Daily Tax News

Large Taxpayer Unit (LTU) Lahore has sought legal guidance from the Federal Board of Revenue (FBR) on whether or not Super Tax under Section 4B of the Income Tax Ordinance, 2001 be imposed on 'income' in addition to 10 percent tax against 'dividend' alone offered by the non-resident beverage company under Avoidance of Double Taxation Agreement (DTA). Sources told here on Tuesday that the LTU Lahore has made a representation to the FBR on the levy of Super Tax u/s 4B of the Income Tax Ordinance, 2001 in the case of an international beverage company (non-resident company). The LTU Lahore is of the view that dividend is an integral part of income for the purpose of levy of super tax. Since the dividend income as declared by the taxpayer exceeds the threshold of Rs 500 million, the taxpayer company is apparently liable to pay Super Tax @ 3% of the gross dividend. It is evident that super tax is chargeable against every person without any distinction of residential s...

The Federal Board of Revenue (FBR) has strictly advised taxpayers and general public not to send their bank account details and passwords to any e-mail received from any e-mail address that is apparently from the FBR. According to an FBR announcement here on Tuesday, the FBR has directed taxpayers to be aware of fraudulent e-mails - Phishing scams. The FBR informed the taxpayers that the FBR does not send e-mail requesting taxpayers PIN numbers, passwords or similar access information for credit cards, banks or other financial accounts. The FBR said that there are numerous attempts by individuals and groups to solicit personal information from unsuspecting users by employing social engineering techniques. Various e-mails are crafted to appear as if they have been sent from a legitimate organization or known individual. These emails often attempt to entice users to click on a link that will take the user to a fraudulent website that appears legitimate. The user then may be ask...

Directorate General of Intelligence & Investigation (DGI&I)-FBR, Karachi has confiscated electronics goods worth Rs 166.15 million from a warehouse near Mai Kolachi Road Karachi. Speaking at a press conference held at DGI&I, Karachi office here on Tuesday, Customs Intelligence officer Akmal Hashmi along with other officials said DGI&I-FBR HQs had received credible information, which revealed that K K Metal Industries Sambrial, Sailkot in association with customs bonded carrier Saif-ur-Rehman & Brothers (Pvt) Ltd, Karachi and others were involved in the misuse of transshipment facility to smuggle cell phones and other electronic goods under the garb of computer broken parts. Reacting on the said information, the staff of ASO has intercepted a trailer bearing registration number TKB-682 on August 10, 2017 loaded with a 20ft container number PONU-0673711, near Mai Kolachi Road Karachi. He said that at the time of interception, the shipper and customs seals we...