.1290(I)2019 dated October 30, 2019 COMMENTARY Through aforementioned SRO, FBR made following amendments in the SRO 1190/(I)2019 of October 2, 2019. In addition to the Ten(10) sectors identified in previous SRO 1190/(I)2019, following sectors are added for whom limit of 90% of output tax [...]
Federal Board of Revenue (FBR) has issued directions to all officers and officials of FBR Headquarters and its Field Formations not to contact with any taxpayer or businessman in any form i.e. physical visit, telephonic/mobile calls, SMS or email etc, except when legally authorized to do so. This policy shall come into force from 1st November, [...]
INTRODUCTION The Federal Board of Revenue issued circular C.No.3 (5)ST-L&P/2019 dated October 21, 2019 to explain the procedure for issuance of refund payment under FASTER refund module. COMMENTARY: Through this circular the Federal Board of Revenue is clarified that the refund will be processed on the basis of entries reported in Annex-H. [...]
INTRODUCTION The Punjab Revenue Authority (PRA) issued four notifications No. PRA/Order.06/2017.Vol(V)/1434, 1435, 1436 & 1437 dated October 1, 2019 requiring certain persons to collect and pay the tax on the value of taxable services. COMMENTARY Through these notifications the following class of persons are required to collect and pay the sales tax on services [...]
INTRODUCTION The Punjab Revenue Authority (PRA) has issued “The Punjab Sales Tax on Services (Determination of Minimum Tax Liability) Regulations, 2019 vide notification No. PRA/Order.06/2017.Vol(V)/1433 dated October 1, 2019. COMMENTARY Through these regulations the PRA explained the procedure for determination/calculation of minimum tax liability and related matters where a registered person fails to file sales [...]
Final Notification for ammendments in Credit Rating Companies Regulations (after plad) COMMENTARY - AMENDMENTS TO THE CREDIT RATING COMPANIES REGULATION, 2016 Introduction: SECP vide S.R.O.1223 (I)/2019 dated October 10, 2019 has introduced amendments to the Credit Rating Companies Regulation, 2016 to provide more conducive regulatory environment to Credit Rating Companies (CRCs). The [...]
INTRODUCTION Federal Board of Revenue issued letter dated October 18, 2019 COMMENTARY: Through this letter, FBR has extended date of Payment and Filing of Sales Tax and Federal Excise Return for Tax Period September 2019 as follows Payment of Sales Tax and Federal Excise Duty October 22, 2019 Submission of Sales and Federal Excise Return [...]
INTRODUCTION The FBR issued SRO 1203(I)/2019 dated October 10, 2019 to make amendments in Sales Tax Rules, 2006. COMMENTARY: Majorly, Sales Tax Rules relating to Tier-1 Retailers have been prescribed through this SRO to share their sales data with the Federal Board of Revenue (FBR) computerized system on real-time basis which is [...]
