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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 Tax and Federal Excise laws have been harmonised. This is an important step towards ease of doing bus...

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 common tax identifier number. In this manner, the Sales Tax, Income Tax and Federal Excise law have b...

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 constructive engagement with the Pakistani authorities and we stand ready to continue supporting Pakistan to...

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 poor people. Within 20 days of the passage of the budget for the fiscal year 2021-22, it did all requ...