FBR – Page 15 – BOL News Staging

No income tax on pensions; PM Imran Khan rejects proposal

October 18, 2021June 10, 2021 by Web Desk

KARACHI: Prime Minister Imran Khan has outrightly rejected the proposal of the Federal Board of Revenue (FBR) to impose income tax on pensions, sources said on Thursday. Initially, the FBR had proposed a flat 7.5 percent income tax rate on all pensions. But rejected by Prime Minister Imran Khan However, on resentment from various quarters, … Read more

Electricity bills of over Rs25,000 likely to be taxed further

October 18, 2021June 10, 2021 by Web Desk

KARACHI: The domestic consumers might face another financial burden in the shape of withholding tax on electricity charges of over Rs25,000/month, sources said on Thursday. The Federal Board of Revenue (FBR) has proposed the government impose withholding tax on monthly bills exceeding Rs25,000 and made it a part of the Finance Bill, 2021, they added. … Read more

Trade body seeks 50% cut in withholding tax to boost exports

October 20, 2021June 9, 2021 by Web Desk

KARACHI: Exporters on Wednesday proposed the government to slash the withholding tax by 50 percent to enhance earnings. In its budget proposals announced at a press conference, the Pakistan Hosiery Manufacturers Association (PHMA) said, at present, the withholding tax on exports is one percent, which is considered as the final liability. The government should reduce … Read more

FBR cuts sales tax on petroleum products to keep prices stable

October 20, 2021June 8, 2021 by Web Desk

KARACHI: The Federal Board of Revenue (FBR) on Tuesday notified a reduction in the sales tax rates on petroleum products.

The FBR issued SRO 726(I)/2021 to comply with the decision of the government for keeping the petroleum, oil lubricant (POL) prices intact by absorbing a hike in the prices through downward adjustment in the sales tax rates.

The sales tax rate on kerosene has been slashed to 10.07 percent from the earlier rate of 15.44 percent. Similarly, the sales tax rate on light diesel oil has been reduced to 3.67 percent from the previous level of 7.56 percent.

However, the sales tax rates on petrol and high-speed oil have been kept unchanged at 17 percent.

On May 31, 2021, Prime Minister Imran Khan had decided to maintain the prices of petroleum products to the level of May 17, 2021. The government has not increased the prices of petroleum products since April 16, 2021, by adjusting sales tax and petroleum levy so that there is no corresponding increase in the prices of the essential items and provide maximum relief to the common man.

From July 1, 2019, the government had imposed a flat sales tax rate of 17 percent through SRO 700(I)/2019. However, the first amendment was made through SRO 551(I)/2021 issued on May 09, 2021. The second amendment has been made with the latest notification.

[embedpost slug=”fbr-mulls-7-5-tax-on-pensions-from-july-1/”]

Budget that is beneficial for the business is required, urge Pakistani Merchants

June 7, 2021 by Web Desk

Budget that is beneficial for the business is required, urge Merchants. If the federal government wants to meet revenue generation targets for the next fiscal year, the country’s merchants have urged that the federal government make the budget more trade-friendly and streamline the tax collecting system. Muhammad Kashif Chaudhry, President of Markazi Tanzeem-e-Tajran, has urged … Read more

Shehbaz Sharif Accuses Government Of Manipulating Revenue figures

June 7, 2021 by Aizbah Khan

Opposition leader in the National Assembly Shehbaz Sharif has criticized the government for allegedly manipulating data to show economic performance. According to the details, Shehbaz Sharif said that the objection raised by the Accountant General of Pakistan to the Federal Board of Revenue (FBR) for Rs1.4 billion has opened the floodgates of official economic data. … Read more

FBR mulls 7.5% tax on pensions from July 1

October 20, 2021June 5, 2021 by Web Desk

KARACHI: The government is considering to impose a 7.5% tax on pensions from July 1, 2021, sources said on Saturday. The sources in the Ministry of Finance said the Federal Board of Revenue (FBR) has finalised the flat income tax rate that would be incorporated in the Finance Bill, 2021 subject to the approval by … Read more

Rs4.143 Trillion Revenue Collected In First 11 Months OF Current FY

May 30, 2021 by Aizbah Khan

Pakistan’s top tax authority has claimed to have collected Rs 41.43 trillion in the first 11 months of the current financial year, reflecting the resumption of economic activity in the country, compared to Rs 35.30 trillion in the same period last year. According to the report, in the last two days of this month (May … Read more

IREN launches nationwide operations against illegal cigarettes

May 29, 2021 by Hamna Humail

Inland Revenue Enforcement Network (IREN) launched nationwide operations against non-duty paid and illegal cigarettes. Directorate of I and I-IR Faisalabad unit seized 201 cartons of illegal cigarettes containing 2,000,000 cigarettes during a raid in Samanabad Town in Lahore. Directorate of I/ I-IR Karachi unit seized more than 900,000 cigarettes in 119 cartons of illegal cigarettes … Read more

FBR Issues Clarification On Excess Customs Duties And Taxes on Mobile Phones

May 22, 2021 by Aizbah Khan

The Federal Board of Revenue has issued an explanation on the news circulating about the customs duty imposed on mobile phones. According to the FBR, foreign travellers can register five mobile phones on their passports. FBR further added that the difference between the payment of customs duty and taxes on a phone worth more than … Read more

Govt to Introduce Measures for Increase Exports

May 21, 2021 by Muhammad Usman

The budget 2021-2022 will bring good news for the import and export sector, the government is drafting major tax-related facilitative measures for exporters in the budget (2021-22) under a combined strategy to guarantee a substantial increase in exports of Pakistan. Top government officers told a local website that the government is issuing a brand new … Read more

Pakistan in talks with IMF for easing tough conditions

May 7, 2021 by Web Desk

Govt Sets High Economic Growth Targets With IMF Consent

Pakistan has asked the International Monetary Fund (IMF) for a cut in the Federal Board of Revenue’s (FBR) collection target from Rs 5.9 trillion to Rs 5.5 trillion for the upcoming budget. According to the reports, the Pakistani authorities have cited the third wave of the coronavirus pandemic as a reason. The IMF had given … Read more

Finance Minister Shaukat Tareen unveils ‘new strategies’ for stronger economy

May 5, 2021 by Web Desk

Finance Minister Shaukat Tareen on Wednesday said that the Federal Board of Revenue (FBR) has made notable efforts in enhancing the revenue collection.

According to the details, Shaukat Tareen; while addressing a news conference in Islamabad said that more programs will be announced in the next budget to eliminate harassment to encourage the people to pay taxes.

‘There was the growth of 57 percent in revenue collection in April 2021, as compared to the corresponding period last year.’ Said the Finance Minister; adding that, ‘It is our target to further expand the tax base.’

He said twelve working groups have been constituted in the Economic Advisory Council to frame short, medium, and long-term policies for different sectors.

Shaukat Tareen said that price stability is our key focus and it is the priority of the government to check inflation to provide relief to the common man.

Finance Minister Shaukat Tareen said the scope of social protection will be further expanded under Ehsaas Program. Healthcare, employment, and skills development will also be made part of it.

‘The government is pursuing a policy to take the economy towards growth mode,’ said Tareen; adding that; ‘the goal will be achieved by incentivizing the industries, agriculture and housing sectors, which will also provide job opportunities to the people.’

Speaking about the reforms in the energy sector, Shaukat Tareen said that new reforms in the energy sector will be introduced and spending on the agriculture sector will be increased to strengthen this vital sector of the economy.

He said, ‘We also want to bring Foreign Direct Investment in the export-oriented industries in order to bolster our exports.’

He said there is a great potential for growth in IT. Its exports will remain two billion dollars this year and these can be enhanced to eight billion dollars in the next two to three years.

The Finance Minister said Pakistan will not come out of the IMF program but it will seek space from the financial institution given the current situation of COVID-19.

FBR has achieved net revenue of Rs3780 billion from July to April

May 1, 2021 by Muhammad Usman

The Federal Board of Revenue (FBR) has released preliminary details of revenue collected in the first ten months of the current financial year.

The FBR has achieved a net revenue of Rs 3780 billion from July to April, which is Rs 143 billion, more than the target of Rs 3637 billion sets for the period.

Net revenue for the same period last year has increased by 14% as compared to Rs. 3320 billion.

The FBR has also released April figures.

As per the details, the revenue net collection in April stood at Rs 384 billion while the required increase was Rs 242 billion.

This is an increase of 159 percent over the target and a net increase of 57 percent over the net revenue of Rs 240 billion achieved in April last year.

The 57% increase in April compared to the previous year is a historic one, which is more than the 46% increase, achieved in March.

In the first ten months of the current financial year, the gross revenue stood at Rs. 3976 billion as against Rs. 3438 billion in the previous year and increased by 16%.

[embedpost slug=”pm-imran-lauds-fbrs-efforts-for-achieving-57-revenue-growth-in-april/”]

Scam Alert: FBR Warns About Emails Related To Income Tax Defaulters List

April 18, 2021 by Aizbah Khan

The Federal Board of Revenue (FBR) has warned taxpayers about emails related to the Income Tax Defaulters list. According to a statement issued by the FBR, the emails related to the income tax defaulters list are fake and these fake emails are asking to check the income tax defaulters list. The FBR has warned that … Read more

Prime Minister Imran Khan commends FBR’s work

March 31, 2021 by Web Desk

Prime Minister Imran Khan on Wednesday commended the Federal Board of Revenue (FBR) for its efforts in achieving historic growth in March collections. According to the details, the Prime Minister took to his Twitter handle and wrote: I commend FBR efforts, achieving historic growth of 41% in March ’21 with collections recorded at Rs.460 bn. … Read more

FBR Extends Deadline For Updating Taxpayers’ Profile

March 26, 2021 by Aizbah Khan

The Federal Board of Revenue (FBR) has extended the date for updating taxpayers’ profile for the second time. According to the details, the FBR has issued a circular according to which the last date for updating the profile of taxpayers has been extended till June 30, 2021. The circular further added that the tax profile … Read more

Pakistani singer Atif Aslam also comes on FBR radar

March 25, 2021March 19, 2021 by Fahad Pervez

Pakistani superstar singer Atif Aslam also comes on the Federal Board of Revenue (FBR) radar due to non-payment of taxes. As per reports, the Regional Tax Office has issued a notice to the singer over the non-payment of six million rupees. Earlier in January, FBR had also sent a tax notice of fifty-eight million rupees … Read more

PM expresses confidence over FBR to add 100s of bn of additional revenue

February 20, 2021February 20, 2021 by Komal Fatima

Prime Minister Imran Khan on Saturday has commended that FBR Field Formations on achieving 7-months revenue targets by undertaking bold tax audit and enforcement, and counter-smuggling measures. Taking to Twitter, he said that they must continue working with honesty and commitment. He also commended the FBR Head office Team for developing the IT-enabled Transformation Plan … Read more

Pakistan moves up in Trading across Border Index by 31 positions

January 19, 2021 by Web Desk

Pakistan has moved up in the Trading across Border Index, said the Federal Board of Revenue on Tuesday. According to the Spokesperson of FBR, the country improved its rankings in the Trading across Border Index by 31 positions. Pakistan ascended from the 142th to the 111th. FBR Spokesperson in its tweet said that, “In a … Read more

Pakistani Star singer Atif Aslam Receives notice from FBR

January 13, 2021 by Fahad Pervez

Atif Aslam who is known as the superstar singer of Pakistan received a notice from the Federal Board of Revenue (FBR). According to the details FBR has sent him a one-month notice to pay taxes of Rs. 58 Million. FBR has issued the notice after auditing his income for the year 2018. It is also … Read more

More incentives should be provided to tax payers says PM

January 10, 2021 by Web Desk

PM Imran Khan twitter overseas Pakistanis

Prime Minister PM Imran Khan has said that the taxpayers of the country deserve to be praised and more incentives should be provided to them in the system. He was presiding over a briefing on tax reforms in Islamabad on Sunday. The meeting was informed that during the first six months of the current fiscal … Read more

FBR directed to speed up auction of stranded vehicles at Karachi port

December 28, 2020 by Web Desk

Federal Tax Ombudsman (FTO) Mushtaq Ahmed Sukhera has directed FBR to accelerate the auction of a substantial number of non-cleared stranded vehicles at Karachi Port. The stranded vehicles were imported in violation of SRO issued by the Ministry of Commerce. The subject vehicles were imported under Personal Baggage, Transfer of Residence, or under Gift Schemes. … Read more

FBR imposes additional tax on selling of new cars

December 23, 2020 by Web Desk

The Federal Board of Revenue (FBR) has imposed additional taxes on the selling of new cars within 90 days of purchase. Detailing about the new tax imposed, FBR said that the government has decided to impose close to Rs200, 000 additional withholding tax on the purchase of new cars. For 600 to 1000cc cars, there … Read more

PM requested to direct FBR on tax filing date extension

December 8, 2020 by Web Desk

On Tuesday, the Karachi Chamber of Commerce and Industry (KCCI) appealed to Prime Minister PM Imran Khan to direct the Federal Board of Revenue (FBR) to prolong the date of filing income tax returns to 60 days. According to the details, in a letter to PM; the president of the Karachi Chamber of Commerce and … Read more

FBR requested to extend deadline for filing tax returns till January 2021

December 7, 2020 by Web Desk

Pakistan Tax Bar Association (PTBA) on Monday appealed the Chairman of Federal Board of Revenue (FBR) to prolong the deadline for filing tax returns by 60 days. According to the details, PTBA President Aftab Hussain Nagra in his letter to the FBR chairman, said that the last date should be extended till January 31st 2021, … Read more

FBR plans to bring 7.4 million non-filers into tax net

December 4, 2020 by Web Desk

The Federal Board of Revenue (FBR) has developed a plan to bring 7.4 million non-filers into the tax net by using the Tax-Ray portal on IRIS. IRIS is an online portal where Income Tax Return is filed. Special Assistant to PM on Revenue Dr. Waqar Masood, said that FBR has served tax notice to 70,000 … Read more

Menu

Latest

Entertainment

Lifestyle