{"id":59318,"date":"2020-01-02T11:53:18","date_gmt":"2020-01-02T11:53:18","guid":{"rendered":"https:\/\/www.zameen.com\/blog\/?p=59318"},"modified":"2020-01-27T06:12:24","modified_gmt":"2020-01-27T06:12:24","slug":"fbr-restricts-manufacturers-selling-goods-pkr-10-mn-unregistered-distributors","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/fbr-restricts-manufacturers-selling-goods-pkr-10-mn-unregistered-distributors.html","title":{"rendered":"FBR restricts manufacturers selling goods over PKR 10 mn to unregistered distributors"},"content":{"rendered":"<p>Islamabad: The Federal Board of Revenue (FBR) recently notified that it would not provide any input tax adjustment concessions to manufacturers who continue to sell goods worth (and over) PKR 10 million per month to unregistered distributors, according to news sources. FBR Member Inland Revenues (Policy) Dr Hamid Ateeq Sarwar revealed this information during a press briefing held on Wednesday.<\/p>\n<p>He stated that the taxation agency wanted to bring major distributors into the national tax net without making any concessions to its Computerised National Identity Card (CNIC) display condition for traders. To facilitate this measure, the executive recently introduced an amendment into the country\u2019s taxation laws through a Presidential Ordinance.<\/p>\n<p><strong>Read:\u00a0<\/strong><a href=\"https:\/\/www.zameen.com\/news\/fbr-announces-another-extension-in-tax-filing-deadline.html\" target=\"_blank\" rel=\"noopener noreferrer\">FBR announces another extension in tax filing deadline<\/a><\/p>\n<p>While explaining the salient features of the Tax Laws (Second Amendment) Ordinance 2019, he said that <a href=\"https:\/\/www.zameen.com\/news\/fbr-committee-finalise-fixed-tax-scheme-traders.html\" target=\"_blank\" rel=\"noopener noreferrer\">distributors<\/a> who made purchases worth PKR 10 million on a monthly basis to PKR 100 million on annual basis would not be grated input adjustments.<\/p>\n<p>Dr Hamid further stated that FBR\u2019s current revenue collection stood at PKR 2,083 billion in the first half of the financial year (2019-20) against the revised target of PKR 2,198 billion for the same duration. He revealed that the number of return filers stood at 2,150,000 till December 21, 2019, against the 1,562,000 filers in the same period of last year.<\/p>\n<p><strong>Read:\u00a0<\/strong><a href=\"https:\/\/www.zameen.com\/news\/fbr-consider-fining-pos-non-complying-retailers.html\" target=\"_blank\" rel=\"noopener noreferrer\">FBR to consider fining POS non-complying retailers<\/a><\/p>\n<p>Regarding another clause of Presidential Ordinance, he informed that Clause 9A of Part III of Second Schedule offered a 50% exemption on capital gains tax (CGT) derived on the first sale of immovable property acquired or allotted to ex-servicemen and serving officials of the armed forces, federal and provincial governments, being the original allottees of immovable property. The capital gains have been further exempted up to 75% in case the property is sold after the completion of three years from the acquisition date, under the ordinance.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Islamabad: The Federal Board of Revenue (FBR) recently notified that it would not provide any input tax adjustment concessions to manufacturers who continue to sell goods worth (and over) PKR 10 million per month to unregistered distributors, according to news sources. FBR Member Inland Revenues (Policy) Dr Hamid Ateeq Sarwar revealed this information during a press briefing held on Wednesday. He stated that the taxation agency wanted to bring major distributors into the national tax net without making any concessions to its Computerised National Identity Card (CNIC) display condition for traders. To facilitate this measure, the executive recently introduced an amendment into the country\u2019s taxation laws through a Presidential Ordinance. Read:\u00a0FBR announces another extension in tax filing deadline While explaining the salient features of the Tax Laws (Second Amendment) Ordinance 2019, he said that distributors who made purchases worth PKR 10 million on a monthly basis to PKR 100 million on annual basis would not be grated input adjustments. Dr Hamid further stated that FBR\u2019s current revenue collection stood at PKR 2,083 billion in the first half of the financial year (2019-20) against the revised target of PKR 2,198 billion for the same duration. He revealed that the number of&hellip;<\/p>\n","protected":false},"author":75,"featured_media":25713,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15015,15153],"tags":[14770],"persona":[],"class_list":{"0":"post-59318","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-legal-taxation","8":"category-trade","9":"tag-details-on-fbr-restricts-manufacturers-selling-goods-over-pkr-10-mn-to-unregistered-distributors","10":"cat-15015-id","11":"cat-15153-id"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>FBR restricts manufacturers selling goods over PKR 10 mn to unregistered distributors - Zameen News<\/title>\n<meta name=\"description\" content=\"Islamabad: The Federal Board of Revenue (FBR) recently notified that it would not provide any input tax adjustment concessions to manufacturers who\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.zameen.com\/news\/fbr-restricts-manufacturers-selling-goods-pkr-10-mn-unregistered-distributors.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FBR restricts manufacturers selling goods over PKR 10 mn to unregistered distributors - Zameen News\" \/>\n<meta property=\"og:description\" content=\"Islamabad: The Federal Board of Revenue (FBR) recently notified that it would not provide any input tax adjustment concessions to manufacturers who\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zameen.com\/news\/fbr-restricts-manufacturers-selling-goods-pkr-10-mn-unregistered-distributors.html\" \/>\n<meta property=\"og:site_name\" content=\"Pakistan Real Estate News &amp; 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