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Federal Board of Revenue

Prices of imported mobile phones likely to go up

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mobile phones

KARACHI: The Federal Board of Revenue (FBR) plans to replace the fixed sales tax regime with the normal regime on import of mobile phones, which will generate sizeable revenue for the government and encourage the sale of locally-manufactured mobile phones, sources said on Wednesday. To apply the normal sales tax regime at 17 per cent, … Read more

SBP property valuators to help tax authorities

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KARACHI: Property valuators of the State Bank of Pakistan (SBP) will help the Federal Board of Revenue (FBR) in reviewing the valuation tables of immovable properties released recently. The FBR in a statement said it had sought assistance from top property valuation experts of the SBP, who will hold meaningful consultations with the key stakeholders, … Read more

Govt urged to withdraw increase in property valuation

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LCCI

LAHORE: The Lahore Chamber of Commerce and Industry (LCCI) has urged the government to withdraw the recent increase in property valuation, a statement said. LCCI president Mian Nauman Kabir said that there is a need to take business-related decisions after due consultation with the stakeholders. The Federal Board of Revenue (FBR) decision would affect not … Read more

FBR tightens noose around big retailers for mandatory POS integration

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KARACHI: The Federal Board of Revenue (FBR) has tightened the noose around retailers for mandatory integration of Point of Sale (POS) with the online tax system for online sharing of sales. In this regard, the apex tax body has continued its drive to link big retailers with the online system and it identified another over … Read more

FBR’s system glitches deny NPO, trust to change status

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FBR

KARACHI: Errors in the online system of the Federal Board of Revenue (FBR) are denying applications for processing the change of status from the association of persons (AOPs) to non-profit organization (NPO) or a trust. To resolve the issue, the Pakistan Tax Bar Association (PTBA) wrote a letter on December 3, 2021 to the FBR … Read more

FBR wins first-ever court conviction under Anti-Money Laundering Act

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FBR

KARACHI: The Federal Board of Revenue (FBR) has succeeded in winning the first-ever case of conviction for the offence of money laundering based on massive tax evasion. The Directorate General I&I-IR had received financial intelligence in respect of Habibullah proprietor of Rai Trading Company, Bajaur, KP; wherein, it was disclosed that the quantum of transactions … Read more

FBR chairman wants to promote culture of efficiency, integrity

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fbr

ISLAMABAD: Federal Board of Revenue chairman Dr Muhammad Ashfaq Ahmed has emphasised on the scope of qualitative performance of officers and officials to promote a culture of efficiency, transparency and integrity within the apex tax body. Chairing a detailed meeting held on Wednesday at the FBR headquarters to review the proposals for performance allowance, he … Read more

FBR chairman holds e-Kachehri

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FBR

ISLAMABAD: As a sequel to e-Kachehries held on a monthly basis to comply with the directives of the prime minister, Federal Board of Revenue (FBR) chairman and Revenue Division secretary Dr Muhammad Ashfaq Ahmed held an e-Kachehri at the FBR headquarters to listen to the complaints and concerns of the taxpayers. The complainants interacted directly … Read more

Wasif Memon appointed as SRB chairman

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Wasif Memon

KARACHI: The Sindh government has appointed Dr Wasif Ali Memon as the chairman of the Sindh Revenue Board (SRB), a statement said. Dr Wasif Ali was already working in the SRB as a senior member. Prior to this assignment, he had served as an officer of Pakistan Customs Service (PCS) for 31 years in various … Read more

FBR exempts sales tax on Afghan fruits

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Afghan fruits

KARACHI: The Federal Board of Revenue (FBR) on Monday exempted the sales tax on the import of fruits from Afghanistan. In this regard, the revenue board issued an SRO 1501 (I)/2021 to implement the decision. According to the notification, the government has decided to exempt the whole sales tax on the import of edible fruits … Read more

FPCCI proposes adjudication, accountability powers to FTO

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FPCCI proposes adjudication, accountability powers to FTO

KARACHI: The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has proposed that the tax adjudication cases should be handled under the supervision of the Federal Tax Ombudsman (FTO) office for a fair, neutral, transparent and competent resolution. Speaking on the occasion of Dr Asif Mahmood Jah, FTO Pakistan’s visit to the FPCCI Head … Read more

PM felicitates nation on FBR’s Rs 1,395 bln revenue collection in 1st quarter

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PM felicitates nation on FBR’s Rs 1,395 bln revenue collection in 1st quarter

Prime Minister Imran Khan on Friday felicitated the nation on the upward economic trajectory as the Federal Board of Revenue (FBR) collected Rs 1,395 billion in first quarter against the target of Rs 1,211 billion. “I congratulate the nation on FBR’s achievement of collecting Rs.1,395 billion in Q1 of FA 2021-22 against the target of … Read more

The FBR offices will be open until midnight tonight

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FBR

LAHORE: Federal Board of Revenue (FBR) offices will continue to work till 12 noon today (Thursday) to submit income tax returns. The FBR had issued a notification to extend the working hours of the offices for the purpose of filing income tax returns. Relevant FBR offices have also been directed to liaise with the concerned … Read more

FBR announces extension of office hours

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FBR

KARACHI: The Federal Board of Revenue (FBR) has issued a notification to extend the working hours of offices. The Federal Board of Revenue has issued a notification to extend the working hours of all offices for the convenience of the public in view of the last date for submission of income tax returns. The notification … Read more

Now fruits will be imported tax-free from Afghanistan

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Afghanistan

On the import of fresh fruits from Afghanistan Federal Board of Revenue (FBR) has lifted sales tax. Reports said that FBR has not released apples from sales tax whereas grapes, pomegranates, watermelons, and other fruits can be imported devoid of paying sales tax. The tax collection body has allotted orders to applicable customs collectorates in … Read more

Chairman FBR: Revenue increased by 41% over the prior financial year

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FBR

The chairman of the Federal Board of Revenue (FBR) has told the National Assembly’s Standing Committee on Finance that revenues have increased by 41% over the previous financial year. A meeting of the Standing Committee on Finance of the National Assembly was held under the chairmanship of Faizullah Kamuka. The Chairman FBR said that with … Read more

From now FBR will not interfere in politics

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fbr

Federal Finance Minister Shaukat Tareen has hinted at eliminating the possibility of political interference in the Federal Board of Revenue (FBR). Finance Minister Shaukat Tareen visited the Federal Board of Revenue headquarters, where he addressed officials of the Federal Board of Revenue. “The government is committed to giving full autonomy to the FBR. The possibility … Read more

FBR provides a URL for filing Income tax returns

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fbr

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

FBR and KPRA decide to share data understanding of utmost profit

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KPRA

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

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Shaukat Tarin

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

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IT Service

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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FBR withdraws appeals related to exemption on foreign remittances

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Rupee

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

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 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

FBR formally launches export facilitation scheme

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Corporate tax office

KARACHI: The Federal Board of Revenue (FBR) on Friday formally launched the Export Facilitation Scheme 2021. The FBR issued an SRO 957(I)/2021 to implement the provisions for facilitating exports from Pakistan. Previously, the tax body issued draft law on July 9, 2021, inviting feedback from the stakeholders. According to the latest SRO, the scheme would … Read more

Banks unlawfully deducting withholding tax on IT exports: KTBA

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karachi tax bar

KARACHI: The Karachi Tax Bar Association (KTBA) on Wednesday said the banks are deducting withholding tax on export of software and IT-enabled services, which is unlawful, as this segment has been granted exemption. In a letter to Asim Ahmed, chairman of the Federal Board of Revenue (FBR), the association said the banks have misunderstood Section … Read more

Relief to masses: Sales tax on petrol reduced to 10.77%

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Petrol price remain unchanged till 31st May

KARACHI: The Tax authorities, in a move to give relief to the masses, on Monday notified a significant reduction in the sales tax rate on petrol to 10.77 per cent. The Federal Board of Revenue (FBR) issued an SRO 937 (I)/2021 to reduce the sales tax rate on petrol to 10.77 per cent ad valorem … Read more

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