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Tag Archives: FBR

FBR’s Anti-Benami Initiative impounds luxury vehicle

ISLAMABAD: The Federal Board of Revenue (FBR)’s Anti-Benami Initiative (ABI) has confiscated a luxury vehicle in the federal capital in the first-of-its-kind operation. According to an FBR statement, the whereabouts of the vehicle were traced to a house in Islamabad, which was subsequently searched, and on June 2, 2021, the vehicle was confiscated with the help of local law-enforcement agencies ... Read More »

Govt likely to fix FBR collection target at Rs5829b for FY2021-22

ISLAMABAD: The government likely to fix Rs5,829 billion as revenue collection target for next fiscal year 2021/2022. According to sources, the tax target for the next fiscal year is around Rs134 billion less than the projected revenue collection by the International Monetary Fund (IMF). The IMF has projected an amount of Rs5,963 billion as tax collection by the Federal Board ... Read More »

FBR achieves 11-month target with Rs4,167b in tax collections

ISLAMABAD: The Federal Board of Revenue (FBR) achieved its 11-month target after it collected Rs4,167 billion in the current fiscal year against Rs3,532 billion in the same period last fiscal year. FBR has registered a growth of 18% after these tax collections. According to sources, tax collections are increased by 70% as compared to May 2020. The FBR collected Rs387 ... Read More »

FBR collects Rs108b from auto sector during 11 months

ISLAMABAD: Federal Board of Revenue (FBR) has collected Rs108 billion from auto sector during first eleven months of the current fiscal year, showing 51 percent growth despite coronavirus pandemic, a statement said on Wednesday. The FBR issued details of revenue collection from major sectors during July  – May 2020/2021. Tax revenue of Rs108 billion is collected from the auto sector ... Read More »

FBR issues draft rules for implementing e-audit

ISLAMABAD: The Federal Board of Revenue (FBR) issued draft rules for implementation of online audit (e-audit) proceedings, which is aimed at facilitating taxpayers for attend hearing without going to tax offices. The FBR issued SRO 636(I)/2021 to make amendment in the Income Tax Rules, 2002. The FBR invited comments on the draft rules and asked stakeholders to provide their inputs ... Read More »

FBR to collect Rs790b more to hit target

ISLAMABAD: The Federal Board of Revenue (FBR) has so far collected Rs4.17 trillion in taxes, leaving it with a gigantic task of pooling an unprecedented Rs790 billion in the last month of current fiscal year to achieve the annual target. During the July-May period of the outgoing fiscal year, the FBR’s tax collection increased at a pace of 17.4% on ... Read More »

Chairman FBR assures to resolve issues of FPCCI in Budget 2021-22

ISLAMABAD: The Chairman Federal Board of Revenue (FBR) assured the redressal of issues raised by the representatives of Federation Pakistan Chamber of Commerce and Industry (FPCCI) in upcoming Budget 2021-22. The Chairman FBR also assured the consideration of proposals from FPCCI in the forthcoming budget, said a press release issued by FBR here. A delegation of FPCCI led by its ... Read More »

MTBA forwards Budget 2021-22 proposals to FBR

MULTAN: Multan Tax Bar Association (MTBA) presented proposals for budget 2021/2022 to the Federal Board of Revenue (FBR). In its proposals the MTBA said that the tax-to-GDP ratio was a soaring issue for country’s economic managers. “On the other hand, tax measures undertaken in Pakistan have traditionally created higher taxation on formal economy and under taxation on information economy,” it ... Read More »

FBR to address all key issues of exporters before issuance of unified export promotion scheme

MULTAN: The Federal Board of Revenue (FBR) has agreed to address all key issues of exporters before issuance of a ‘unified export promotion scheme’ in the next budget (2021-22). Sources told Customs Today that the assurance has been given by top FBR officials during a meeting with the exporters’ delegation from Faisalabad region. The meeting was held at the FBR ... Read More »

FBR to impose health levy on tobacco products and sugary drinks

LAHORE: The Ministry of Law and Justice has allowed the Federal Board of Revenue (FBR) to impose health levy on tobacco products and sugary drinks through an ordinary bill or through an ordinance before the upcoming budget. In response to a letter from the FBR, the law ministry has said the proposed federal health levy would fall within the definition ... Read More »

Govt decides in principle to reduce customs duty

LAHORE: The government has decided in principle to reduce customs duty to accelerate industrial growth ahead of the next general election. The tariff reduction on these tariff lines will directly benefit 40-50 industries including textile, pharma, engineering, footwear, and chemicals. The tariff lines are selected in a fashion to mitigate the impact of the Covid-19 pandemic and encourage import substitution ... Read More »

FBR allows duty free import of Land Cruiser vehicles

ISLAMABAD: The Federal Board of Revenue (FBR) allowed exemption of federal excise duty (FED) on import of Land Cruiser vehicles for the purpose of locust control. The FBR issued SRO 591(I)/2021 to exempt whole of FED payable on the import of ten soft skin land cruiser 79 series pick-up 4.2 L-3 vehicles having PCT Code 9901 by the Food and ... Read More »

FBR I&I IR unearths sales tax fraud by biscuit company

LAHORE: The FBR’s Directorate of Intelligence & Investigation (IR), Lahore on receipt of credible information related to sales tax fraud carried out action under Section 38 read with Section 40 of the Sales Tax Act, 1990 against a biscuit company. Assessment order was issued wherein an amount of Rs4.27 billion as sales tax along with default surcharge and 100% penalty ... Read More »

FBR grants duty exemption on import of oxygen manufacturing plants

ISLAMABAD: The Federal Board of Revenue (FBR) granted duty exemption on import of oxygen gas, oxygen cylinders and oxygen manufacturing plants to prevent the spread of coronavirus pandemic. The FBR issued SRO 552(I)/2021 to allowed duty free import of oxygen gas and related goods for eighty days starting from May 14, 2021. The following goods (PCT codes) have been granted ... Read More »

FBR announces procedure for enrollment with FBR system of AJK/GB registered persons

ISLAMABAD: The Federal Board of Revenue (FBR) on Monday issued standard operating procedure for enrollment with FBR system of persons registered with Azad Jammu Kashmir (AJK) and Gilgit-Baltistan (GB). The FBR said that the Sales Tax Act, 1990 mandates a Registered Person (RP) registered with Federal Board of Revenue (FBR) to claim input tax credit on supplies made to RPs ... Read More »

FBR seeks apology for charging excessive customs duties on smartphones

LAHORE: The Federal Board of Revenue (FBR) has apologized for charging excessive customs duties and taxes on smartphones, which it says happened because of a procedural glitch. After the news aired, the FBR investigated and found that it happene to pp ppp ppp 0pd by mistake, according to the statement. It was revealed after a meeting with Pakistan Telecommunication Authority ... Read More »

FBR decides to uproot illegal trade between provinces

LAHORE:  The Federal Board of Revenue (FBR) has decided to uproot illegal trade between provinces. In doing so, the department has also expressed its concern over growing cross-province bootlegging, despite the presence of customs check posts along routes from Quetta to Sindh and Punjab. While declaring stern action and stricter polices, FBR was keen to clarify that seizing of smuggled ... Read More »

FBR confiscates over two million illegal cigarettes worth Rs6.4m

ISLAMABAD: The Federal Board of Revenue’s (FBR) Inland Revenue Enforcement Network (IREN) Squad has confiscated over two million cigarette sticks of various brands in Jhelum as well as Peshawar. According to officials, the IREN squad of Regional Tax Office, Rawalpindi, in a major counter-evasion operation, has seized one truck bearing registration number 6746 which was illegally transporting non-tax paid counterfeit ... Read More »

FBR directs IRS officers to submit PERs for promotion into BS-18

ISLAMABAD: Federal Board of Revenue (FBR) directed the officers of Inland Revenue Service (IRS) to submit their performance reports for consideration of promotion into BS-18. According to a circular issued by the FBR, the departmental promotion committee (DPC) for promotion of IRS officers of BS-17 to BS-18 will be held shortly. The FBR advised all officers in promotion zone up ... Read More »

FBR announces guidelines for recruitment in BS-1 to BS-5

ISLAMABAD: Federal Board of Revenue (FBR) issued guidelines for recruitment against vacant posts (BS-1 to BS-5) in the Inland Revenue Department. The FBR advertised the vacant posts in BS-01 to BS-05 on May 09, 2021. The authorities had advised the candidates to submit their applications directly to the concerned IR field offices by May 25, 2021. The recruitment process has ... Read More »