FBR – Page 11 – BOL News Staging

Govt wants autonomous, people-friendly FBR: Tarin

October 25, 2021September 17, 2021 by Web Desk

CPEC ushers in new era of economic prosperity Tarin

ISLAMABAD: The government is fully committed to grant the Federal Board of Revenue (FBR) operational and financial autonomy to rule out the possibility of political interference and; thus, make it an efficient, merit based, service-oriented and public-friendly organisation. Addressing the senior officials at the FBR headquarters, Federal Minister for Finance and Revenue Shaukat Tarin appreciated … Read more

NTC defines taxation jurisdiction of federation and provinces

October 25, 2021September 16, 2021 by Web Desk

ISLAMABAD: The National Tax Council after extensive consultative process and deliberations defined the jurisdiction of taxation of the federal and provincial governments. Federal Minister for Finance and Revenue Shaukat Tarin presided over the meeting of the National Tax Council (NTC) at the Finance Division on Thursday. In his opening remarks, the finance minister welcomed the … Read more

German investors invited to explore Pakistani market

September 16, 2021 by Web Desk

ISLAMABAD: Finance and Revenue Minister Shaukat Tarin has stressed on the German investors and businessmen to further strengthen business and economic linkages between the two countries. Talking to a German business delegation, which called on him at the Finance Division, the finance minister highlighted the salient features of Pakistan’s investment policy. The policy envisages attracting … Read more

Volatile global edible prices causing rate hike locally: Tarin

September 17, 2021September 16, 2021 by Web Desk

ISLAMABAD: The volatile prices of edible oil in the international market have pushed up the local prices of ghee/vegetable in the country and there is a need to have a sliding scale to link up the prices of ghee in the local markets with the international markets, a senior government official said. Presiding over a … Read more

KTBA urges barcode printing on sales tax notices

September 16, 2021September 15, 2021 by Web Desk

KARACHI: The tax practitioners have urged the authorities to implement printing of barcodes on all correspondence in the sales tax regime to bring transparency. In a letter sent to Dr Muhammad Ashfaq Ahmed, chairman of the Federal Board of Revenue (FBR), the Karachi Tax Bar Association (KTBA) suggested to implement printing of barcodes on all … Read more

FBR provides a URL for filing Income tax returns

September 15, 2021September 15, 2021 by Syed Ahad

The Federal Board of Revenue (FBR) stated that to get access to IRIS for filing income tax returns, it has provided a URL. Federal Board of Revenue Representative in a tweet stated that seeing the difficulties faced by the overseas Pakistanis to get access to IRIS for filing of Income Tax Returns, FBR has provided … Read more

Extension in returns filing demanded

September 16, 2021September 14, 2021 by Basma Siddiqui

LAHORE: The Lahore Chamber of Commerce and Industry (LCCI) has urged the federal finance minister and the Federal Board of Revenue (FBR) chairman to extend the date for filing income tax returns till December 31, 2021, a statement said. LCCI president Mian Tariq Misbah, senior vice president Muhammad Nasir Hameed Khan and vice president Tahir … Read more

FBR collects Rs152 billion as income tax from salaried persons

October 18, 2021September 13, 2021 by Web Desk

KARACHI: The Federal Board of Revenue (FBR) has collected Rs152 billion as income tax from salaried persons during the fiscal year 2020/21. According to the annual revenue report issued by the FBR, the tax authorities collected Rs152 billion in the fiscal year 2020/21, compared with Rs129 billion in the preceding fiscal year, showing a growth … Read more

FBR and KPRA decide to share data understanding of utmost profit

September 14, 2021September 10, 2021 by Syed Ahad

The Federal Board of Revenue (FBR) and Khyber Pakhtunkhwa Revenue Authority (KPRA) decided to share data and info for the understanding of maximum profit.

To surge profit and potential the FBR and KPRA would change expressive apparatus on agriculture income/tax.

Both sides decided to iron out changes relating to sales tax on services associated with four significant sectors including construction, restaurants, transport and communication, and toll manufacturing.

Khyber Pakhtunkhwa Board of Revenue Senior Member and senior associate also joined the meeting.

In the meeting, the matters of mutual interest between the Federal Board of Revenue and Khyber Pakhtunkhwa Revenue Authority were deliberated.

The FBR chairman repeated his commitment to growing a close working association between FBR and KPRA.

Khyber Pakhtunkhwa Finance Minister hoped that both FBR and KPRA would grow a lasting system to build close collaboration for the purpose of recognizing potential taxpayers and growing revenue.

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FBR grants relaxation in filing of declarations

September 10, 2021 by Basma Siddiqui

ISLAMABAD: The Federal Board of Revenue (FBR) has decided to grant one-time opportunity to the taxpayers who paid their tax under the Assets Declaration Ordinance 2019 but somehow could not file their declarations. The Assets Declaration Ordinance 2019 was promulgated on May 14, 2019 for the payment of tax and declaration of corresponding assets by … Read more

FBR takes relief measures to mitigate Covid impact

October 18, 2021September 10, 2021 by Web Desk

KARACHI: The Federal Board of Revenue (FBR) said it has taken various relief measures to mitigate the impact of the coronavirus pandemic during the fiscal year 2020/21. The measures have been taken to facilitate commerce, trade, industry, and social sectors in the country. The revenue board said the construction industry in Pakistan was severely impacted … Read more

FBR issues over 650,000 tax notices to electricity, gas consumers

October 18, 2021September 10, 2021 by Web Desk

KARACHI: The Federal Board of Revenue (FBR) has issued over 650,000 notices to consumers of electricity and gas in its ongoing tax compliance campaign. The FBR in its annual report issued on Friday said the utilisation of data obtained from the electricity distribution companies (DISCOs) and gas companies has been obtained to broaden the tax … Read more

FBR misses direct tax collection target as income falls: annual report

October 18, 2021September 10, 2021 by Web Desk

KARACHI: The tax authorities have missed the collection target of direct taxes for the fiscal year 2020/21 due to a fall in the income of taxpayers, the Federal Board of Revenue (FBR) said in its annual report issued on Friday. Initially, the collection target of direct taxes was set at Rs2.043 trillion for the fiscal … Read more

Shaukat Tarin: Pakistani currency will be used for trade with Afghanistan

September 10, 2021September 9, 2021 by Syed Ahad

Federal Minister for Finance Shaukat Tarin said that Pakistani currency will be used for two-sided trade with Afghanistan, as an alternative to the US dollar.

The minister exposed it in a meeting of Senate’s Standing Committee on Finance, adding that the bordering counter, where the Taliban has just publicized their temporary government structure, is facing a lack of dollars as international financial institutions have detained its assets.

Shaukat Tarin more stated that Pakistan might refer human resources to Afghanistan to operate many affairs as the Taliban has derived into power again later a break of two decades.

The finance minister also called food prices the main concern of Pakistan and said that the present account shortage has been viewing a rush since April.

The finance minister said to the senators that Pakistan established $450 million from the Asian Development for procurement of COVID-19 vaccines.

He also promised to take the country’s GDP growth to 4.8% during the present fiscal year 2021-22.

Indian hackers targeted the Federal Board of Revenue (FBR) database a few days ago, according to the finance minister, who also stated that the revenue authority’s system is being updated.

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IT service provider licensing to be completed soon by FBR

September 9, 2021September 8, 2021 by Syed Ahad

The Federal Board of Revenue (FBR) has allotted instructions for licensing of IT Service Providers, interpreting IT services to retailers experiencing integration with FBR vide SRO 1063 (I)/2021.

The operationalization of licensing rule might yield some time to complete the licensing procedure, said a press release issued by FBR.

In order to ease the retailers and with unified integration, the present IT service providers will remain to offer services to their customers till such time the Board advises the licensed IT service providers.

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Cash starved auto parts manufacturers slash production

September 25, 2021September 2, 2021 by Web Desk

KARACHI: Amid long delays in the sales tax refunds, the tractor industry has reduced its production substantially, which is likely to be halted totally next week, Pakistan Association of Automotive Parts and Accessories Manufacturers (Paapam) said in a statement. “Moreover, the tractor makers have also stopped orders for parts supply from the vendors, leaving them … Read more

Pakistan equity market remains bearish amid profit-taking

September 1, 2021 by Web Desk

KARACHI: Pakistan equity market opened on a positive note on Wednesday but succumbed to profit-taking, as the Pakistan Bureau of Statistics (PBS) notified CPI inflation at 8.4 per cent in August 2021, dealers said. Ahsan Mehanti at Arif Habib Corp said that the stocks closed flat, amid CPI inflation at 8.4 per cent in August … Read more

FBR rolls out module for online EFS in WeBOC System

September 4, 2021September 1, 2021 by Web Desk

ISLAMABAD: The Federal Board of Revenue (FBR) has successfully developed and rolled out a new module in WeBOC system for online Export Facilitation Scheme (EFS) authorisation application, a statement said on Wednesday. The exporters can avail this facility after getting registered in the WeBOC System. In this regard, a new feature has been added in … Read more

Federal, provincial govts coordination must for GST regime harmonisation: Tarin

September 1, 2021 by Web Desk

ISLAMABAD: The federal and provincial governments would move towards harmonising taxes across the multiple jurisdictions to facilitate the businesses and reduce the cost of doing business in Pakistan, a senior government official said on Wednesday. Presiding over the first meeting of the National Tax Council (NTC) held at the Finance Division, Federal Finance and Revenue … Read more

FBR directs senior officers to furnish assets declaration

October 18, 2021September 1, 2021 by Web Desk

KARACHI: The Federal Board of Revenue (FBR) has identified that majority of its senior officers have failed to furnish their assets declaration. The assets declaration is mandatory under the government servant laws and mandatory for the promotion to the next scale. In an official memo sent to the officers of the Inland Revenue Service (IRS) … Read more

FBR withdraws appeals related to exemption on foreign remittances

October 18, 2021August 31, 2021 by Web Desk

KARACHI: The tax authorities have withdrawn all the appeals it filed against the claim of exemption on foreign remittances, a senior official said on Monday. “The FBR [Federal Board of Revenue] has withdrawn the appeals on satisfactory response from the State Bank of Pakistan (SBP) on the issue of foreign remittances through banking channels,” the … Read more

PRMI key initiative to regulate businesses: official

December 10, 2021August 30, 2021 by Web Desk

ISLAMABAD: The Pakistan Regulatory Modernisation Initiatives (PRMI) is a key initiative of the government for the modernisation and regulation of local business for providing a conducive business environment in the country, a government official said on Monday. Implementation of these reforms, initiated by the Board of Investment (BoI), was part of the broader strategy of … Read more

Businessmen Panel calls for lessening tax burden on power sector

December 10, 2021August 28, 2021 by Web Desk

LAHORE: The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Businessmen Panel has called for lessening the burden of heavy taxes on the power sector, as it has pushed the electricity tariff on the higher side for the already burdened trade and industry, a statement said on Saturday. Appreciating the continuation of electricity and … Read more

FPCCI’s proposals under consideration: official

December 10, 2021August 27, 2021 by Web Desk

KARACHI: The proposals of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) to boost the economy are under consideration, a government official said on Friday. During a meeting with FPCCI’s Regional chairman Chaudhry Muhammad Saleem Bhullar and PTI’s senior leader Raja Muhammad Saleem, Minister of State for Information and Broadcasting Farrukh Habib said … Read more

Govt perturbs bureaucracy by appointing new FBR chairman

December 10, 2021August 25, 2021 by Web Desk

LAHORE: The recent decision of the federal government to change the Federal Board of Revenue (FBR) chairman for the seventh time during the PTI-led government has perturbed the bureaucracy in Pakistan, BOL News learnt on Wednesday. A senior bureaucrat told BOL News that the government should have appointed Dr Muhammad Ashfaq Ahmad, a Grade-21 officer, … Read more

Dr Ashfaq Ahmed appointed as new FBR chairman

December 10, 2021August 24, 2021 by Web Desk

ISLAMABAD: The federal government on Tuesday appointed Dr Muhammad Ashfaq Ahmed, a BS-21 officer of the Inland Revenue Service (IRS) as new chairman of the Federal Board of Revenue (FBR). Dr Ashfaq Ahmed is the sixth chairman of the revenue board during the current PTI government. He is the 31st chairman of the board. The … Read more

Iranian envoy calls for enhancing bilateral trade with Pakistan

December 10, 2021August 24, 2021 by Web Desk

Iran Yet to Make Decision on Extension of Monitoring Deal with IAEA

KARACHI: Hassan Nourian, consul general of the Islamic Republic of Iran in Karachi, has emphasised the need to enhance bilateral trade with Pakistan. “The formal trade between the two countries is just $1 billion, which is very low; given the fact that the combined population of Pakistan and Iran is 300 million,” he said, at … Read more

Tarin concerned over consistent rise in edible oil, ghee prices

August 23, 2021 by Web Desk

ISLAMABAD: Federal Minister for Finance and Revenue Shaukat Tarin expressed concern over the consistent rise in the prices of edible oil/ghee in domestic markets over the period of time. In a meeting with the delegation of Pakistan Vanaspati Manufacturers Association (PVMA), the finance minister urged PVMA to adopt market-based solutions and bring down prices in … Read more

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