FBR updates, income tax, budgets and markets for Pakistan
234 articles
The Federal Board of Revenue (FBR) has decided to outline guide techniques for Inland Revenue Officers for effective monitoring of sales and clearances of goods at the big retail outlets and manufacturing…
Federal Board of Revenue (FBR) suspends implementation of new property valuations rates till January 16 for the purpose of bringing an end to the ongoing controversy over the decision to increase valuation…
The FBR has decided to engage top property valuation experts of State Bank of Pakistan (SBP) for making consultations with stakeholders concerned and recommend changes in recently notified valuation rates of immovable…
The Federal Board of Revenue (FBR) has increased the valuation rates of immovable properties in the range of 100 to 600 per cent for 40 major cities depending upon location and commercial…
The Federal Board of Revenue (FBR) has directed 482 identified Tier-I Retailers (big retailers) to integrate with the FBR’s point of sale (POS) system by December 10, 2021 to avoid disallowance of…
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…
ISLAMABAD: The government has barred all public and private development authorities from doing business with real estate agents who are not registered under the Anti-Money Laundering (AML) Act. The condition to suspend…
ISLAMABAD: The federal cabinet will approve the Tax Laws (Fourth Amendment) Bill to abolish Rs350 billion tax exemptions and restore the standard 17 per cent rate of general sales tax (GST) under…
In a historic development and a special ceremony organized at Prime Minister’s Office here on Tuesday, the Prime Minister of Pakistan Mr. Imran Khan unveiled FBR’s Track & Trace System on Sugar…
The Federal Tax Ombudsman (FTO) has issued a landmark order against an Inland Revenue Commissioner of the Corporate Tax Office Lahore (CTOL) for blocking fully verified income tax refunds by adopting delaying…
The Federal Board of Revenue (FBR) will introduce the concept of virtual assessment of imported goods to replace with the existing system of Appraisers Assessments at ports. The FBR Member Customs (Policy),…
The Federal Board of Revenue (FBR) has decided to penalize the tax officials putting external pressures on the top FBR management for their postings, transfers, deputations, or other service matters. In this…
Chairman FBR has shown his inability to bring over 4 million willful law violators to the tax net due to the lack of capacity. Dr Mohammad Ashfaq, FBR Chairman, took charge over…
The Lahore High Court (LHC) issued contempt notices to the Federal Board of Revenue (FBR) over its failure to implement the court’s orders pertaining to the minimum tax computation formula adopted by…
The Federal Board of Revenue (FBR) has decided to select over 50,000 income tax cases of the tax year 2019 for audit, reflecting an extraordinary increase of 36,000 cases as compared to…
Taxpayers, including the corporate sector, may directly receive audit notices from third-party auditors including chartered accountant firms for complete audit of the tax affairs of taxpayers to be selected for audit. Federal…
Pakistan Customs (FBR) has developed an automated facility in WeBOC System to enable the small and medium export enterprises to acquire imported input goods from a Common Export House for subsequent exports…
A total of 1,572 big retailers have been integrated with the point of sales (POS) system of the Federal Board of Revenue (FBR). The Federal Board of Revenue (FBR) has issued a…
The Federal Board of Revenue (FBR) has constituted a fact finding committee to probe the alleged valuation fraud worth billions that took place in the Customs department. According to Customs Today, the…
Federal Board of Revenue (FBR) on Friday issued a list of 608 Tier-1 retailers, who are not integrated with the online system for sharing sales. The FBR issued Sales Tax General Order…