Legalfolio - Tax, Cost & Management Consultants

30/09/2022

30/09/2022

Extension has been done

30/07/2022

ISLAMABAD: The Federal Board of Revenue (FBR) has clarified that the fixed tax regime for small traders and retailers will be applicable across Pakistan irrespective of geographic location without any discrimination

The new tax regime is actually a big facility that traders could take advantage of. Traders should approach the concerned Commissioner and file their income tax returns and be part of the active taxpayers’ list and take advantage of the fixed tax regime.

As of 1st July 2022, commercial electricity bills up to Rs30,000 would be levied with a fixed tax of Rs3,000; a Rs5,000 tax would be levied on bills between Rs30,001 and Rs50,000 and bills exceeding Rs50,000, but does not exceeding Rs100,000 would be subjected to a fixed tax of Rs10,000

The aforementioned rates are applicable for small traders and retailers who are on the Active Taxpayers’ List and have cleared all dues for the years 2020 and 2021. Non-filers would be automatically charged double the amount.

29/07/2022

Fixed tax for retailers other than Tier 1 through Electricity Bill if appearing in ATL. This is not for service providers.
Federal Board of Revenue.

11/06/2022

SALES TAX 2022-23

((((((((((-RELIEF MEASURES-))))))))))
1.The condition of CNIC/NTN in case of supply to unregistered person have been removed.
2.Sales Tax exemption has been granted on import and supply of all types of seeds.
3.Sales Tax on Tractor is withdrawn.
4.Exemption has been granted on imports by UN diplomats/diplomatic missions and privileged persons.
5.Import and supply of solar panels (PV module) has been exempted from sales tax.
6.Goods imported by or donated to non-profit charitable hospitals has been exempted. Furthermore, good supplied to charitable hospitals of fifty beds or more have also been exempted from sales tax.
7.Temporary imports have been exempted from the levy of the sales tax.
8.Made up jewellery has been made chargeable to 3% fix tax on local supply and 4% fix tax on imports.
9.Plant and machinery imported by power generation projects that entered into implementation agreement with GoP has been exempted from sales tax.
10.Rs.90 per kg is reduce to Rs.60 per kg on potassium chlorate
11.Import by EPZ has been exempted from sales tax.

((((((((((((-REVENUE MEASURES-)))))))))))
12. The scope of further tax has been enhanced to include non-active taxpayers as well.
13. Regime of other then Tier-1 retailer has been streamlined.
14. VAT has been imposed on compressor scrap, motor scrap and copper cutting scrap even when imported by manufacturers.

27/05/2022

Good news for integrated retailers
FBR lifted the restrictions and adjustment through credit notes against Sales Return from Un-Registered buyers will be allowed vide automated system

15/05/2022

FBR Issued new STGO No.17 For reversal of Input Tax @60% to 10% as integrated Retailer

27/04/2022

New tab " Print with annexes" has been added by FBR

12/04/2022

Adjustment of Sales Return through Credit Note against unregistered Sales

07/04/2022

Secp launched online portal for easy exit of defunct companies

20/03/2022

Manufacturers registered for SalesTax (after 1.7.2021) will be subject to mandatory physical verification of premises by FBR .

18/02/2022

Extension in date of filing of FBR Sales Tax Return for the Month of January 2022.

Payment: 23-02-2022
Return Sbmission: 25-02-2022.