ISLAMABAD (September 10, 2010): The Federal Board of Revenue (FBR) has issued a clarification for computation of export profits in cases of exporters engaged in the local sales as well. In this connection, the FBR has issued instructions to the Large Taxpayer Units (LTUs) and Regional Tax Offices (RTOs) on Thursday to remove ambiguities raised by the exporters.

ISLAMABAD (September 10, 2010): The Federal Board of Revenue (FBR) has chalked out a new policy for prompt payment of income tax refunds under which verification of tax payments would be done before receiving refund applications through electronic data of tax payments. The FBR on Thursday issued the new tax policy on income tax refund to the Large Taxpayer Units (LTUs) and Regional Tax Offices (RTOs).

KARACHI (September 10, 2010): Despite unprecedented natural calamity, economic uncertainties and trade imbalances, the Regional Tax Office (RTO), Karachi has witnessed a growth of 59 percent in its collections made during the first two months of the current fiscal year.

ISLAMABAD (September 09, 2010): The Federal Board of Revenue (FBR) has decided not to allow adjustment of losses on disposal of securities at the stock exchanges in cases of "Wash sales", "Cross trade" and "Tax Swap Sale". No adjustment of loss arising in cases of "Wash sales", "Cross trade" and "Tax Swap Sale" shall be admissible under the CGT rules, the FBR rules said.

KARACHI (September 09, 2010): The Federal Board of Revenue (FBR) will highlight issues, particularly third-party composite audit, during the meeting with the World Bank (WB) review mission, which is scheduled to reach Pakistan on September 15, 2010, Business Recorder learnt on Wednesday.

ISLAMABAD (September 09, 2010): A most viable mechanism to collect sales tax from wholesalers, dealers and retailers is to expand the Third Schedule of the Sales Tax Act, 1990 bringing maximum items within its ambit to collect sales tax on the basis of printed retail price. Sources told Business Recorder here on Wednesday that the Third Schedule of the Sales Tax Act is not in line with the ideal value-added tax (VAT) regime or 'reformed general sales tax' (RGST).

ISLAMABAD (September 09, 2010): The Federal Board of Revenue (FBR) has estimated collection of around Rs 30-35 billion from the sugar industry in case the government withdraws concessionary rate of sales tax on the locally produced sugar during implementation of the 'reformed general sales tax' (RGST).

ISLAMABAD (September 09, 2010): Sindh has asked the federal government to resolve the issue of Reformed General Sales Tax (GST) because it urgently needs resources for revamping the damaged infrastructure, said Advisor to Chief Minister Dr Kaiser Bengali.

ISLAMABAD (September 09, 2010): The Federal Board of Revenue (FBR) has compiled a new database of audit-related information of registered taxpayers available with the tax department to conduct desk audit through the Taxpayer Audit Monitoring System (TAMS). Sources told Business Recorder here on Wednesday that the FBR has issued instructions to Large Taxpayer Units (LTUs) and Regional Tax Offices (RTOs) to maintain data of registered units for completion of desk audit under the TAMS.

ISLAMABAD (September 08, 2010): The proposal to impose one-time 'flood tax' on urban property and agricultural land is not part of the flood surcharge proposals of the Federal Board of Revenue (FBR). A senior government official told Business Recorder here on Tuesday that imposition of 'flood tax' on owners of big size property may be challenged in the courts.