Tax Evasion and Fraud Lead to Jail Term and Fines | Geo News 12 PM Headlines | 25th July 2024

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Jail term, fine for tax evasion, fraud
FBR on Wednesday issued updated version of Sales Tax Act 1990 and FED 2005 up to June 30, 2024 approved by parliament
ISLAMABAD: The Federal Board of Revenue (FBR) has issued amended Sales Tax Act 1990 for establishing the Tax Fraud Investigation Wing-Inland Revenue to detect, investigate and prevent tax frauds.

The FBR on Wednesday issued updated version of Sales Tax Act 1990 and the Federal Excise Duty (FED) 2005 up to June 30, 2024 approved by parliament.

According to the updated version of Sales Tax Act 1990, the FBR would charge 25 percent General Sales Tax (GST) on the import of mobile phones or satellite phones on the basis of import value (exceeding $500) per set, or equivalent value in rupees in case of supply by the manufacturer.


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