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Highlights, New Taxes and Relief Measures from Pakistan's Budget 2021-22

The government is presenting the next fiscal year's budget with a total outlay of over Rs. 8 trillion. Unveiling the federal budget for FY22, finance ....

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FBR Exempts FED on Import of Vehicles by UN's Food and Agriculture Organization

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According to the notification, in the exercise of the powers conferred by sub-section (2) of section 16 of the Federal Excise Act, 2005, the Federal Government has exempted the whole of federal excise duty payable on the import of ten soft skin land cruiser 79 series pick-up 4.2 L-3 vehicles, having PCT Code 9901 by the Food and Agriculture Organization of the United Nations (FAO) to be used by the department of plant protection for locust control operations, it added. ....

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Export sector to remain operational on May 10-12 - Newspaper

The business community including trade and industry expressed serious concerns over the long holidays while exporters and pharmaceutical industry termed the holidays disastrous for the economy. AFP/File
KARACHI: For facilitating trade and industry, the State Bank of Pakistan (SBP) has decided to keep banks open on May 10-11, while the Ministry of Commerce also announced that export industries and their suppliers indirect exporters will remain operational on May 10-12.
Earlier, the SBP announced that banks will remain closed from May 10 to 15th for Eid holidays.
An official announcement of the commerce ministry said that the decision was taken following the approach of the business community for clarification regarding business operations during the long Eid holidays. Ports and Customs will also be operational during the break period. ....

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FBR Extends Deadline for Payment and Submission of Sales Tax and FED Return

FBR Extends Deadline for Payment and Submission of Sales Tax and FED Return
The Federal Board of Revenue (FBR) has extended the deadline for the payment and submission of Sales Tax and Federal Excise Return for the Tax Period of April 2021 under Section 74 of the Sales Tax Act, 1990, and Section 43 of the Federal Excise Act, 2005.
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In its letter to all the Chief Commissioners IR, the FBR highlighted the extension of the date for the payment of Sales Tax and FED from 15 May to 18 May 2021. Similarly, the date for the submission of Sales Tax and Federal Excise Return has been extended from 18 May to 21 May 2021. ....

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Fake cigarettes seized

Fake cigarettes seized
April 18, 2021
Rawalpindi : Two truckloads of six million counterfeit cigarettes were seized by the Federal Board of Revenue [FBR] on Expressway Murree near Lower Topa, causing a loss of over Rs12 million to the national exchequer in federal excise duty and sales tax.
A team of the Regional Tax Office, Rawalpindi intercepted two trucks carrying 300 packarites of counterfeited brand ‘Classic’ and 300 packarites of counterfeited brand ‘Kissan’ on Expressway Murree near Lower Topa.
The counterfeit cigarettes were manufactured in the Wayward factory in Muzaffarabad owned by Babar Taj and Babar Naseem and were being transported to other parts of the country when seized in a raid. Lawyers, members of the civil society and students have protested many times in Muzaffarabad against the factory, but the government has yet to initiate action against it. ....

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