KARACHI: Federal Board of Revenue (FBR) Chairman Dr Ashfaq Ahmed has expressed his willingness to reduce the audit period to three years from the current six years, a statement said. During his visit to the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), the FBR chairman apprised that the FBR has performed well despite … Read more
KARACHI: The government is providing an amnesty, to be announced through a presidential order, for setting up industrial units, sources in the Federal Board of Revenue (FBR) told BOL News. In his address to the nation on February 28, 2022, Prime Minister Imran Khan announced a big relief package of reducing prices of petroleum products … Read more
LAHORE: The unjustified move of levying sales tax on the seed industry will negatively impact crop yield by slowing down the process of hybridisation, businessmen said in a statement. “The levy of 17 per cent general sales tax (GST) on locally produced or imported seed coupled with 3 per cent additional tax on unregistered seed … Read more
KARACHI: The Federal Board of Revenue (FBR) has registered a decline of 12 per cent in the annual returns filing for the tax year 2021, official documents revealed. According to the provisional statistics made available to BOL News, the number of return filers for the tax year 2021 fell to 3.04 million, compared with 3.45 … Read more
LAHORE: The Lahore Chamber of Commerce and Industry (LCCI) has urged the government to take notice of the misuse of tax exemptions by the industries in Fata/Pata. Talking to the heads and representatives of various trade and industrial associations, LCCI Acting President Mian Rehman Aziz Chan said that the misuse of tax exemptions in Fata/Pata … Read more
KARACHI: The Federal Board of Revenue (FBR) on Thursday announced a massive cut in the sales tax rates on all petroleum products to lower the consumer price at retail outlets. The FBR issued SRO 183 (I)/2022 to make changes in the sales tax rates on the supply of petroleum products. Previously, the FBR issued SRO … Read more
KARACHI: Regional Tax Office Chief Commissioner Tariq Mustafa Khan has said that the lack of understanding about the Point of Sale (POS) system exists and efforts are underway to deal with this issue. Speaking at a meeting during his visit to the Karachi Chamber of Commerce and Industry (KCCI) Chief Commissioner RTO said that after … Read more
KARACHI: The tax practitioners have pointed out towards glitches in single sales tax portal hampering the filing of monthly returns. The Karachi Tax Bar Association (KTBA) in a letter to the chairman of the Federal Board of Revenue (FBR) apprised him about the serious difficulties being faced by the taxpayers on the National Single Tax … Read more
KARACHI: The Federal Board of Revenue (FBR) has made it mandatory for the exchange companies to provide details of failed transactions to prevent misuse of foreign exchange regime. In this regard, the apex tax body issued SRO 50 (I)/2022 to make it mandatory for the foreign exchange dealers and companies to report the failure of … Read more
KARACHI: Imposition of a 35 per cent tax rate on an individual’s income to broaden the tax base will remain a distant dream. The high tax rate is a major impediment in keeping away persons having taxable income from fulfilling their obligations, said Muhammad Zeeshan Merchant, president of the Karachi Tax Bar Association. Pakistan has … Read more
KARACHI: The Federal Board of Revenue (FBR) on Monday extended the last date to file monthly sales tax returns up to January 24, 2022. The last date to file the returns was January 18, 2022. Sources in the FBR said that the date has been extended due to difficulties being faced by the taxpayers in … Read more
LAHORE: The Lahore Chamber of Commerce and Industry (LCCI) has urged the government to ensure adequate representation of the private sector in all important bodies, a statement said on Monday. “Only public-private partnership can make a breakthrough on the economic front. Therefore, the government should take the business community onboard on all economic matters and … Read more
KARACHI: The Federal Board of Revenue (FBR) has launched a flagship initiative, Point of Sale, to bring Rs16 trillion worth of undocumented retail sales into the tax net. Pakistan’s total retail sales are estimated at Rs20 trillion annually. The FBR’s integration of POS will also help the tax authorities implement a full-fledged value-added tax (VAT) … Read more
ISLAMABAD: The Supreme Court of Pakistan has granted leave to appeal on the issuance of notices by the Federal Board of Revenue (FBR) to Pakistanis regarding their overseas assets, income and expenses and suspended the orders of the Sindh High Court. The Apex Court has accepted the plea of the FBR for hearing of an … Read more
ISLAMABAD: Minister for Finance and Revenue Shaukat Tarin on Monday said that the reforms measures being taken by the incumbent government would help bring the whole retail sector worth Rs20 trillion into the tax net. “The total sale of retail sector in the country is Rs20 trillion, and Rs16 trillion of it is not in … Read more
KARACHI: Millions of customers of the largest private sector bank of Pakistan, Habib Bank Limited (HBL), are facing difficulties for the third consecutive day on Thursday after its centralised system broke down on January 4, 2022. The system went completely out of the customers’ reach, depriving them from making transactions on both online and manual … Read more
ISLAMABAD: The Senate Standing Committee on Finance, Revenue and Economic Affairs on Wednesday termed the Finance Supplementary Bill 2021 a tsunami of inflation in the country. The meeting of the Senate Standing Committee on Finance, Revenue and Economic Affairs, chaired by Senator Muhammad Talha Mahmood, considered the Finance (Supplementary Bill, 2021) laid in at the … Read more
ISLAMABAD: The Federal Board of Revenue (FBR) has decided to launch action against 7.2 million identified non-taxpayers and if the data provided by the National Database Registration Authority (Nadra) is added, this number will reach 15.2 million, a senior official said. “Without broadening the tax base, we can’t overcome our economic problems, which we’re facing … Read more
KARACHI: The Federal Board of Revenue (FBR) on Monday deferred the mandatory digital payment system for corporate entities till January 31, 2022. The FBR issued a circular for the extension in time for the implementation of digital payment for corporate entities. It is the third time the revenue board has extended the time of implementation. … Read more
Pakistan is indeed a poor, debt-ridden country, but a handful of Pakistanis are super-rich and playing it big in the shadowy cryptocurrency market. If one believes the authenticity of a recent report issued by the country’s apex trade body, Federation of Pakistan Chambers of Commerce and Industry (FPCCI), then Pakistanis are holding a staggering $20 … Read more
ISLAMABAD: The collection of the Federal Board of Revenue (FBR) has registered a growth of 32.5 per cent in July-December of 2021, according to the provisional figures of the revenue collection released for the months of July-December of the current financial year 2021/22. The revenue board has collected the net revenue of Rs2.920 trillion during … Read more
KARACHI: The Federal Board of Revenue (FBR) on Tuesday directed the offices of the Inland Revenue (IR) to facilitate taxpayers in the payment of duty and taxes during the last two days of the year by extending working hours. On an office order, the revenue board directed the tax offices to remain open and observe … Read more
The Large Taxpayers Office (LTO), Karachi has registered a sharp increase of 53 per cent during the first five months (July-November) of the fiscal year 2021/22, owing to a significant rise in the collection of both direct and indirect taxes. According to the official numbers made available to BOL News, the net collection of the … Read more
Dolmen City REIT (DCR) has been showing signs of recovery after the pandemic phase with the improvement in footfall in recent months. However, the activity has not reached to pre-pandemic levels, as yet. Nonetheless, the REIT has kept its absolute payout unchanged in the last two years, despite concessions offered to tenants, maintaining the stock’s … Read more
KARACHI: The Union of Small and Medium Enterprises (Unisame) has sought clarification from the Federal Board of Revenue (FBR) to enable export of white food grade poppy, a statement said on Thursday. Unisame president Zulfikhar Thaver invited the attention of the FBR to the Export Policy Order of September, 2020 wherein export of imported poppy … Read more
The emerging regional trade outlook after the US withdrawal from Afghanistan has led to an active engagement between Pakistan and Central Asian Republics. The US defeat in Afghanistan also eliminated the Indian influence in the neighbouring country, which sits at the crossroads to South and Central Asia. Capitalising on this, Pakistan is intensifying trade with … Read more
ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet approved the summary presented by the Ministry of Commerce on Textile and Apparel Policy 2020/25 with the directives to incorporate inputs of the Federal Board of Revenue (FBR) and the Finance Division and meet the observations of the Power Division. Federal Minister for Economic Affairs Omar … Read more
ISLAMABAD: Adviser to the Prime Minister on Finance and Revenue Shaukat Tarin held a meeting with a delegation of the Pakistan Retail Business Council (PRBC), headed by Hamid Yamin at the Finance Division. The delegation apprised the adviser about the problems being faced by the retailers and sought support of the government to resolve their … Read more
