KARACHI: Transactions made through mobile phone banking recorded a surge of 138 per cent to Rs2.16 trillion during the first quarter (July-September) of the current fiscal year, according to the payment system review issued by the State Bank of Pakistan. The transactions worth Rs908 billion were made during the same quarter of the last fiscal … Read more
KARACHI: The Federal Board of Revenue (FBR) has launched a flagship initiative, Point of Sale, to bring Rs16 trillion worth of undocumented retail sales into the tax net. Pakistan’s total retail sales are estimated at Rs20 trillion annually. The FBR’s integration of POS will also help the tax authorities implement a full-fledged value-added tax (VAT) … Read more
KARACHI: The Corporate Tax Office (CTO) Karachi has launched a crackdown against individuals and companies involved in the sales tax evasion, sources said on Thursday. The CTO Karachi is a major revenue collection arm of the Federal Board of Revenue (FBR) and has jurisdiction over corporate retail entities operating under various sectors. In its ongoing … Read more
LAHORE: Lahore Police have claimed to have arrested as many as 17,155 proclaimed offenders (POs), targeted offenders (TOs) and court absconders (CAs) during its crackdown against criminals involved in heinous crimes during the year of 2021 so far. Read more: ANF, Sindh Rangers foil drugs smuggling bid The Lahore police spokesperson on Tuesday said that out … Read more
KARACHI: The Federal Board of Revenue (FBR) has tightened the noose around retailers for mandatory integration of Point of Sale (POS) with the online tax system for online sharing of sales. In this regard, the apex tax body has continued its drive to link big retailers with the online system and it identified another over … Read more
ISLAMABAD: The Election Commission of Pakistan (ECP) released another report about the breach of duty by the 20 presiding officers (POs) and security staff overseeing the NA-75 Sialkot-IV by-election held on February 19, 2021. The 133-page fact-finding report blames some police officers for their ‘serious’ involvement in the manipulation of the election process and taking … Read more
KARACHI: The tax authorities, to the surprise of the customers, has made it mandatory to pay Re1 on each invoice obtained against the purchase through the Point of Sale (POS) machines installed by the Tier-1 retailers. Obtaining a POS invoice and getting verified is necessary for a customer to qualify a prize scheme announced by … Read more
KARACHI: The Corporate Tax Office (CTO) Karachi has sealed three business outlets for non-compliance to integrate with the Point of Sale (POS) system of the Federal Board of Revenue, a statement said. The Corporate Tax Office Karachi sealed three businesses, including Salam’s and Sons; Kurta Corner; and Bin Dawood for no-compliance to integrate with the … Read more
KARACHI: The Federal Board of Revenue (FBR) on Monday issued a procedure for a prize scheme for customers who obtained invoices from retailers integrated with the tax authorities. According to the procedure for a prize scheme the provisions of application would apply to the customers of tier-1 retailers who have integrated their retail outlets with … Read more
KARACHI: The tax authorities on Monday issued a set of information that is required on the printed invoice issued through a Point of Sale (POS) machine to make it valid for tax purposes. The Federal Board of Revenue (FBR) issued an SRO 1006 (I)/2021, directing the big retailers to comply with the guidelines for making … Read more
KARACHI: The Federal Board of Revenue (FBR) plans to launch a massive operation against bakeries and eateries to bring their sales into the documented economy, sources said on Friday. The sources at the Regional Tax Office (RTO) Karachi said an extensive exercise has been initiated to identify the bakeries and eateries for determining their sales, … Read more
KARACHI: The Federal Board of Revenue (FBR) will conduct the first prize draw for those Point of Sales (POS) that are connected with the online system of the tax organisation on the basis of purchase receipts in the first week of August 2021, official sources said on Tuesday. The sources said the draw will be … Read more
