Tue, 21-Oct-2025

Watch Live

logo-black

Download App

اردو

Federal Board of Revenue

FBR asks ceramic tile retailers to install POS machines

by
Corporate tax office

KARACHI: The Federal Board of Revenue (FBR) on Thursday asked the retailers of ceramic and other varieties of tiles to install the Point of Sales (POS) machines to document their sales. A meeting was held at the Regional Tax Office (RTO) Karachi in which senior officials of the tax office and representatives of the All Pakistan … Read more

Mobilink Microfinance Bank launches digital application

by
Mobilink

KARACHI: Pakistan’s largest digital bank, Mobilink Microfinance Bank Limited (MMBL) has launched ‘Dost’, a mobile-based application that provides a complete digital banking ecosystem to its customers and gives them hassle-free access to the financial services round-the-clock, a statement said on Thursday. The latest addition to the MMBL ecosystem reflects the bank’s relentless pursuit for innovation … Read more

American Business Council hails govt’s efforts to facilitate taxpayers

by
Federal budget

KARACHI: The American Business Council (ABC) of Pakistan has appreciated the efforts of the government to facilitate taxpayers, ameliorate ease of doing business and incentivise digitalisation of the economy, a statement said on Tuesday. The council said the government of Pakistan has positively reflected on its policy recommendations and incorporated it in the Federal Budget … Read more

FBR implements electronic monitoring of sugar production

by
Sugar Mills

KARACHI: The Federal Board of Revenue (FBR) has implemented electronic monitoring of sugar production to prevent revenue leakages, sources said on Tuesday. The track and trace system for sugar products has been implemented from July 1, 2021 for the monitoring of production lines, a senior official of the revenue board said. Through a notification on … Read more

FBR chairman holds e-Kutchery

by
FBR chairman holds e-Kutchery

KARACHI: Federal Board of Revenue (FBR) chairman Asim Ahmed on Friday interacted with the taxpayers by holding an e-Kutchery, a statement said. The FBR said that as a sequel to e-Kutcheries held on a monthly basis to comply with the directives of Prime Minister Imran Khan, the FBR chairman held an e-Kutchery at the FBR … Read more

Tax authorities enhance regulatory duty on energy savers by 150%

by
Tax authorities

The tax authorities have enhanced the regulatory duty on energy savers by 150 per cent, a notification said. Through an SRO 840 (I)/2021, dated June 30, 2021, the Federal Board of Revenue (FBR) issued the revised rates of the regulatory duty on 599 tariff lines. The regulatory duty is applicable from July 1, 2021. The … Read more

Tax committee to formulate rules for imposition of penalty

by
Tax authorities

KARACHI: The tax authorities have constituted a committee of senior officials of Customs to formulate rules to implement Section 156 (I) of the Customs Act, 1969 that is amended through the Finance Act, 2021. The Federal Board of Revenue (FBR) said that the provision of law prescribes certain penalties for not placing invoice, packing list … Read more

BOL EXCLUSIVE: Pakistan plans additional Rs3.5 billion tax collection on sugar sale

by
Tax collection

KARACHI: The Federal Board of Revenue (FBR) has estimated collection of an additional amount of Rs3.5 billion following change in the sales tax regime on the supply of sugar, official sources said on Wednesday. In the recent budget, the tax treatment on the sale of sugar had been changed and the commodity has been brought … Read more

FBR to conduct prize draw for POS customers in first week of August

by
FBR

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

FBR Announces 15% Holding Tax On Profits Of National Savings Schemes

by
FBR Announces 15% Holding Tax On Profits Of National Savings Schemes

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

Banks to pay income tax on loan/deposit ratio basis

by
FBR Announces 15% Holding Tax On Profits Of National Savings Schemes

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

Tax authorities empowered to enforce tax returns of past years

by
Corporate tax office

KARACHI: The Federal Board of Revenue (FBR) on Friday said that the tax authorities have been empowered to enforce income tax returns of any past year in cases where foreign income or assets are not disclosed. The revenue board said, under the law, the tax authorities are empowered to enforce annual returns of income for … Read more

Duty, taxes collection: Seaports generate Rs1.67 trillion on imports

by
Taxes

KARACHI: The revenue collection from goods arriving at the seaports of the country was recorded at Rs1.67 trillion during the fiscal year 2020/21, which is around 35 per cent of the total collection at the national level during the fiscal year, according to the data made available to BOL News on Friday. The collection of … Read more

Prime Minister Imran Praises FBR for Achieving Historic Level of Tax Collection

by
Prime Minister Imran Praises FBR for Achieving Historic Level of Tax Collection

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

Pakistan bourse starts financial year on positive note

by
Pakistan bourse starts financial year on positive note

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

FBR opens IRIS portal for 2021 annual returns filing

by
Corporate tax office

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

Smartphones to become costlier as regulatory duty rise up to 240%

by
Imported smartphones

KARACHI: The imported smartphones would become costlier, as the Federal Board of Revenue (FBR) has increased up to 240 per cent regulatory duty on the import of smartphones. The new rate of the regulatory duty has been implemented with effect from July 1, 2021. The revenue board issued a notification on Thursday notifying a list … Read more

FBR collects Rs4,725 billion during outgoing financial year 2020-21

by
FBR

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

FBR withdraws condition of bank guarantee, pay order on temporary import

by
Corporate tax office

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

BOL EXCLUSIVE: Disposal of assets abroad: FBR to recover around Rs10 billion from foreign firms

by
Corporate tax office

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

FBR raids unregistered plastic shoppers making unit

by
Corporate tax office

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

Govt Prepares Comprehensive Strategy To Bring More Retailers Into Tax Net

by
Govt Prepares Comprehensive Strategy To Bring More Retailers Into Tax Net

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

FBR finds $3.8 billion gap in VAT collection

by
FBR

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

Govt increases tax rate on profits from bank deposits

by
Govt Prepares Comprehensive Strategy To Bring More Retailers Into Tax Net

KARACHI: The federal government has increased the income tax rate to 15 percent from the existing 10 percent on the income generated from the profits on bank deposits, sources in the Federal Board of Revenue (FBR) said on Monday. Through the Finance Bill, 2021, a major change has been made by increasing the tax rate … Read more

No income tax on pensions; PM Imran Khan rejects proposal

by
Prime Minister Imran Khan

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

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

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

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

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

by
FBR

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/”]

Read more

Menu

Latest

Entertainment

Lifestyle