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Tag Archives: FBR

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 »

FBR proposes introduction of 0.6% WHT on purchase of foreign currency

ISLAMABAD: The Federal Board of Revenue (FBR) has proposed the introduction of 0.6% withholding tax (WHT) on the purchase of foreign currency and has sought to squeeze various expense allowances that industrialists get before computing their taxable income. The proposals have been made to generate an additional Rs40 billion in taxes from five measures during fiscal year 2020-21, starting July. It ... Read More »

FBR proposed to make CNIC mandatory for purchase of properties

KARACHI: Federal Board of Revenue (FBR) has been proposed to make computerized national identity card (CNIC) mandatory for purchase of movable and immovable properties for bringing potential taxpayers into the tax net. A presentation made on behalf of Pakistan Tax Bar Association (PTBA) for submission of proposals for budget 2020/2021, it is highlighted that Pakistan has a lower tax-to-GDP ratio ... Read More »

No rift between UK-Pakistan tax authorities: FBR

ISLAMABAD: The Federal Board of Revenue (FBR) rebutted a news story published in a section of press, claiming a rift between the tax authorities of the United Kingdom and Pakistan. The board clarified that it enjoyed very cordial relations with its UK counterpart, HM Revenue and Customs (HMRC) and the cooperation between both the tax authorities was commendable. The HMRC ... Read More »

FBR faces daunting challenge to meet annual revenue collection target

ISLAMABAD: The tax officials are facing an uphill task to achieve around 16 percent growth in revenue collection during last month of the current fiscal year to meet the annual target in these difficult times of coronavirus panic. A senior official told that the revenue collection is in full swing as June is the last month of the fiscal year. ... Read More »

ICCI proposals to be considered in upcoming budget: FBR chief

ISLAMABAD: Federal Board of Revenue Chairperson Nausheen Javed Amjad said on Thursday that budget proposals sent by the Islamabad Chamber of Commerce and Industry (ICCI) would be given due consideration as they would be helpful in finalising the federal budget 2020-21. She said this while talking to Muhammad Ahmed Waheed, President Islamabad Chamber of Commerce and Industry, who called on her ... Read More »

Islamabad Customs to hold auction of confiscated vehicles on 21 May

ISLAMABAD: Model Customs Collectorate (MCC) Islamabad has announced public auction of confiscated motor vehicles on 21 May 2020 to be held at state warehouse of the collectorate. Following vehicles will be presented for auction: Toyota Corolla Spacio Car Automatic (Semi Bullet Proof), Model 2009, Chassis No. ZZE142-7403600 Mercedes Benz Car Bullet Proof, Model 1985, Chassis No. WDB1260371A197458 Mercedes Benz Car ... Read More »

FPCCI VP Khurram Aijaz rebukes shipping lines for not giving relief on detention charges

KARACHI: The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) lambasted shipping lines for not giving any relief to importers and traders on detention charges, and dubbed their claims as untrue. FPCCI Vice President Khurram Aijaz said international trade had almost shut down and there were no export shipments from Pakistan. “There is no export to USA or Europe, ... Read More »

Director I&I Irfan Javed seizes smuggled goods worth Rs39m from Super Parcel Goods train   

KARACHI: Directorate of Customs Intelligence and Investigation (I&I) team recovered huge quantity of smuggled goods which were being transported from Lahore to Karachi. According to sources, Director I&I Irfan Javed received credible information regarding transportation of huge quantity of smuggled goods from Lahore to Karachi through Railways goods train taking the advantage of ongoing countrywide lockdown, the team of Customs ... Read More »

Rs 332.174m duty evasion: Customs Enforcement lodges FIR against 27 importers, clearing agents

PESHAWAR: At a time when the federal government is struggling to overcome the ongoing fiscal crisis that grips the country due to Coronavirus pandemic, it appears that the national exchequer lost an estimated Rs332.174 million in taxes on apple imports. An FIR has been registered against by Model Customs Collectorate Enforcement Peshawar against 27 importers and customs clearing agents for ... Read More »

FBR exempts income tax on donations/payments made to PM’s COVID-19 Relief Fund

ISLAMABAD: The Federal Board of Revenue (FBR) has exempted income tax on donations/payments made to the Prime Minister’s COVID-19 Pandemic Relief Fund, 2020. In this regard, the FBR issued a notification, here on Friday. According to the notification, the FBR will not deduct withholding tax at the time of transfer of any sum to the Prime Minister’s COVID-19 Pandemic Relief Fund ... Read More »

Nausheen Javed takes charge as FBR chief

ISLAMABAD: Nausheen Javed Amjad Wednesday assumed charge as the Chairperson Federal Board of Revenue (FBR) after the government notified her appointment with effect from April 8, 2020. In her maiden interaction with the media after appointment as the chairperson, Nausheen seemed upbeat about setting right the direction of the FBR. However, she argued that since all kind of economic activities ... Read More »

FBR chairperson Nausheen Javed asked to resolve issues of Sales Tax Officers

ISLAMABAD: The Sales Tax Officers Association has asked the newly-appointed FBR Chairperson Nausheen Amjad Javed to intervene and direct the departmental committee to formulate recommendations of the longstanding career related issues of sales tax officers immediately and submit them to her for necessary action. The demand was made during a meeting of CEC of Sales Tax Officers Association (STOAP), headed ... Read More »

Habibullah, Junaid, Aruna CEOs of QICT, Maersk, shipping a ‘mafia’ in COVID disaster?

KARACHI: Traders Associations, Importers and Customs Agents are demanding waiver of demurrages, detention and port charges to avoid the economic system from further collapse as ‘shipping mafia’ and private terminals are said to be looting the nation due to non-implementation of existing laws. Importers are demanding 100% waiver of demurrage and detention charges and extension in free time till the ... Read More »