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
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
KARACHI: Pakistan’s progress on improving tax collection over the last few years has not been a very successful journey, despite several measures taken by the government and tax authorities, an official said on Thursday. Karachi Chamber of Commerce and Industry (KCCI) president Muhammad Idrees said the government and tax authorities have imposed various taxation requirements … Read more
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
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
KARACHI: The Directorate of Intelligence and Investigation-Inland Revenue (I & IR), Lahore has identified massive evasion of the federal excise duty by the steel melters and re-rollers through concealment of the actual value of the products and supplies, a statement said. The tax authorities said the steel melters and re-rollers were found involved in massive … Read more
ISLAMABAD: The tax authorities have given arrest powers to its officials in case of concealment of an amount over Rs25 million by a non-filer, according to an official document of approved financial proposals for the fiscal year 2021/22 made available on Wednesday. However, the tax authorities will exercise the arrest powers where the person is … Read more
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
KARACHI: The tax authorities have accepted an error in the proposal for an increase in the turnover tax on flour mills and said that the same would be rectified through an amendment in the Finance Bill 2021. In a statement, the Federal Board of Revenue (FBR) clarified that the table prescribing tax rates for a … Read more
KARACHI: The tax authorities will collect details of those banking customers who deposited over Rs10 million in their accounts during a month, bringing the high value transactions of undeclared income and assets on its radar, sources said on Monday. The sources in the Regional Tax Office (RTO) Karachi, a revenue collecting arm of the Federal … Read more
