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Tag Archives: FBR

FBR appoints Dr. M. Ali Khan as chairman of Benami Adjudicating Authority

ISLAMABAD: The government has appointed Dr. Muhammad Ali Khan as chairman of Benami Adjudicating Authority under the Benami Transactions (Prohibition) Act, 2017. The Federal Board of Revenue (FBR)  issued the notification for the posting. Dr. Muhammad Ali Khan, is a BS-22 officer of Inland Revenue Service (IRS) and was posted as Member (Admin Pool), FBR HQ Islamabad. The FBR also ... Read More »

Taxpayers to get active status after surcharge payment: FBR

ISLAMABAD: Federal Board of Revenue (FBR) advised late filers to pay surcharge to appear on the Active Taxpayers List (ATL) for tax year 2020. The FBR a day earlier issued the ATL for tax year 2020. The total number of active taxpayers for the tax year 2020 is 2.18 million. However, according to the FBR received 2.63 million income tax ... Read More »

FBR going to miss its annual tax collection target

LAHORE: The Federal Board of Revenue (FBR) is also going to miss its annual tax collection target by a wide margin and the International Monetary Fund (IMF) has agreed to reduce the target by about Rs263 billion, said the sources. In an alarming development, the number of active taxpayers has declined by 30% or 935,000 to just under 2.2 million, ... Read More »

FBR extends pre-arrival customs clearance facility to five airlines

ISLAMABAD: Federal Board of Revenue (FBR) said that it has extended the pre-arrival custom clearance facility to five airlines. A FBR spokesman on a pilot project on customs clearance in the Sky that was started with Qatar Airways has now been rolled out to five other airlines. Urgent shipments on Turkish Airlines, Fly Dubai, Air Arabia and YTO cargo are ... Read More »

FBR directs Multan Customs to deploy staff for monitoring of dry port gates

MULTAN: The Federal Board of Revenue (FBR) has directed Collector Customs Enforcement & Compliance (E&C) Multan to deploy relevant staff from Enforcement may be transferred/posted into Appraisement as the function of monitoring of gates of dry ports and Custom border stations has been given to Customs Appraisement Faisalabad. Collectorate of Customs Enforcement & Compliance (E&C) Multan was performing the responsibility ... Read More »

FBR starts harmonizing IR codes to simplify & consolidate tax laws

ISLAMABAD: Federal Board of Revenue (FBR) has started harmonizing Inland Revenue codes in order to simplify and consolidate the tax laws. According to sources, the harmonization of IR codes has been started under World Bank funded ‘Pakistan Raises Revenue Project’.  The FBR said that it had received financing from the World Bank towards the cost of the Pakistan Raises Revenue ... Read More »

Eurobonds, Sukuks granted income tax exemption by FBR

ISLAMABAD: Federal Board of Revenue (FBR) granted income tax exemption on profits derived by foreign nationals on yield of Eurobonds and International Sukuk issued by the government of Pakistan. In this regard the FBR issued two notifications to make changes in Income Tax Ordinance, 2001. The FBR issued SRO 268(I)/2021 and SRO 269 (I)/2021. The FBR granted the exemption while ... Read More »

FBR suspends IR officer of BS 18 Jamshed Khan for four months

ISLAMABAD: Federal Board of Revenue (FBR) suspended a BS-18 officer of Inland Revenue Service (IRS) for four months with immediate effect. A notification said that the FBR while exercising powers conferred under Rule 5 of the Civil Servants (Efficiency & Discipline) Rules, 2020, placed Muhammad Jamshed Khan (IRS/BS-18), presently posted as deputy commissioner, Regional Tax Office, Rawalpindi under suspension for ... Read More »

FBR launches new complaint redressal mechanism to target corruption

ISLAMABAD: The Federal Board of Revenue (FBR) has announced to launch a new complaint redressal mechanism aimed at solving complaints of taxpayers against corruption and other malpractices in Inland Revenue Field Formations. Sharing the policy via series of messages from its Twitter handle, the FBR’s spokesman said that the new mechanism will conceal the identity of the complainant in order ... Read More »

FBR publishes active taxpayers’ list for tax year 2020

ISLAMABAD: The Federal Board of Revenue (FBR) published on Monday the Active Taxpayers’ List (ATL) for Tax Year 2020. According to the ATL, more than 2.6 million income tax returns were filed during the tax year under review as compared to 2.4 million filed during the previous tax year, showing an increase of 8 per cent. The FBR said the ... Read More »

FBR crosses eight-month revenue collection target by Rs18b

ISLAMABAD: The Federal Board of Revenue has exceeded its target for the first eight months of the current fiscal year (July-February) by fetching Rs2,916 billion against its desired target of Rs2,898 billion, seeing an increase of Rs18 billion. As per the provisional collection figures, the FBR collected net revenue of Rs2,916 billion during the Jul-Feb period, which has exceeded the ... Read More »

FBR receives 2.63 million income tax returns for tax year 2020

ISLAMABAD: Federal Board of Revenue (FBR) has received 2.63 million income tax returns for tax year 2020 by February 28, 2021, just one day ahead of issuing new Active Taxpayers List (ATL). According to a statement issued on Sunday the FBR said that it had received 2.63 million income tax returns for tax year 2020 by February 28, 2021, which ... Read More »

FBR notifies Rs1,000 surcharge for individuals

ISLAMABAD: The Federal Board of Revenue (FBR) has clarified that a lower rate of Rs1,000 will be charged from individuals (salaried and non-salaried) on late filing of income tax returns for the tax year 2020 for inclusion in the Active Taxpayers’ List (ATL). The FBR’s spokesperson has clarified that surcharge for inclusion in ATL for late filing individuals is Rs1,000 ... Read More »

Pakistan, Saudi Arabia to further promote cooperation in customs, tax fields

ISLAMABAD: Ambassador of Saudi Arabia in Pakistan, Nawaf Saeed Al-Malikey here on Saturday had a call on meeting with Chairman Federal Board of Revenue (FBR), Muhammad Javed Ghani during which matters of mutual concern pertaining to cooperation on customs and tax were discussed . According to press statement issued by the board, it was agreed in the meeting that relevant ... Read More »

10 IRS officers promoted from BS-20 to BS-21

ISLAMABAD: Federal Board of Revenue (FBR) notified promotions of 10 BS-20 officers of Inland Revenue Service (IRS) to BS-21 on regular basis with immediate effect. Following officers have been promoted to BS-21: Tariq Mustafa Khan Mir Badshah Khan Wazir Malik Amjad Zubair Tiwana Muhammad Azam Sheikh Mehmood Hussain Jafari Muhammad Iqbal Muhammad Abid Raza Bodla Ms. Aiysha Khalid Karamatullah Khan ... Read More »

FBR amends law for recovery of sales tax from bank account

ISLAMABAD: Federal Board of Revenue (FBR) amended tax laws to make legal the recovery of sales tax amount directly from bank account of a tax defaulter. The FBR issued SRO 234(I)/2021 to amend Sales Tax Rules, 2006. Under the amendment, the FBR said that Rules 210A to 210I of the Income Tax Rules, 2002 shall, mutatis mutandis, apply to Chapter ... Read More »

FBR allows exemption from income tax on import of sugar

ISLAMABAD: Federal Board of Revenue (FBR) allowed exemption from income tax on import of raw and refined sugar. The FBR issued SRO 235(I)/2021 in pursuance to the federal cabinet decision dated January 26, 2021. Through the SRO the FBR amended Second Schedule of the Income Tax Ordinance, 2001. According to the amendments, the tax under Section 148 on commercial import ... Read More »

No new taxation measures imposed to facilitate business community: FBR chairperson Nausheen

ISLAMABAD: The Federal Board of Revenue (FBR) chairperson Nausheen Javaid Amjad Tuesday said for the first time in history of Pakistan, the government had presented a budget without any taxation measures for 2020-21. Addressing the Institute of Chartered Accountants of Pakistan (ICAP) post-budget conference 2020, the FBR chairperson who was the guest of honour at the event, said no new ... Read More »

FBR seeks powers to bind BMP to assist Customs to eradicate smuggling

ISLAMABAD: The Federal Board of Revenue (FBR) has sought powers to legally bind the Border Military Police (BMP) operating in DG Khan and Rajanpur to assist the Pakistan’s Customs in checking smuggling. Under Finance Bill 2020-21 tabled in Parliament, the FBR has sought an amendment to Section 7 of Customs Act to legally bind the BMP operating in DG Khan ... Read More »

Disbursement of annual honoraria to FBR stopped

ISLAMABAD: The Federal Board of Revenue (FBR) has directed all field formations of the Inland Revenue Service (IRS) and Pakistan Customs Service (PCS) not to disburse any sanctioned or unsanctioned amount of cash reward or honoraria to their personnel. A directive issued by the FBR (Revenue Division) on Monday, a copy of which is available with The News, dealt with ... Read More »