ISLAMABAD: The Federal Board of Revenue (FBR) on Tuesday deferred the implementation of new and revised valuations of immovable properties till January 16, 2021; following anomalies pointed out by the stakeholders. The FBR on December 1, 2021 issued fresh and upward revised valuation tables for immovable properties located in 40 major cities of the country. … Read more
KARACHI: The Federal Board of Revenue (FBR) on Wednesday extended the implementation of digital payment for the corporate sector for another month. In this regard, the apex tax body issued a Circular No 10 of 2021/22 to notify the extension in time for implementation of digital payment for corporate entities. It is the second time, … Read more
KARACHI: The Federal Board of Revenue (FBR) plans to create a dedicated Customs Colectorate for the processing of liquefied natural gas (LNG), liquefied petroleum gas (LPG) and other liquids, as well as solid bulk cargo imports. The Collectorate, namely, MCC Appraisement (Bulk) in Karachi, will deal with the cargo clearance of bulk petroleum products, edible … Read more
KARACHI: The Federal Board of Revenue (FBR) has dismissed a senior officer of Inland Revenue on the charges of corruption and misconduct. The revenue board initiated disciplinary proceedings against Syed Zubair Shah, a BS-19 officer of the Inland Revenue Service on the complaint of Chief Accountant of Pak Steel Re-Rolling Mills, Islamabad. Shah has been … Read more
KARACHI: The Federal Board of Revenue (FBR) has decided to form committees for the determination of Customs valuation of goods originating from Afghanistan and Iran. In this regard, the FBR proposed amendments in the Customs Act, 1969 through SRO 1352 (I)/2021. According to the proposed amendments, the law would apply for the determination of values … Read more
KARACHI: The Federal Board of Revenue (FBR) has made it mandatory for the car assemblers/manufacturers to pay an amount as an interest to the buyers on late delivery of motor vehicles, a notification issued on Thursday revealed. “The importer-cum-assembler or Original Equipment Manufacturer (OEM) shall pay Kibor + three per cent per annum to the … Read more
KARACHI: The Federal Board of Revenue (FBR) on Friday constituted two separate committees for the identification and removal of technical and legal anomalies in the proposed amendments to the tax laws. Habib Bank Limited (HBL) Chairman Sultan Ali Allana has been appointed as the chairman of the business anomaly committee. Chaudhry Muhammad Tarique, Member (IR-Policy), … Read more
