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KARACHI: The Federal Board of Revenue (FBR) on Monday exempted the sales tax on the import of fruits from Afghanistan. In this regard, the revenue board issued an SRO 1501 (I)/2021 to implement the decision. According to the notification, the government has decided to exempt the whole sales tax on the import of edible fruits … Read more
ISLAMABAD: The delegations of the Federal Board of Revenue (FBR) and the Asian Development Bank reviewed the progress on the reforms being carried out in collaboration with the ADB and the issues and challenges being confronted for effective implementation, a statement said. The FBR team was led by its chairman Dr. Muhammad Ashfaq Ahmed and … Read more
KARACHI: The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has shown dismay, as the Federal Board of Revenue (FBR) continues with the provisions of the ITO Third Amendment 2021, a statement said. FPCCI president Mian Nasser Hayat Maggo blasted the FBR over its provisions which seek to compel companies to make payments for … Read more
KARACHI: The Federal Board of Revenue (FBR) on Tuesday implemented rules for the transit trade between Uzbekistan and Pakistan. The FBR issued SRO 1466 (I)/2021 to formally launch the clearance of goods in and out of Uzbekistan. The revenue body previously proposed these rules through SRO 1256 (I)/2021 issued on September 20, 2021. Through the … Read more
ISLAMABAD: The federal government has revised the sales tax rates on petroleum products to provide relief to the masses against a sharp rise in the prices of oil in the international market. According to the statement issued on Saturday, the sales tax rate on petrol has been slashed to 1.43 per cent while the sales … Read more
KARACHI: The Federal Board of Revenue (FBR) has reduced the sales tax on petrol to a nominal 1.43 per cent effective from November 11, 2021. The sales tax rate has been reduced from 6.84 per cent to provide relief to the masses against a sharp rise in the prices of petroleum products in the international … Read more
KARACHI: Karachi Chamber of Commerce and Industry (KCCI) president Muhammad Idrees, after listening to the grievances being faced by the members of the All City Tajir Ittehad (ACTI), assured that the chamber would take up all their issues with relevant departments and ensure that they do not have to go through any kind of harassment … Read more
KARACHI: Mian Nasser Hyatt Maggo, president of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), has commended the efforts of the Federal Tax Ombudsman of Pakistan office in attempting to eradicate corruption and harassment by the tax collection machinery, a statement said. The FTO has rightfully identified the practices in the Federal Board … Read more
KARACHI: The Federal Board of Revenue (FBR) has granted advance income tax exemption on the import of drones that were donated by the government of China to assist Pakistan’s agriculture sector. The FBR on Monday issued a notification to allow the exemption. The exemption has been granted by amending the Second Schedule of the Income … Read more
LAHORE: All Pakistan Textile Mills Association (Aptma) chairman Abdul Rahim Nasir has urged the Federal Board of Revenue (FBR) chairman to withdraw the mandatory digital mode of payments as it is neither possible for the business community to adopt it as the only mode of payment nor the banks are ready to implement it from … Read more
LAHORE: The Lahore Chamber of Commerce and Industry (LCCI) has suggested doing trade with China in local currencies to reduce pressure on the foreign exchange reserves. Talking to delegations of Anjuman-e-Tajiran Lahore, Pakistan Steel Melters Association and Ferozepur Road Industrial Association, LCCI president Mian Nauman Kabir said that the chamber has requested the prime minister … Read more
KARACHI: The Federal Board of Revenue (FBR) has decided to form committees for the determination of Customs valuation of goods originating from Afghanistan and Iran. In this regard, the FBR proposed amendments in the Customs Act, 1969 through SRO 1352 (I)/2021. According to the proposed amendments, the law would apply for the determination of values … Read more
Just imagine one morning you receive a call from your bank informing an amount was deducted or fully withdrawn by the tax authorities. You will be totally ignorant of the situation and rush to the relevant tax office to know the reason for money withdrawal. A big surprise will be welcomed when you know that … Read more
KARACHI: The provincial revenue authority is making all-out efforts to resolve taxpayers’ issues on a priority basis, an official said on Friday. Speaking at a meeting during his visit to the Karachi Chamber of Commerce and Industry (KCCI), Sindh Revenue Board (SRB) chairman Khalid Mehmood said the board has been making cautious efforts to ensure … Read more
The Federal Board of Revenue (FBR) reiterated on Friday that today will be the last day to file the income tax returns and vowed that there will be no extension in the date. An FBR official in a statement said that the last date of filing income tax returns for individuals, associations of persons and … Read more
ISLAMABAD: The Federal Board of Revenue (FBR) has again made it clear that there would be no further extension in the deadline for filing tax returns for the fiscal year 2021 beyond October 15. FBR spokesperson Asad Tahir Cheema, in a statement, said that only two days were left for filing the tax returns and … Read more
LAHORE: The Lahore Chamber of Commerce and Industry (LCCI) has opposed giving tax official powers of freezing bank accounts for the recovery of taxes. In a statement, LCCI President Mian Nauman Kabir, senior vice president Mian Rehman Aziz Chan and vice president Haris Ateeq said that now the tax officials could freeze bank accounts without … Read more
LAHORE: Federal Board of Revenue (FBR) offices will continue to work till 12 noon today (Thursday) to submit income tax returns. The FBR had issued a notification to extend the working hours of the offices for the purpose of filing income tax returns. Relevant FBR offices have also been directed to liaise with the concerned … Read more
FPCCI President Mian Nasir Hayat Magun has demanded that the FBR should extend the deadline for tax submission by two months so that the business community facilitate the submission of taxes and support the government’s campaign to expand the tax base and collect more taxes. He said that based on the feedback from businesses across … Read more
ISLAMABAD: Finance Minister Shaukat Tarin has constituted a committee, comprising Federal board of Revenue (FBR) and the Oil and Gas regulatory Authority (Ogra) chairmen, representatives of the Petroleum Division and All Pakistan CNG Association chairman to resolve the problems being faced by the CNG sector in the import of liquefied natural gas (LNG) and supply … Read more
On the import of fresh fruits from Afghanistan Federal Board of Revenue (FBR) has lifted sales tax. Reports said that FBR has not released apples from sales tax whereas grapes, pomegranates, watermelons, and other fruits can be imported devoid of paying sales tax. The tax collection body has allotted orders to applicable customs collectorates in … Read more
KARACHI: The government has legalized remittances through the money service bureau. According to an official document, remittances through exchange companies and money transfer operators from abroad have been legalized. FBR has also withdrawn all appeals against remittances through these agencies. The tax exemption available on remittances from abroad through the Money Service Bureau has also … Read more
The chairman of the Federal Board of Revenue (FBR) has told the National Assembly’s Standing Committee on Finance that revenues have increased by 41% over the previous financial year. A meeting of the Standing Committee on Finance of the National Assembly was held under the chairmanship of Faizullah Kamuka. The Chairman FBR said that with … Read more
Raja Wasim Hassan has said that in addition to resolving working hours in the Corona epidemic, Saturday and Sunday holidays, and due to the country’s political situation and other reasons including economic instability, the majority of the industrial and business community could not file their tax returns on time. Therefore, keeping in view the plight … Read more
KARACHI: The online returns filing system of the Federal Board of Revenue (FBR) witnessed numerous glitches, computational errors just ahead of the last date, i.e., September 30, 2021. The Karachi Tax Bar Association (KTBA) in a letter to the FBR chairman sent on Tuesday highlighted various computational errors and glitches on the IRIS portal. The … Read more
The increase in tax revenues has proved to be a daunting task for the Pakistan government, as stagnated tax-to-GDP ratio is widely linked with a host of factors such as high fiscal deficit and high inflation rate, which resulted in weak tax revenue efforts. The Pakistan government raised revenues in such a manner that it … Read more
President Arif Alvi circulated new tax laws, directing the authorities to detach mobile phones/SIMS, electricity, and gas connections of individuals who are obligated to file income tax but fail to be on the Active Taxpayer List (ATL). President Arif Alvi publicized the Tax Laws (Third Amendment) Ordinance 2021 for letting the Federal Board of Revenue … Read more
KARACHI: The federal government has legislated to empower the Federal Board of Revenue (FBR) to take harsh action against persons who are required to file income tax returns but remain non-compliant. The FBR on Friday uploaded Tax Laws (Third Amendment) Ordinance, 2021. Through the latest legislation, the government introduced certain amendments to the Income Tax … Read more
