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ISLAMABAD: The Federal Board of Revenue (FBR) has launched a single identifier number for all domestic taxes. An official announcement said that under this initiative a taxpayer can use all applications under the Income Tax, Sales Tax and Federal Excise Duty by mere use of the Computerised National Identity Card if he/she is an individual. In case of partnership firms and companies, the National Tax Number (NTN) shall be the common tax identifier number. In this manner the Sales Tax, Income T...

Single Identifier Number for all domestic taxes launched July 29, 2021 ISLAMABAD: The Federal Board of Revenue (FBR) has launched a Single Identifier Number for all domestic taxes by harmonizing Income Tax, Sales Tax and Federal Excise Duty. Under this initiative, a taxpayer can use all applications under the Income Tax, Sales Tax and Federal Excise duty by mere use of CNIC if a taxpayer is an individual. In case of partnership firms and companies, the National Tax Number (NTN) shall be the c...

Daily Times July 25, 2021 According to a press report, the International Monetary Fund (IMF) is looking forward to continuing discussions with the Pakistani authorities on the set of policies and reforms that could form the basis for completion of the sixth review under the $6-billion Extended Fund Facility (EFF). This was stated by the IMF resident representative, Ms. Teresa Dabán Sanchez in response to a query by an English daily. She further stated that “we welcome the strong and construc...

Daily Times Wall Street Journal, titled, The budget for the fiscal year 2020-21 was made amidst very difficult times when the country was suffering immensely—in terms of human casualties and economic hardships. It was claimed by the coalition government of Pakistan Tehreek-i-Insaf (PTI) that it would remain in the programme of the International Monetary Fund (IMF). However, it will negotiate not to impose new taxes, raise the prices of electricity, POL products, and eatable consumed by the p...

Daily Times July 4 marks the Independence Day of United States of America July 4, 2021 July 4, 1776 has special significance in American history. The great liberation movement against colonial rule was pioneered in this land and founding-fathers of this historic struggle showed the subjugated nations a novel path of hope. They started a new beginning of self-rule. It took a couple hundred years for American society to struggle on all fronts and make its mark as one of the leading nations of the...

Budget 2021-22 and erratic taxation Budget 2021-22 and erratic taxation Perspectives Budget 2021-22 and erratic taxation

Govt announces special tax relief measures Govt announces special tax relief measures, introduces steps to enhance tax to GDP ratio

Daily Times “ A comprehensive strategy has been formulated to shift the gears and move to higher economic growth. I do not believe in an increase in taxes to increase revenue collection but those outside the tax net would be tapped. The chances for any harassment by FBR officials shall be eliminated for which change in audit procedures. 17 percent General Sales Tax rate is very high and a mechanism has been prepared for its reduction and the government was also working on a sales tax system ...

Karachi May 11, 2021 KARACHI: Institute of Cost and Management Accountants of Pakistan (ICMA Pakistan) has submitted its pre-budget recommendations to the Federal Board of Revenue (FBR), Ministry of Finance, and other Government organizations for consideration in the forthcoming Federal Budget 2021-22. The Fiscal Budget Proposals 2021-22 of the Institute covers not only Tax-related proposals including Income tax, Sales tax, Customs Duty, and Federal Excise but also Sector/Industry related prop...