FBR – Page 8 – BOL News Staging

High fuel prices taking toll on marble industry

February 27, 2022 by Muhammad Zubair

KARACHI: The recent hike in the power tariff under the head of fuel price adjustment is forcing the marble industry of Khyber-Pakhtunkhwa (KP) to halt its production. The Buner Marble Association (BMA) on February 1, announced to go on a strike, demanding withdrawal of the additional taxes and fuel price adjustment charges in the power … Read more

Tax return a double-edged sword

February 20, 2022 by Muhammad Zubair

KARACHI: A recent incident of an old pensioner’s maltreatment by the tax officials sent shockwaves among the people. Terming it a shameful act, they said, it caused embarrassment for the entire nation. Taking cognizance of the severity of the issue, President Dr Arif Ali apologised to the senior citizen, an 82-year-old Abdul Hamid Khan, who … Read more

Customs intelligence unearths cases of trade-based money laundering

February 20, 2022 by Muhammad Zubair

KARACHI: The Customs Intelligence and Investigation (I&I), Karachi has unearthed cases of trade-based money laundering ahead of a review meeting on Pakistan by the Financial Action Task Force (FATF). The FATF retained Pakistan in the grey list in its last meeting held in October 2021 till the next meeting scheduled for February 2022. Sources in … Read more

FBR massively cuts sales tax on petroleum products

February 10, 2022 by Muhammad Zubair

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

FBR resolving issues related to POS: official

February 4, 2022 by Roman Ahmed

KTBA highlights pharma sector taxpayers issues

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

FBR freezes bank accounts of top banker for concealing foreign assets

February 3, 2022 by Shaista Zafar

KARACHI: The Federal Board of Revenue (FBR) has frozen the bank accounts of a top banker for tax recovery of over Rs1 billion on the charges of concealing foreign assets, official sources said on Thursday. The Directorate of Automatic Exchange of Information (AEOI) Karachi has attached the bank accounts of Farooq Bengali, a former CEO … Read more

FBR unveils software for expeditious process of sales tax returns

February 2, 2022 by Roman Ahmed

KARACHI: The Federal Board of Revenue (FBR) has launched a pilot run of IDEA software for expeditious processing of the sales tax returns, Dr Aftab Imam, chief commissioner of the Inland Revenue, Corporate Tax Office (CTO) Karachi, said on Tuesday. “To quickly process the sales tax returns being submitted in huge quantities every month by … Read more

FBR unveils software for expeditious process of sales tax returns

February 2, 2022 by Roman Ahmed

Host of issues hurting rupee stability

January 30, 2022 by Muhammad Zubair

KARACHI: High dollar demand for external payments, depleting foreign exchange reserves and the rising oil prices in the international market are likely to keep the Pakistani rupee under pressure, experts said. However, they brushed off speculation that the rupee may fall to 200 against the dollar. “The Federal Board of Revenue (FBR) had issued notices … Read more

KTBA highlights problems in filing sales tax return forms

January 23, 2022 by Muhammad Zubair

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

FBR mandates exchange firms to report failed transactions

January 23, 2022 by Muhammad Zubair

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

Taxpayers still shying away from audit, monitoring

January 23, 2022 by Muhammad Zubair

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

Businessmen demand representation in government bodies

January 17, 2022 by Muhammad Zubair

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

Balancing the book

January 17, 2022January 16, 2022 by Muhammad Zubair

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

Aima Baig’s name got under the scrutiny of FBR

January 13, 2022 by Raba Noor

The Federal Board of Revenue (FBR) has finally initiated an investigation into Pakistani showbiz stars who have neglected to pay income tax. Under all the big names, Aima Baig, a Pakistani singer, has recently come under the FBR’s scrutiny for failing to pay tax totaling 85 million rupees.

Furthermore, the singer has received a notification indicating that all of Aima Baig’s vehicles should be confiscated. Aima has been found to have failed to pay taxes for the years 2018, 2019, and 2020. FBR Deputy Commissioner Ali Raza Gillani has sent a notice to the Pakistani music celebrity, including her address in Lahore’s Model Town.

An investigation has begun to seize Aima Baig’s cars in order to reclaim the large sum of tax that she failed to pay.

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Supreme Court suspends SHC’s order on FBR notices

January 12, 2022 by Roman Ahmed

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

Tax reforms to help bring Rs20 trillion retail sector into tax net: Tarin

January 11, 2022 by Muhammad Zubair

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

Businessmen seek govt’s help in khashkhash export

January 10, 2022 by Muhammad Zubair

KARACHI: The Union of Small and Medium Enterprises (Unisame) has sought the help of the commerce ministry and revenue board to assist in the trade of khashkhash, a statement said on Monday. Unisame president Zulfikar Thaver sought the support of the Ministry of Commerce and the Federal Board of Revenue’s (FBR) customs wing to examine … Read more

HBL’s centralised system breakdown still haunt customers

January 6, 2022 by Muhammad Zubair

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

FBR defers digital payment system till January 31

January 3, 2022 by Muhammad Zubair

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

Mega racket of crypto

January 5, 2022January 2, 2022 by Muhammad Zubair

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

‘FBR witnesses record tax collection of Rs2,920 billion in second quarter of FY21-22’

January 1, 2022 by Sana Jamil

ISLAMABAD: Minister of State for Information and Broadcasting Farrukh Habib has said that record tax collection of Rs 2,920 billion by the Federal Board of Revenue (FBR) with an increase of 32% in the second quarter of the current financial year reflected the best economic activities in the country Read more: FBR defers implementation of … Read more

FBR registers revenue growth of 32.5% in second half of 2021

January 1, 2022 by Muhammad Zubair

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

IR tax offices to observe extended working hours

December 28, 2021 by Muhammad Zubair

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

LTO Karachi’s collection grows 53% in five months

December 26, 2021 by Muhammad Zubair

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

Hot Stocks: Dolmen City REIT (DCR)

December 26, 2021 by Muhammad Zubair

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

Unisame stresses for white food grade poppy seeds exports

December 23, 2021 by Muhammad Zubair

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

FBR’s automation a must for taxpayers facilitation: Tarin

December 22, 2021 by Roman Ahmed

ISLAMABAD: Adviser to the Prime Minister on Finance and Revenue Shaukat Tarin has emphasised on the importance of automation for taxpayers’ facilitation, administrative efficiency and transparency. Chairing a meeting on automation at the Federal Board Revenue (FBR) on Wednesday, the adviser was apprised about the progress made on the automation initiatives, data centre upgradation and … Read more

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