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FBR releases 2018 tax details of MPs, chief ministers

ISLAMABAD: A tax directory of Pakistan’s elected representatives for the year 2018 has been published by the Federal Board of Revenue (FBR). According to FBR, former prime minister and Shahid Khaqan Abbasi paid the highest tax of Rs241,329,362. Former president and Asif Ali Zardari paid Rs2,891,455, whereas PPP Chairperson Bilawal Bhutto-Zardari paid Rs294,117 in taxes. Former Punjab chief minister Shehbaz ... Read More »

FBR constitutes committees to streamline taxation system

ISLAMABAD: Federal Board of Revenue (FBR) formed two committees for elimination of inequality in taxation system and speedy resolution of taxpayers’ complaints. The FBR said that advisor to Prime Minister on Finance and Revenue had constituted two committees namely Technical Committee and Complaint Oversight Committee of FBR in order to identify and remove the technical and complaint issues. The technical ... Read More »

FBR introduces single page return form for traders, shopkeepers

ISLAMABAD: Federal Board of Revenue (FBR) introduced final draft of single-page income tax return for shopkeepers /small traders having annual turnover less than Rs10 million. The FBR issued SRO 885(I)/2020 to notify the final draft. Previously, the FBR on September 08, 2020 issued draft return form for shopkeepers/traders through SRO 821(I)/2020 to invite comments. In the single return form, the ... Read More »

FBR balloting on Friday to select 0.76pc cases for audit

ISLAMABAD: Following the Audit Policy-2019, the Federal Board of Revenue (FBR) will hold parametric computer balloting here on Friday (September 18) to select cases for audit for the Tax Year-2018. Adviser to the Prime Minister on Finance and Revenue, Dr. Abdul Hafeez Sheikh and Chairman FBR, Muhammad Javed Ghani are also scheduled to address the balloting ceremony. The board had ... Read More »

FBR updates Tax Asaan app for salary return filing

ISLAMABAD: Federal Board of Revenue (FBR) updated Tax Asaan, a mobile phone application, for filing of income tax return by salaried persons. The Tax Asaan application, available for both Android and iOS, has been updated for filing the income tax return for the tax year 2020. Tax Asaan is a mobile application developed by FBR to facilitate taxpayers. It is ... Read More »

FBR notifies promotion of 65 IROs as assistant commissioner BS-17

ISLAMABAD: Federal Board of Revenue (FBR) promoted 65 Inland Revenue Officers (IROs) of BS-16 to the post of assistant commissioner of Inland Revenue BS-17 with immediate effect. The following officers are promoted to the post of Assistant Commissioner IR with their name and place of posting: Muhammad Arshad, Directorate of Intelligence and Investigation IR, Karachi Zahid Saleem, Regional Tax Office ... Read More »

ECC allows TCP to import 200,000 tonnes of wheat

ISLAMABAD: Adviser to the Prime Minister on Finance and Revenue Dr. Abdul Hafeez Shaikh chaired the meeting of the Economic Coordination Committee (ECC) of the Cabinet here at the Cabinet Division. ECC discussed in detail the need to import wheat in the country through the government and private sector. The Chair directed that the availability of wheat is an important ... Read More »

CPEC is an inspiration for rest of the world: Envoy Yao Jiang

Yao Jing, Ambassador of People’s Republic of China made a farewell call on the Adviser to Prime Minister on Finance and Revenue Dr. Abdul Hafeez Shaikh here at the Finance Division. The Adviser appreciated the commitment with which Mr. Jing worked for the progress of the Pak- China relationship. The Adviser acknowledged the contributions of Ambassador Jing and China’s leadership ... Read More »

FBR issues tax registration procedure for filing annual return of income

ISLAMABAD: Federal Board of Revenue (FBR) has issued registration procedure for income tax in order to file income tax return. The filing of income tax return for tax year 2020 is due on September 30, 2020 in case of taxpayers such as salaried persons, business individuals, Association of Persons (AOPs), taxpayers falling under final tax regime and corporate entities having ... Read More »

ECC increases limit of importing duty free cars under disabled persons’ scheme

ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet Wednesday allowed amendment in the import of Customs Duty Free Cars under disabled persons ‘scheme and increased the limit of importing cars under the scheme. The ECC meeting was chaired by Adviser to the Prime Minister on Finance and Revenue Dr. Abdul Hafeez Shaikh, according to press statement issued by the ... Read More »

FTO disposes 28.56pc more complaints in 2019

ISLAMABAD : The Federal Tax Ombudsman (FTO) has disposed of around 2411 complaints during the year 2019, which shows 28.56 percent increase as compared to the corresponding period of 2018. The FTO disposed of these complaints, which were included during the investigation and post investigation processes. According to the annual report 2019, as many as 2411 complaints were disposed of ... Read More »

IHC seeks NAB comments in bail plea of foreign office’s ex-officer

ISLAMABAD: The Islamabad High Court (IHC) on Wednesday sought comments from National Accountability Bureau (NAB) in a post arrest bail petition of ex-official of foreign office Tufail Qazi in a corruption case. A division bench comprising Justice Mohsin Akhter Kiyani and Justice Fayyaz Ahmed Jandran conducted hearing in the bail petition moved by accused Tufail Qazi in NAB case. The ... Read More »

FBR explains salary codes for tax returns

ISLAMABAD: Federal Board of Revenue (FBR) has explained codes to be used for entering the tax deducted at source under the head of salary. An employer deducts income tax from salary of taxable income of an employee under section 149 of Income Tax Ordinance, 2001. Many salaried persons are confused at the time of filing annual income tax return regarding ... Read More »

Pakistan’s economy gaining momentum as Covid cases drop

ISLAMABAD: Pakistan’s economy showed positive momentum after a decline in coronavirus cases in the country, Bloomberg reported on Tuesday. The economic journal said Pakistan is showing signs of business activity picking up at a faster clip, “as worries about new Covid-19 infections fade in an economy that contracted for the first time in seven decades”. “Evidence of momentum returning can ... Read More »

Pakistan likely to experience broad economic recovery in FY 2021: ADB

  ISLAMABAD: Pakistan is projected to experience a broad economic recovery in fiscal year 2021 (which ends 30 June 2021) as the economic sentiment improves with the expected subsiding of the coronavirus disease (COVID-19) pandemic and the resumption of structural reforms, says an Asian Development Bank (ADB) report. The Asian Development Outlook (ADO) Update released today revised the 2020 growth ... Read More »

Islamabad ASO seizes smuggled cigarettes worth Rs17.5m near Toll Plaza

  ISLAMABAD: Collectorate of Customs Anti-Smuggling Organization (ASO) has seized smuggled foreign origin cigarettes worth Rs17.5 million and arrested two smugglers. Fahd Iqbal Rao Assistant Collector Anti Smuggling Organization told Customs Today that during early morning the ASO was on routine patrolling, when they stopped a Mazda truck at M2 Moto way toll plaza which was loaded with huge quantity ... Read More »

Rs73.71b funds released for development projects by finance ministry

ISLAMABAD: The Finance Ministry has released Rs73.71 billion funds for ongoing development projects by the federal government during the first quarter of the current fiscal year, ARY News reported on Tuesday. The statistics released by the finance minister stated that more than Rs112 billion released for Public Sector Development Programme (PSDP), whereas, over Rs73.71 billion was released for development projects ... Read More »

Remittances in August continue uptrend from July’s record figure: PM Imran

ISLAMABAD: Remittances sent back home by overseas Pakistanis in August 2020 continued on an uptrend from July’s record figure of $2.77 billion, Prime Minister Imran Khan said Monday. The remittances for August 2020 were $2.10 billion, translating into a 24.4 percent rise as compared to the same period, last year. This was “in addition to the record $2,768 million in ... Read More »

Goods to be virtually accessed to detect duty, tax evasion

ISLAMABAD: Pakistan Customs is all set to place a virtual assessment of goods to duty and taxes, a move that aims to minimise corruption by limiting physical interaction between tax officials and traders. The system, expected to eliminate duty and tax evasion during clearance at the import stage, will be developed in the light of international best practices and will ... Read More »

Duty free mobile phone not allowed under personal baggage: FBR

ISLAMABAD: Federal Board of Revenue (FBR) has said that not a single mobile phone is allowed duty free brought into Pakistan under personal baggage. Recently Baggage Rules have been amended vide Finance Act, 2019 whereby facility for bringing duty/taxes free mobile set has been withdrawn from July 01. 2019. Hence duty and taxes will be paid on every mobile phone. ... Read More »