FBR Launches Advanced Stock Register System
The Federal Board of Revenue (FBR) has taken a significant leap in digitalization by launching an Advanced Stock Register System through its Information Center 2.0 platform. This move aligns with […]
How to Update Your Income Source on IRIS
Accurate income reporting is crucial for tax compliance in Pakistan. The Federal Board of Revenue (FBR) requires taxpayers to update their income sources in the Integrated Registration and Information System […]
How to Check if You are Registered Taxpayer or Active Taxpayer?
Understanding the Terms While the terms “registered taxpayer” and “active taxpayer” are often used interchangeably, they represent distinct concepts in the Pakistani tax system. Registered Taxpayer A registered taxpayer is […]
What is the Stamp Paper Requirement in Sales Tax Returns?
Understanding the Stamp Paper Requirement The recent addition of a stamp paper requirement to tax returns in Pakistan has sparked controversy. This mandatory declaration requires the principal officer of a […]
Understanding Tax Rates for Filers and Non-Filers
The Myth of Higher Tax Rates for Non-Filers Contrary to popular belief, being a non-filer does not necessarily mean paying higher taxes in Pakistan. In specific scenarios, the tax rate […]
Reduced Withholding Tax Rate for Offshore Supply Contracts in AJ&K
The Finance Act, 2018 introduced a favorable tax treatment for Independent Power Producers (IPPs) located wholly or partly in Azad Jammu and Kashmir (AJ&K). This article delves into the specific […]
What if you Collected Extra Sales Tax?
The Sales Tax Act, 1990, outlines the procedures for the collection and recovery of excess sales tax collected by businesses in Pakistan. This article provides a comprehensive overview of the […]
How to Check Your Active Taxpayer Status in Pakistan
As a Pakistani taxpayer, it’s important to stay compliant with tax laws and regulations. To ensure this, you need to know your Active Taxpayer Status. In Pakistan, there are three […]
Non Filers to Face Freezing of Bank Accounts
The Federal Board of Revenue (FBR) is cracking down on tax evaders and non-filers. Don’t risk facing severe penalties and restrictions. File your tax return today! FBR’s Tough Measures The […]
Clarifying Time Limits for Amending Income Tax Assessments
A landmark judgment by the Appellate Tribunal Inland Revenue (ATIR) in Islamabad has brought much-needed clarity to the seemingly contradictory provisions within Section 122 of the Income Tax Ordinance (ITO) […]