Posts Tagged FBR
Inside sources of PakistanACCA told us that the Federal Board of Revenue (FBR) is likely to issue a new sales tax special procedure for coal mining companies for payment of sales tax in budget (2012-2013) to replace the existing system of fixation of a minimum value of taxable supply of locally produced coal at Rs. 1000 per ton for the purpose of sales tax calculation.
Sources told PakistanACCA that the FBR has principally agreed to the reservations of the Pakistan Mine Owners Associati
May 14, 2012
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The Federal Board of Revenue (FBR) has allowed audit relaxation in the income tax for those taxpayers who failed to provide mandatory details of expenses in their returns.
“The revenue authorities have advised the tax departments not to select cases for audit where discrepancies were identified in Annexure ‘D’ till tax year 2013,” said a tax official on the condition of anonymity.
The FBR issued the notification later last month after the business community lodged severe protest,
April 4, 2012
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By Zaara Rahman
Securities and Exchange Commission of Pakistan (SECP), which went under an internal change a few days ago, and was widely criticized in National Newspaper, are now seeking more public disclosure from group companies.
According to a press release, Group Companies Registration Regulations, 2008, were issued by the Securities and Exchange Commission of Pakistan in 2008 to provide a regulatory framework for the formation of group companies, comprising
June 27, 2011
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By Bilal Siddiqui
Federal Board of Revenue’s online NTN verification system is alarmingly offering an open opportunity to spammers, marketing agents, advertising agencies and general public to grab personal and sensitive information of any taxpayer.
[caption id="attachment_2667" align="aligncenter" width="274" caption="The Federal Board of Revenue (more commonly known by its initials as FBR) is the semi-autonomous, supreme federal agency of Pakistan that is responsible for enfo
June 8, 2011
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By Aamna Waheed
The experiment of outsourcing tax audit of the Federal Board of Revenue (FBR) is likely to fail as the timeframe given to the chartered accountant firms ends on July 31 and not a single audit has been completed so far, sources in the revenue body said on Wednesday.
An FBR official said that the revenue body paid 50 percent as advance fee last month, but the chartered accountant companies failed to produce results.
“Around 95 percent cases selected through com
August 3, 2010
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The Association of Chartered Certified Accountants (ACCA) has submitted its proposals for the upcoming Federal Budget 2010 to the Federal Board of Revenue (FBR). The proposals titled “Supporting Fair Taxation” endorses the government’s efforts by outlining practical recommendations aimed at establishing a fair taxation system by widening the tax base to create a system that is perceived as socially equitable and nurtures a culture of voluntary tax payment.
Cognizant of current
April 14, 2010
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