Latest Fbr news updates — Federal Board Of Revenue Government Of Pakistan – Get latest FBR News updates, Watch FBR Videos, View FBR Pictures.
KARACHI: The tax authorities on Tuesday announced a reduction in the sales tax rate on petrol to absorb the impact of higher prices of petroleum, oil and lubricants (POL) and facilitate the general public, a notification said. In this regard, the Federal Board of Revenue (FBR) issued an SRO 860(I)/2021 to reduce the sales tax … Read more
KARACHI: The Federal Board of Revenue (FBR) will conduct the first prize draw for those Point of Sales (POS) that are connected with the online system of the tax organisation on the basis of purchase receipts in the first week of August 2021, official sources said on Tuesday. The sources said the draw will be … Read more
KARACHI: The authorities on Monday issued a taxation procedure for the transaction made by cooperative housing societies and directed the tax offices to ensure recovery of the past years against the sales and purchases by the same, a circular issued on Monday said. “All Formations are expected to look into and finalise CHS [cooperative housing … Read more
The Federal Board of Revenue (FBR) has announced a 15% holding tax on the profits of National Savings Schemes (NSS). According to the report, this tax rate will be effective from July 1, 2021. A statement issued in this regard said that 15% would be applicable to those who are included in the list of … Read more
KARACHI: The Federal Board of Revenue (FBR) will collect income tax on the basis of advance-to-deposit ratio from banks on making investment in government securities, official sources said on Saturday. The sources in the revenue board said a relief had been provided to the banks in discharging liabilities on making profit from the investment made … Read more
Prime Minister Imran Khan highly praised the Federal Board of Revenue (FBR) after they achieved a “historic level of tax revenue of Rs4,732 billion in the fiscal year 2020-21.” On Twitter, Prime Minister Imran said that the FBR tax collection in the previous fiscal year was more than the revised target of Rs4,691 billion and … Read more
KARACHI: The Pakistan equity market started the financial year 2022 on a positive note and remained in the green territory throughout the day, as the Federal Board of Revenue (FBR) surpassed the revenue collection target, inflation stood at 9.7 per cent and exports during the outgoing year reached an all-time high of $25.3 billion. An … Read more
KARACHI: The Federal Board of Revenue (FBR) on Thursday opened its IRIS portal for filing annual returns of income for the tax year 2021, giving taxpayers three months for compliance. The FBR’s portal is opened for returns filing by salaried persons, business individuals, association of persons (AOPs) and corporate entities having special financial year. The … Read more
ISLAMABAD: Ambassador of the United Arab Emirates (UAE) in Pakistan Hamad Obaid Ibrahim Al Zaabi called on Federal Board of Revenue (FBR) Chairman Asim Ahmad at the FBR headquarters and discussed matters of mutual interests. Matters of mutual concerns pertaining to cooperation on Customs and other inland taxes came under discussion. It was agreed that … Read more
KARACHI: The Federal Board of Revenue (FBR) has made it mandatory for the car assemblers/manufacturers to pay an amount as an interest to the buyers on late delivery of motor vehicles, a notification issued on Thursday revealed. “The importer-cum-assembler or Original Equipment Manufacturer (OEM) shall pay Kibor + three per cent per annum to the … Read more
KARACHI: The Directorate of Intelligence and Investigation-Inland Revenue (I & IR), Lahore has identified massive evasion of the federal excise duty by the steel melters and re-rollers through concealment of the actual value of the products and supplies, a statement said. The tax authorities said the steel melters and re-rollers were found involved in massive … Read more
During the fiscal year 2020-21, which ended on June 30, 2021, the Federal Board of Revenue (FBR) exceeded its revised annual collection target of Rs4,691 billion, netting Rs4,725 billion in net provisional collections. On the other hand, the FBR was unable to meet its initial tax collection target of Rs4,963 billion for 2020-21, which was … Read more
KARACHI: The tax authorities have withdrawn the condition of bank guarantee and pay order for importers availing of the facility of temporary importation of goods for subsequent exportation. The Federal Board of Revenue (FBR) on Wednesday issued SRO 847(I)/2021 to withdraw the condition of bank guarantee and pay order. This condition was imposed to prevent … Read more
KARACHI: The tax authorities have estimated recovery of around Rs10 billion from the foreign companies who sold their assets abroad and avoided tax payment, sources said on Wednesday. In this regard, the Federal Board of Revenue (FBR) has amended the Income Tax Ordinance, 2001, to recover capital gains tax from the foreign companies, which took … Read more
KARACHI: The tax authorities on Tuesday provided legal cover to the electronic audit of the income tax cases by amending the Income Tax Rules, 2002. The Federal Board of Revenue (FBR) issued SRO 835(I)/2021 to make e-audit part of the statute, under which, neither the taxpayers nor their representatives would be required to visit the … Read more
KARACHI: An intelligence wing of the Federal Board of Revenue (FBR) has conducted a raid on a plastic shoppers manufacturing unit in Multan and impounded records for further investigation, a statement said on Monday. The FBR’s Directorate of Intelligence and Investigation-Inland Revenue, Multan, conducted the proceedings under Section 38 and 40 of the Sales Tax … Read more
KARACHI: The tax authorities have estimated the revenue collection of Rs9 billion from the levy on mobile handsets during the fiscal year 2021/22, official sources said on Friday. The sources said considering immense demand in the local market, the import of mobile phones had increased phenomenally. The FBR estimated that it would collect around Rs9 … Read more
KARACHI: The Federal Board of Revenue (FBR) on Thursday notified the rules for carry forward losses by the listed companies for calculation of capital gains tax. The FBR issued SRO 801(I)/2021 to make amendments in the Income Tax Rules, 2002 and allow it to carry forward losses next year to calculate the capital gains tax. … Read more
KARACHI: The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has accused the tax authorities of manipulating the Federal Budget 2021/22 by proposing anti-business and anti-growth measures in the document. In this regard, the apex trade body sent a letter to Prime Minister Imran Khan on Thursday and held the Federal Board of Revenue … Read more
KARACHI: The Federal Board of Revenue (FBR) has granted tax exemption worth Rs48.51 billion to the central bank on its income during the fiscal year 2020/21. According to the official documents made available to the BOL News on Tuesday, the tax authorities extended the exemption of Rs48.51 billion on the total income of the State … Read more
Karachi: In the budget 2021-22, the Senate Standing Committee on Finance unanimously suggested that government employees’ pay be increased from 10% to 20%. Senator Taleh, the Chairman of the Senate Standing Committee on Finance and Revenues, convened a meeting on Monday at Parliament House to finalize budget recommendations for the years 2021-22. Senator Sherry Rehman … Read more
KARACHI: The tax authorities will collect details of those banking customers who deposited over Rs10 million in their accounts during a month, bringing the high value transactions of undeclared income and assets on its radar, sources said on Monday. The sources in the Regional Tax Office (RTO) Karachi, a revenue collecting arm of the Federal … Read more
KARACHI: Tax practitioners have termed the tax collection target of Rs5.829 trillion for the fiscal year 2021/22, a daunting task for the revenue authorities, considering the required growth of 24 per cent against the estimated tax collection target of Rs4.700 trillion in the outgoing fiscal year. This was discussed in the post-budget webinar, organised by … Read more
KARACHI: The deposits of the banking system have increased to a record high of Rs17.96 trillion by the end of May, owing to the stalled economic activities following a rise in coronavirus cases during the past couple of months. Previously, the banking deposits witnessed a record high of Rs17.90 trillion in March 2021, according to … Read more
The federal government has prepared a comprehensive strategy to bring more retailers into the tax net from July 1. The proposal was discussed at a meeting of the Federal Board of Revenue (FBR) chaired by Finance Minister Shaukat Tareen. Special Assistant to the Prime Minister for Revenue and Finance Dr Waqar Masood Khan and FBR … Read more
KARACHI: The elimination of withholding tax on certain banking transactions would cost the tax authorities around Rs28 billion annually, besides hampering the efforts of compliance through the filing of income tax returns. The Finance Bill, 2021 has proposed to delete around 12 different provisions of withholding taxes, which is aimed at providing relief to the … Read more
KARACHI: Pakistan through effective policy measures can enhance value-added tax (VAT) collection by around $3.8 billion/annum, according to a report issued by the Federal Board of Revenue (FBR) on Tuesday. The value-added tax is an important component of sale tax, which is imposed on every value addition in supply chain. The existing sales tax collection … Read more
KARACHI: Small and Medium Enterprises (SMEs) would be able to avail exemption from audit if they opt for the Final Tax Regime (FTR), the Finance Bill has proposed. It is proposed that SMEs can also opt to be taxed under the FTR. The said option is required to be exercised at the time of returns … Read more
