T.F.O. & Co.,


T.F.O. & Co.

Chartered Accountants

News Others April 4, 2014

Tax Collection

FBR Lobbies to Switch Back to ‘Old Circle System’ Date: April 04, 2014 ‘Imported’ administrative reforms implemented over the last 12 years in the Federal Board of Revenue (FBR) with the help of $149 million in external assistance could not work in Pakistan, believe top tax officials who have now started lobbying for reverting back […]

News Others April 4, 2014

Tax Evasion

Two Foreign IT Firms’ Officials Held Date: April 04, 2014 The Directorate General of Intelligence and Investigation Inland Revenue (IR) on Thursday arrested two high-profile executives of an international IT giant in Karachi, selling computer products and accessories on alleged involvement in tax evasion. Sources told Business Recorder here on Thursday that it was the […]

News Others April 1, 2014

Proposal Under Consideration to Impose Tax on Agriculture Sector

Date: 31 March, 2014 Punjab Minister for Finance Mujtaba Shuja-ur-Rehman on Saturday said that taxes have been levied only on affluent segments of society, while there is also a proposal under consideration to impose tax on agriculture sector. While talking to various delegations of the PML-N workers in Lahore, Mujtaba said that property tax, motor […]

Direct Taxes Income Taxes March 29, 2014

Amendment in second schedule of Income Tax Ordinance, 2001

SRO Number:           17(I)/2014 SRO Date:                January 13,2014 SRO Relates to:       Income tax SRO Title:                Amendment in second schedule of Income Tax Ordinance, 2001 Brief Description:     New clauses were added as per sub section (2) of section (53) after clause (88), namely (89) and (90)   SRO Download

News Others March 29, 2014

FBR Verifying Exemption Certificates

Date: March 29, 2014 The Federal Board of Revenue is verifying authenticity of thousands of exemption certificates used for clearance of imported consignments without payment of withholding tax during July 1, 2013 – January 2014. The FBR issued instructions to field formations here on Friday. The FBR has launched verification of exemption certificates on national […]

Indirect Taxes Sales Tax March 28, 2014

Input tax allowed against provincial laws

SRO Number:       212(I)/2014 SRO Date:            March 26, 2014 SRO Relates to:   Sales Tax SRO Title:             Input tax adjustment allowed against provincial laws Brief Description:  The claim of input related to Provincial Sales Tax on Services is allowed from July 01, 2013 Download SRO