Ammad Ud Din’s Post

The Sindh Revenue Board (SRB) cracked down on prominent Karachi restaurants for violating tax laws and regulatory requirements. Raids were conducted on Biryaniwala, Ibn-e-Battuta, and Al-Fajr due to infractions like non-payment of Sindh sales tax and failure to integrate with the SRB's invoicing system. The raids followed discoveries of under-declared sales, prompting SRB to seize evidence and take action against continued non-compliance. The SRB plans to impose penalties on the restaurants based on the seized evidence. #TaxPolicy #TaxCompliance #PakistanEconomy #FiscalResponsibility #accountants #auditors #smallbusiness #smallbusinessowner #scounts

The Commissioner has announced the initiation of two audit cases each year, reinforcing our commitment to accountability and regulatory compliance. This proactive measure aims to enhance transparency and maintain the highest standards in our financial practices. #TaxAudit #Compliance #Transparency #Accountability

Like this content? Follow us at: https://lnkd.in/gmm46hRq FBR busts network of tax fraudsters ISLAMABAD: The Federal Board of Revenue (FBR) has uncovered a network of tax fraudsters involved in issuing fake sales tax invoices, resulting in a loss of Rs21.69 billion to the national exchequer. The FBR’s Directorate of Intelligence and Investigation Karachi and Hyderabad filed FIRs against Rehman Enterprises for tax fraud of Rs10 billion and ZA Impex for Rs11.69 billion under the Sales Tax Act 1990. It was discovered that organised groups were involved in creating fake units/companies and issuing fraudulent sales tax invoices. Subsequently, the Financial Monitoring Unit (FMU) confirmed the scam by issuing detailed Financial Intelligence (FI) reports. read more at : https://lnkd.in/g4Wjw--H

The Federal Board of Revenue (FBR) has notified Karachi traders to pay up to Rs60,000 in advance tax monthly under the Tajir Dost Scheme. This notice, due by the 15th of each month, has stirred concern in the business community. Traders have voiced their frustration and planned a nationwide strike on August 28 to protest the scheme, calling for its immediate withdrawal and changes to recent tax policies. #FBR #TajirDostScheme #KarachiTraders #CheckItNow #TaxNews #BusinessProtest #PakistanEconomy

𝐋𝐞𝐭𝐭𝐞𝐫 📄 𝐭𝐨 𝐌𝐞𝐦𝐛𝐞𝐫 𝐈𝐧𝐥𝐚𝐧𝐝 𝐑𝐞𝐯𝐞𝐧𝐮𝐞 - 𝐏𝐨𝐥𝐢𝐜𝐲, Federal Board of Revenue (FBR), 𝐈𝐬𝐥𝐚𝐦𝐚𝐛𝐚𝐝 𝐛𝐲 Karachi Tax Bar Association ⚖️! 𝐓𝐡𝐞 𝐥𝐞𝐭𝐭𝐞𝐫 𝐚𝐝𝐝𝐫𝐞𝐬𝐬𝐢𝐧𝐠 𝐭𝐡𝐞 𝐭𝐚𝐱 𝐢𝐦𝐩𝐥𝐢𝐜𝐚𝐭𝐢𝐨𝐧𝐬 𝐨𝐧 𝐬𝐚𝐥𝐞𝐬 𝐮𝐧𝐝𝐞𝐫 𝐬𝐞𝐜𝐭𝐢𝐨𝐧𝐬 236G 𝐚𝐧𝐝 236H 𝐨𝐟 𝐭𝐡𝐞 𝐈𝐧𝐜𝐨𝐦𝐞 𝐓𝐚𝐱 𝐎𝐫𝐝𝐢𝐧𝐚𝐧𝐜𝐞, 2001. - Direct Sales to end consumers - Sales for businesses' own consumption - Contract Manufacturing - Supplies to entities other than dealers, distributors, or wholesalers 𝐊𝐓𝐁𝐀 𝐒𝐭𝐚𝐧𝐜𝐞: These categories would not attract the collection of advance tax under Sections 236G/236H of the Ordinance. The letter requests clarification from the Federal Board of Revenue (FBR) to resolve ambiguities in the application of these tax provisions. Thanks & Credit to Karachi Tax Bar Association. #TaxLaw #IncomeTax #FBR #KarachiTaxBar #ContractManufacturing #TaxPolicy #TaxClarification #Section236G #Section236H #TaxCompliance #FederalBoardOfRevenue #TaxUpdates

The Federal Board of Revenue (FBR) has clarified that there will be no reduction in the values of immovable properties in Karachi under the newly issued S.R.O. 1724(I)/2024. Earlier, there was some confusion regarding potential reductions in property values. However, the FBR has categorically stated that the previous rebate system has been discontinued. Tax experts have sought further clarification from the FBR regarding the applicability of previous rebates, particularly for additional storeys in residential buildings and old constructions. The Regional Tax Office-I in Karachi has confirmed that the new notification supersedes the previous one and that no reductions will be allowed. This clarification is crucial for property owners and taxpayers in Karachi, as it will impact their tax liabilities. It is advisable to consult with tax professionals to understand the implications of the new valuation table and ensure compliance with tax regulations. #TaxNews #FBR #TaxationPk #TaxLaws #PropertyValuation

Businesses Urge FBR to Revisit Controversial Tax Regulation (SRO 350) The Karachi Chamber of Commerce & Industry (KCCI) has called on the Federal Board of Revenue (FBR) to revisit regulation SRO 350(I)/2024 due to concerns and disruptions within the business community. Key Points of the Dispute: Unresolved Issues: The KCCI president points out unresolved aspects of SRO 350, causing confusion and anxiety among businesses. Stakeholder Consultation: The KCCI urges the FBR to engage with stakeholders to address concerns and find a solution. Impact on Supply Chains: The regulation’s linkage between buyer and supplier tax compliance could disrupt supply chains if non-compliance occurs at any stage. Balance Sheet Submission: Businesses are worried about submitting balance sheets under SRO 350, fearing inconsistencies with previously filed tax returns and added complexity to compliance. Call to Action: The KCCI president has requested the FBR chairman to visit Karachi or arrange an online meeting to address these issues and prevent potential business disruptions. Possible Future Implications: Regulation Changes: Depending on the outcome of discussions, SRO 350 could be amended, clarified, or repealed. Business Adjustments: Businesses may need to adjust their practices to comply with any revised regulations. #TaxRegulation #SRO350 #FBR #KCCI #KarachiChamber #BusinessCommunity #TaxCompliance #SupplyChain #StakeholderConsultation #BalanceSheet #TaxReturns #BusinessDisruptions #RegulatoryUpdate #PakistanEconomy #TaxPolicy #BusinessNews #ComplianceChallenges #TaxReform #EconomicImpact #BusinessConcerns #FBRMeeting

Islamabad: Finance Minister Muhammad Aurangzeb said today that almost half of the PKR 3.4 trillion in tax evasion is caused by big companies. During a press briefing, Finance Minister Aurangzeb warned CFOs against filing false tax returns, with penalties of up to 10 years in prison. Recent arrests, including those linked to a footwear company, signal the government’s stricter stance on tax evasion. Aurangzeb emphasized Pakistan’s low tax-to-GDP ratio of 9-10%, urging the need for improvement to stabilize the economy. FBR Chairman Langrial vowed to eliminate non-filers by October 14 and warned about fraudulent tax adjustments. The FBR is also planning to introduce a VAT system despite resource challenges. FBR data reveals widespread tax fraud across sectors like iron and steel, cement, beverages, batteries, and textiles, totaling PKR 227 billion in lost revenue. Iron and steel companies evaded PKR 29 billion through false claims, while the battery sector dodged PKR 11 billion. Other industries also engaged in similar fraudulent practices, causing significant revenue losses. Read more: https://lnkd.in/d5zfsasE #TaxEvasion #FBR #CorporateFraud #SalesTaxFraud #RevenueLoss #EconomicStability #TaxCompliance #CorporateAccountability #PakistanEconomy #TaxReform #MRBuilder #RealEstateDevelopment #ConstructionSolutions #BuildingDreams #PropertyDevelopment #SiteManagement #QualityConstruction #ResidentialProjects #RealEstateInvestment #HousingProjects

The FBR has launched a crackdown against non-stamped and counterfeit cigarettes across the country. During the crackdown, the board of revenue team conducted raids on a total of 4,652 retailers and sealed 33 shops found involved in the illegal trade of tobacco. The Chairman of the FBR and Inland Reinforcement (IR) operation members have commended the dedication and efforts of the 204 teams, comprising a total of 1047 individuals, who actively participated in the enforcement drive. For more queries contact at https://lnkd.in/d4VDCRjZ Like our LinkedIn & Facebook Page: Ways Tax #tax #news #filer #benefits #FBR #registration #activefiler #saletax #waystax #taxconsultant #taxation #income #taxaudit #taxes #TaxpayerQuestions #incometaxreturn #secpcompanyregistration #taxconsults #NTN #saletax #karachi #Lahore #incomestatement #ElectricityBills #taxation #Faisalabad #breakingnews #FBR #taxdeadline

Islamabad: Finance Minister Muhammad Aurangzeb said today that almost half of the PKR 3.4 trillion in tax evasion is caused by big companies. During a press briefing, Finance Minister Aurangzeb warned CFOs against filing false tax returns, with penalties of up to 10 years in prison. Recent arrests, including those linked to a footwear company, signal the government’s stricter stance on tax evasion. Aurangzeb emphasized Pakistan’s low tax-to-GDP ratio of 9-10%, urging the need for improvement to stabilize the economy. FBR Chairman Langrial vowed to eliminate non-filers by October 14 and warned about fraudulent tax adjustments. The FBR is also planning to introduce a VAT system despite resource challenges. FBR data reveals widespread tax fraud across sectors like iron and steel, cement, beverages, batteries, and textiles, totaling PKR 227 billion in lost revenue. Iron and steel companies evaded PKR 29 billion through false claims, while the battery sector dodged PKR 11 billion. Other industries also engaged in similar fraudulent practices, causing significant revenue losses. Read more: https://lnkd.in/d5zfsasE #TaxEvasion #FBR #CorporateFraud #SalesTaxFraud #RevenueLoss #EconomicStability #TaxCompliance #CorporateAccountability #PakistanEconomy #TaxReform #MassifyMarketing #DigitalMarketing #RealEstateMarketing #MarketingStrategy #LeadGeneration #CreativeSolutions #InvestmentOpportunities #SalesAndMarketing #MarketingExperts #CustomerEngagement