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Latest Fbr news updates — Federal Board Of Revenue Government Of Pakistan – Get latest FBR News updates, Watch FBR Videos, View FBR Pictures.

KTBA slams access to taxpayers’ information

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KARACHI: Tax practitioners have expressed concerns over access to sensitive taxpayers’ information by retired tax officers and private persons, which may cause major data breaches in future. In a letter sent to Federal Board of Revenue (FBR) chairman Asim Ahmad on Monday, the Karachi Tax Bar Association (KTBA) discussed hacking of the FBR/provincial revenue authorities’ … Read more

Crescent Star Insurance claims 60 per cent stake in Dost Steel

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KARACHI: The Crescent Star Insurance Limited (CSIL) has claimed 78 million shares, representing 60 per cent stakes (sponsor holding) in Dost Steel Limited (DSL), with an aim to revive the company lying idle with a name plate steel production capacity of 350,000 tonnes. CSIL had already approached the Lahore High Court, seeking directives to DSL … Read more

President Alvi rejects FBR pleas in Rs1.2 billion fake invoices scam

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Peace in Afghanistan to lead towards regional economic prosperity: President

ISLAMABAD: President Dr Arif Alvi has disposed of 42 representations of the Federal Board of Revenue (FBR) in the cases of bogus sales tax invoices, worth over Rs1.2 billion. The FBR had filed the representations with the president of Pakistan, assailing the orders of the Federal Tax Ombudsman (FTO) passed in suo motu cases, in … Read more

Businessmen Panel hails self-assessment income scheme

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LAHORE: The Businessmen Panel of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has welcomed the government’s self-assessment income Scheme, announcement of ‘no-harassment policy’ from the Federal Board of Revenue (FBR) and withdrawal of notices to the businessmen. FPCCI’s Businessmen Panel chairman Mian Anjum Nisar appreciated Finance Minister Shaukat Tarin for directing the … Read more

Self-assessment scheme to end FBR harassment: Shaukat Tarin

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Hi KARACHI: The Universal Self-Assessment Scheme (USAS) has been reintroduced to facilitate taxpayers and end harassment by taxmen, a senior government official said on Friday. Addressing the members of the Overseas Investors Chamber of Commerce and Industry (OICCI) during his visit to Karachi Finance Minister Shaukat Tarin said: “[The] Federal Board of Revenue (FBR) has … Read more

FBR approaches information technology ministry over cyber-attack

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Sindh Investment website hacked

LAHORE: Federal Board of Revenue (FBR) has approached Ministry of Information Technology and Telecommunication (MIT&T) to get its website restored which was attacked by hackers on the country’s Independence Day, Bol News has learnt. Sources in the federal capital told Bol News that FBR has approached the MIT&T in writing to repair the damage done … Read more

Pakistan exports first mango consignment to Moscow

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Pakistan Foreign Office Clarifies Reports Regarding Mango Diplomacy

ISLAMABAD: The Pakistan Customs and the Federal Board of Revenue (FBR) has processed the first consignment to export fresh White Chaunsa to Moscow, Russia from Pakistan under the TIR Convention. The FBR has stated that this is one of the first endeavors to introduce Pakistani fresh fruits and indigenous goods to Russia. It will help … Read more

SBP unveils SME finance scheme sans collateral

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State Bank

KARACHI: The State Bank of Pakistan (SBP) on Monday introduced an innovative initiative to improve access to finance for the Small and Medium Enterprises (SMEs) in collaboration with the federal government with the aim of enabling businesses who cannot offer security/collateral to access bank finance, a statement said on Monday. The central bank said this … Read more

Federal Tax Ombudsman offers free services to businessmen

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Tax Ombudsman

LAHORE: Federal Tax Ombudsman Mushtaq Ahmad Sukhera has urged the business community to utilise the services of his office for resolving their tax-related issues without fee and tax consultant/lawyer. Speaking at the Lahore Chamber of Commerce and Industry, Sukhera said that according to the law, the Federal Tax Ombudsman is bound to take decisions in … Read more

FBR raises minimum sugar price to Rs72.22/kg

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sugar

KARACHI: The Federal Board of Revenue (FBR) has increased the minimum price of white crystalline sugar to Rs72.22/kg for the purpose of collecting sales tax. In a notification issued on Monday, the revenue board notified the minimum rate of sugar, which has been increased to Rs72.22/kg from Rs60/kg. The FBR issued the notification; following the suspension … Read more

POS customers to pay Re1 for each invoice: FBR

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KARACHI: The tax authorities, to the surprise of the customers, has made it mandatory to pay Re1 on each invoice obtained against the purchase through the Point of Sale (POS) machines installed by the Tier-1 retailers. Obtaining a POS invoice and getting verified is necessary for a customer to qualify a prize scheme announced by … Read more

KTBA highlights anomalies in sales tax returns form

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KARACHI: Tax practitioners have highlighted anomalies in the sales tax returns form, which is causing hardships for the taxpayers in filing their monthly returns. The Karachi Tax Bar Association (KTBA) on Friday sent a communication to Asim Ahmed, chairman of the Federal Board of Revenue (FBR) on Friday and highlighted the difficulties of the taxpayers … Read more

NCCPL publishes capital gains, tax rates

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NCCPL

NCCPL (National Clearing Company of Pakistan Limited) has made changes in the Capital Gain Tax (“CGT”) System vide Finance Act, 2021, Per the announcement of the budget.

For the years 2021 and 2022, the capital gain tax has increased for investors that are not appearing in the FBR ATL (Active Taxpayer List), as per the notice of NCCPL. To expand the number of taxpayers the government made the decision.

According to the announcement, no CGT will be charged to investors at the Pakistan Stock Exchange (PSX) who purchased securities before July 1, 2013. Investors appearing in ATL will have to pay 12.50 percent CGT on securities acquired on or after July 1, 2013, while investors not appearing in ATL will pay 25.00 percent CGT.

If the security is held for longer than four years, no CGT will be charged for mutual funds investors. Whereas, for people, associations of persons, and corporations trading in stock funds, if the fund’s dividend receipts exceed capital gains, a CGT of 10.00 percent will be imposed on ATL investors, while a CGT of 20.00 percent will be imposed on non-ATL investors.

KE stated, “Bill of over Rs25,000 per month: 7.5pc tax on non-filers effective from July 1”.

Individuals, partnerships, and corporations dealing in stock funds will face a 12.50 percent CGT if dividend receipts are smaller than capital gains, whilst non-taxpayers will face a CGT of 25.00 percent.

Whereas people who are associated with other funds CGT of 10.00% will be applicable on investors that are taxpayers, while who are non-taxpayers CGT of 20.00% will be applied on them. However, for corporate dealing in other funds, on taxpaying investors, 25.00% of CGT will be applicable and 50.00% on non-taxpayers.

According to the notice, a 5.00 percent CGT will be applied to investors appearing in ATL for future commodity contracts put into by members of the Pakistan Mercantile Exchange, while a CGT of 10.00 percent would be applied to investors not appearing in ATL.

[embedpost slug=”the-government-plans-to-sell-20-of-its-stake-in-pakri-through-the-psx”]

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FBR reviews performance of commissioners’ appeals in 2020/21

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fbr

ISLAMABAD: The Federal Board of Revenue (FBR) organised a video-link conference with the commissioners’ appeals to review their performance during the financial year 2020/21. The purpose of holding the conference was also to chalk out a workable strategy for the disposal of substantial pendency of appeals involving revenue of billions of rupees and to work … Read more

FBR officials deputed at retail outlet for monitoring of sales

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KARACHI: A tax office of the Federal Board of Revenue (FBR) on Wednesday deputed officials at eight outlets of a retail chain on the suspicions of underreporting of sales. The Corporate Tax Office (CTO), Karachi deputed its officials at Nimco’s Bakers Private Limited located in Clifton to monitor sales, purchase and production. The tax office … Read more

FBR files reference against banker for benami properties

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KARACHI: The Federal Board of Revenue (FBR) has filed a reference against a chairman of an Islamic bank for possessing benami properties, a statement said. The Anti-Benami Initiative Zone-III, Karachi of the revenue board has filed a reference before the adjudicating authority under section 22 of the Benami Transactions (Prohibition) Act, 2017 against the chairman … Read more

KCCI gets Nadra’s e-Sahulat facility for Pakistan Single Window

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kcci

KARACHI: Karachi Chamber of Commerce and Industry (KCCI) president M Shariq Vohra and Pakistan Single Window (PSW) additional director Naveed Abbas Memon inaugurated the National Database Registration Authority’s (Nadra) e-Sahulat facility at the KCCI premises, making it the first chamber to launch such an important facility, a statement said. The facility will provide members of … Read more

Corporate tax office seals three retail outlets in Karachi

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Corporate tax office

KARACHI: The Corporate Tax Office (CTO) Karachi has sealed three business outlets for non-compliance to integrate with the Point of Sale (POS) system of the Federal Board of Revenue, a statement said. The Corporate Tax Office Karachi sealed three businesses, including Salam’s and Sons; Kurta Corner; and Bin Dawood for no-compliance to integrate with the … Read more

FBR issues procedure for winning prizes on POS invoice

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KARACHI: The Federal Board of Revenue (FBR) on Monday issued a procedure for a prize scheme for customers who obtained invoices from retailers integrated with the tax authorities. According to the procedure for a prize scheme the provisions of application would apply to the customers of tier-1 retailers who have integrated their retail outlets with … Read more

FBR urged to notify simplified return forms for SME taxpayers

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FBR

KARACHI: The tax practitioners have demanded the Federal Board of Revenue (FBR) to notify simplified return forms for the Small and Medium Enterprises. In a letter to FBR chairman Asim Ahmad on Monday, the Karachi Tax Bar Association (KTBA) said the taxpayers of SMEs are facing difficulties due to unavailability of the registration feature and … Read more

FBR makes information mandatory for valid POS invoices

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KARACHI: The tax authorities on Monday issued a set of information that is required on the printed invoice issued through a Point of Sale (POS) machine to make it valid for tax purposes. The Federal Board of Revenue (FBR) issued an SRO 1006 (I)/2021, directing the big retailers to comply with the guidelines for making … Read more

FBR to raise direct tax ratio through monitoring retail transactions

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KARACHI: The tax authorities have launched initiatives to increase the ratio of direct taxes through surveillance of indirect taxes in the retail sector. In this regard, the Federal Board of Revenue (FBR) focused on big retailers to monitor their sales and purchases. It has prepared a mechanism to check retailers, suppliers and their customers, official … Read more

Tarin lauds FBR for record tax collection in July

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Shaukat Tarin Budget speech

ISLAMABAD: Federal Finance and Revenue Minister Shaukat Tarin has commended the tax authorities over record revenue collection of Rs413 billion during July 2021, showing a growth of 21 per cent against the set target for the month. Chairing a meeting of the apex committee on broadening the tax base and integration of retail businesses, held … Read more

FBR issues procedure for registration of brand name

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Tax authorities

KARACHI: The Federal Board of Revenue (FBR) on Tuesday issued a procedure for all the manufacturers of specified sectors for the registration of the brand name before selling their products. Through the Finance Act, 2021, the licensing of brand name has been made mandatory for specified sectors under the Sales Tax Act, 1990. According to … Read more

Rupee extends losses against dollar

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Rupee depreciates against dollar

KARACHI: The rupee extended losses against the dollar on Tuesday, despite reports of fund transfers from the International Monetary Fund (IMF), dealers said. The exchange rate ended at Rs163.89 against the greenback from the previous day’s closing of Rs163.67 in the interbank foreign exchange market. The rupee lost Rs1.24 against the dollar in the previous … Read more

Lockdown may ease pressure on rupee

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rupee

KARACHI: A strict lockdown imposed by the Sindh government may discourage import payments and ease pressure on the rupee. The Sindh government imposed a stringent lockdown to prevent the spread of the coronavirus from July 31, 2021. The restrictions may partially halt commercial and industrial activities in the province, especially in the port city of … Read more

Pakistan’s tax collection sharply grows 48% in July

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Tax authorities

KARACHI: The Federal Board of Revenue (FBR) has posted a sharp growth of 48 per cent in tax collection during July 2021, amid coronavirus pandemic. The FBR received Rs410 billion during the month, which is a record high collection in the month, compared with any past year. The revenue board collected Rs277.33 billion during the … Read more

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