Budget
Tax Collections Increased by 37%
The Federal Board of Revenue (FBR) collected Rs1.84 trillion in just four months, an increase of 37% or close to Rs500 billion over last year. It exceeded the July-October target by Rs228…
#FBR Page 12
515 articles
Business
FBR completed FATF actions on Anti Money Laundering and DNFBPs before deadline
FBR has completed actions on DNFBPs in the FATF action plan in just one reporting cycle and one year ahead of the deadlines in September 2022. The FATF plenary in its public…
World Taxes
FATF declares Its Decision on Pakistan’s Grey List Status
In its recently held hybrid Plenary meeting, the Financial Action Task Force (FATF) has decided to keep Pakistan on the grey list. Pakistan will remain on the grey list till it addresses…
Taxation
SHC abolished federal duty on Phone calls
The Sindh High Court has abolished the federal excise duty of 75 paisas on every phone call of over five minutes’ duration and declared the levy against the Constitution. The court’s verdict…
Updates
FBR will notify revised rates of immovable property by November
The Federal Board of Revenue (FBR) will notify revised valuation of immovable property by November 1. According to report published in Business Recorder, the Board had extended the last date of October…
Business
Ineligible taxpayers manage to avail Traders' Voluntary Tax Compliance Scheme
The Federal Board of Revenue (FBR) Intelligence and Investigation (I&I) Inland Revenue (IR) has revealed that 13,401 taxpayers filed 37,469 Voluntary Tax Compliance Scheme (VTCS) returns whereas most of them were ineligible…
Blog
FBR Maloomat
Federal Board of Revenue (FBR) has launched the Maloomat TaxRayApp to facilitate the taxpayers’ and general public. This Application has been uploaded on the website of FBR. Taxpayers’ and general public can…
Budget
Penalty for Non Filing of Annual Income Tax Returns 2021
A penalty of Rs1,000 each day of default has been implemented from Saturday after the expiry of return filing date on October 15, 2021. A new amendment has been made part to…
Business
Jazz Gets Best Taxpaying Company Award
Jazz Telecommunication Company has been awarded the ‘Best Taxpaying Company’ award under the large taxpayers’ category (largest withholding agent nationwide) at the inaugural Taxpayer Recognition Awards organized by the Rawalpindi Chambers of…
Updates
No of tax filers for tax year 2021 at deadline
Against 7.2 million taxpayers registered with the Federal Board of Revenue (FBR), just 2.5 million, or 35%, filed annual income tax returns till the extended deadline that expired on Friday. The FBR…
Finance
Last date to file income tax returns and extended timings of FBR and Banks
"I am directed to refer to the subject and to state that all LT0s/MT0/CTOs/RTOs shall remain open and observe extended working hours till 12:00midnight on Friday, 15thOctober, 2021, to facilitate the taxpayers…
Budget
Govt considering withdrawal of sales tax exemptions
The government is considering over a presidential ordinance to withdraw sales tax exemptions, zero-rating, and reduced sales tax rates to the tune of Rs330 billion within the next 10 to 15 days,…
Markets
FBR decides to revise valuation of immovable properties
The Federal Board of Revenue (FBR) has decided to revise and increase the value of the immovable properties to bring them at par with the prevailing market rates. According to the FBR’s…
Business
FBR unearths massive tax evasion
Collectorate of Customs Export, Port Muhammad Bin Qasim (PMBQ) has identified a massive tax evasion in the import of "rejected plastic rolls waste". According to media reports, a packing company has taken…
Taxation
FBR issues directive to freeze taxpayers' bank accounts without notice
The Federal Board of Revenue (FBR) has issued office directive to allow the field formations to freeze the bank accounts of taxpayers without any prior approval of the Chairman FBR and without…
Updates
Current figures of income tax returns filing for tax year 2021
The Federal Board of Revenue (FBR) has received record number of 2.163 million income tax returns for the tax year 2021 up to October 11, 2021. According to media reports here on…
Updates
FBR urges taxpayers to file Income Tax Returns without delay
Federal Board of Revenue (FBR) has once again urged all the taxpayers, both old and new, to make the most of one-time extension of 15 days granted for filing of Income Tax…
Taxation
FBR develops Single Sales Tax Portal
Building further on its ongoing drive for digitization and automation of various processes involved in revenue collection, Federal Board of Revenue (FBR) has developed “Single Sales Tax Portal” to facilitate the taxpayers…
Business
Levy of service charges of Rupee one per invoice issued through Tier-1 Retailers
SR0 No 127900/2021.- In exercise of the powers conferred by sub-section (1) of section 76 of the Sales Tax Act, 1990, the Federal Board of Revenue with the approval of the Federal…
Updates
Photo shopped fake version of FBR Website
The Federal Board of Revenue (FBR) on Saturday clarified that no extension will be given for the filing of income tax returns after October 15, 2021. The tax authority's reaction comes after…