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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: Federal Board Revenue (FBR) chairman Dr Muhammad Ashfaq Ahmed has ensured seamless Customs clearance at the Chaman border for smooth trade. On the third and last day of his eventful visit to Balochistan, Ahmed visited Customs House Chaman, a statement said. He was accompanied by Dr Muhammad Saeed Khan Jadoon, Member (Customs Policy), FBR, … 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: The Federal Board of Revenue (FBR) has launched the much-awaited prize scheme for the shoppers from POS-integrated Tier-1 retail outlets, a statement said. Thousands of prizes worth hundreds of thousands of rupees will be distributed among the shoppers through a computerised ballot, who opt to shop from the POS-integrated retail outlets spread across the … 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
LAHORE: Federal Investigation Agency (FIA) Peshawar on Friday retrieved Evacuee Trust Property Board (ETPB) land worth several billions of rupees. According to Deputy Director FIA Khawaja Hammad ur Rehman, on the directions of Supreme Court of Pakistan, a Joint Investigation Team (JIT) was constituted which conducted several raids in Peshawar City area with the help … Read more
ISLAMABAD: On directions of Prime Minister Imran Khan, the Federal Board of Revenue (FBR) held a public meeting to address tax payers’ issues at its headquarters on Friday. The FBR chairperson, Dr Muhammad Ashfaq Ahmed, assured the tax payers that the institutions is leaving no stone unturned to resolve the issues of active tax payers … Read more
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
ISLAMABAD: The Federal Board of Revenue (FBR) on Tuesday deferred the implementation of new and revised valuations of immovable properties till January 16, 2021; following anomalies pointed out by the stakeholders. The FBR on December 1, 2021 issued fresh and upward revised valuation tables for immovable properties located in 40 major cities of the country. … Read more
KARACHI: The Federal Board of Revenue (FBR) on Tuesday notified an increase in the sales tax on high-speed diesel (HSD) and kerosene. The FBR also increased the sales tax on light diesel oil. However, the rate of sales tax has been brought down to zero per cent on petrol. The revenue body issued SRO 1579 … Read more
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
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
ISLAMABAD: The Senate Standing Committee on Finance has directed the Federal Board of Revenue (FBR) to revoke the recent SRO issued on the revaluation of properties and urged the officials to determine the value of immovable properties in consultation with the relevant stakeholders in 15 days. The meeting of the Senate Standing Committee was held … Read more
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
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
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
ISLAMABAD: The Federal Board of Revenue (FBR) is likely to increase the tax on mobile phones and imported vehicles in the proposed mini-budget. These taxes will be imposed due to the conditions of the International Monetary Fund (IMF), after the government withdraws tax relief worth Rs350 billion on multiple products, which includes mobile phones and … Read more
KARACHI: The Federal Board of Revenue (FBR) on Wednesday notified fresh and revised valuation of immovable properties for various cities of the country to bring the declared prices at par with the fair market value. The FBR issued valuation and revaluation of immovable properties for 16 cities of the country. These cities included Abbottabad; Attock, … Read more
KARACHI: The Federal Board of Revenue (FBR) on Wednesday extended the implementation of digital payment for the corporate sector for another month. In this regard, the apex tax body issued a Circular No 10 of 2021/22 to notify the extension in time for implementation of digital payment for corporate entities. It is the second time, … Read more
KARACHI: The Federal Board of Revenue (FBR) plans to create a dedicated Customs Colectorate for the processing of liquefied natural gas (LNG), liquefied petroleum gas (LPG) and other liquids, as well as solid bulk cargo imports. The Collectorate, namely, MCC Appraisement (Bulk) in Karachi, will deal with the cargo clearance of bulk petroleum products, edible … Read more
ISLAMABAD: The Federal Board of Revenue (FBR) witnessed another period of robust growth, as the apex tax body collected net revenue of Rs2.314 trillion during the first five months (July-November) of the current financial year 2021/22, exceeding the target of Rs2.016 trillion by Rs298 billion. The FBR had collected Rs1.695 trillion during the preceding period … Read more
KARACHI: The Federal Board of Revenue (FBR) has dismissed a senior officer of Inland Revenue on the charges of corruption and misconduct. The revenue board initiated disciplinary proceedings against Syed Zubair Shah, a BS-19 officer of the Inland Revenue Service on the complaint of Chief Accountant of Pak Steel Re-Rolling Mills, Islamabad. Shah has been … Read more
ISLAMABAD: The Federal Board of Revenue (FBR) with the help of the National Database Registration Authority (Nadra) will broaden the tax base and take action against the non-taxpayers who are paying no or very nominal taxes. In this regard, Adviser to the Prime Minister on Finance and Revenue Shaukat Tarin chaired a meeting on broadening … Read more
KARACHI: The apex tax body of the country has imposed a condition on builders and developers under the Anti-Money Launder Act, 2010 regarding transfer and registration of property. In this regard, the Federal Board of Revenue (FBR) issued a notification on Monday, saying that the AML 2010 empowered the revenue board, inter-alia, to licence or … Read more
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
KARACHI: The digital mode for payment by corporate entities will be applicable from next week, i.e., December 1, 2021, after an extension of one month granted by the Federal Board of Revenue (FBR), official sources said on Thursday. The government through the Tax Laws (Third Amendment) Ordinance, 2021 introduced the provisions in the Income Tax … Read more
ISLAMABAD: A security threat alert has been issued for the National Database and Registration Authority (NADRA), Federal Board of Revenue (FBR) and the Federal Investigation Agency (FIA) on Thursday. According to details, a terror plan to target the state institutions has been foiled because of which security of FBR headquarters, its field offices and other … Read more
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
