FBR updates, income tax, budgets and markets for Pakistan
515 articles
In a press release, Federal Board of Revenue (FBR) denied any link / relation with these emails. Sent from a fake email address, alert@fbr.news. These fake emails informs to the targeted taxpayers…
Pakistan Customs Wing of Federal Board of Revenue introduced a new automated process in WeBOC system for scanning of containerized import consignments for their instant clearance at ports. This new system by…
As per Establishment Division’s Notification No. 34/1/2018-E-1 dated 09.04.2021, Mr. Asim Ahmad, has left the charge of the post of Member (IT), Federal Board of Revenue (HQ), Islamabad on April 9 and…
According to a country based report on Pakistan released by the International Monetary Fund (IMF) on Thursday. Pakistani authorities have issued a letter of intent (LOI) to re-institute the track and trace…
The memorandum of understanding (MoU) was signed by the Chairman FBR on behalf of FBR. The heads of all provincial revenue authorities signed the MoU on behalf of their respective revenue authorities.…
Following are the clauses that have been deleted through Tax Laws (Second Amendment) Ordinance, 2021: Clause( 57(1)(iii)): Any income from voluntary contributions, house property and investment in securities of the Federal Government…
The tax machinery this week mentioned that the “judicial allowance and special judicial allowance are exempt from tax. This exemption is available not only in cases of superior judiciary but also in…
Federal Board of Revenue (FBR) issued a press release. Where FBR has issued a denial on a news item published in Daily Business Recorder. FBR explained that the meeting was conducted under…
On Tuesday, as per the FBR guidelines issued to all IR offices. Despite this fact it has been observed with concern. That IR field formations applied for leave approval including ex-Pakistan leave…
1 Fruit juices and vegetable juices2 Ice Cream.3 Aerated waters or beverages.4 Syrups and squashes.5 Cigarettes.6 Toilet soap7 Detergents8 Shampoo9 Toothpaste10 Shaving cream11 Perfumery and cosmetics14 Tea15 Powder drinks16 Milky drinks17 Toilet…
Implementation of Trace and Track system introduced by FBR is no doubt very important step of government and FBR. From the start of its development it has become controversial. The contract awarded…
The PTBA in a letter to FBR Chairman Muhammad Javed Ghani informed that the last date for updating taxpayers’ profile under section 214 of Income Tax Ordinance, 2001. It made compulsory for…
During search operation, a truck load of record of various businesses, invoices and hundreds of stamps. They used this stuff in generation of fake invoices confiscated. So far, it appears that the…
According to latest Active Taxpayer List (ATL) issued by FBR for tax year 2020 updated up to March 14, 2021. The total number of active taxpayers have increased to 2.37 million. As…
Budget proposal available to expand the scope of tax incentives available for income from the export of software, IT services and IT-enabled services, a statement said. For this purpose, the 'Tax Exemption'…
Investigations into the scam needed issuance of show-cause notices to 70,000 individuals. The exercise is likely to fetch about Rs10 billion taxes and expand the tax net, added the sources. Such amount…
In a letter to the Chairman of FBR, Karachi Tax Bar Association (KTBA) on February 22, 2018 expressed grave concern over the withdrawal of the FBR's earlier explanation and limited the entire…
According to a notice issued by the Director General of Customs Valuation, Karachi earlier this week, a duty of $ 70-150 per piece has been imposed on used imported laptops while tax…
The Income Tax Second Amendment Act 2021 approved in a cabinet meeting chaired by Prime Minister Imran Khan after resisting the IMF's demand for more than a year. The IMF suspended more…
Dr. Muhammad Ashfaq Ahmed Member IR Operations signed the contract on behalf of FBR and Kevin McKenna CEO and President of Authentix Inc USA, Sten Bertelsen, from Mitas Corporation (Pty) South Africa…