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Tag Archives: FBR

FBR announces office timings during Ramazan

ISLAMABAD: Federal Board of Revenue (FBR) issued office timings to be observed during the holy month of Ramazan. The FBR said that as per federal government’s decision, following office timings shall be observed during the forthcoming holy month of Ramazan by the FBR Head Office and its field offices: The office timings shall be from 10:00am to 04:00pm on Mondays ... Read More »

FBR eyes Rs4691b revenue collection for current fiscal year

KARACHI: The Federal Board of Revenue (FBR) has been projected at Rs4,691 billion for the current fiscal year against the actual target of Rs4,963 billion. The International Monetary Fund (IMF) in its country report on Pakistan released on Thursday projected that the collection of the FBR may fall short of Rs272 billion against the actual target of the fiscal year ... Read More »

FBR likely to reintroduce track & trace system for tobacco products by June 2021

ISLAMABAD: Federal Board of Revenue (FBR) may reintroduce track and trace system for tobacco products by end-June 2021 with a new strategy after a higher court declared the earlier system invalid. According to report on Pakistan issued by the International Monetary Fund (IMF) the Pakistan authorities through Letter of Intent (LOI) pledged to reintroduce the track and trace system by ... Read More »

Engr. Riyaz Memon, Waheed Marwat, Fayaz Rasool, Amir Thahim transferred

ISLAMABAD: Federal Board of Revenue (FBR) issued notification for transfers and posting of following officials of Pakistan Customs Service (PCS) with immediate effect and until further orders: Riyaz Ahmed Memon BS-20 presently working as Collector, Collectorate of Customs Appraisement and Facilitation East, Karachi is transferred and posted as Director, Directorate of Reforms and Automation Customs, Karachi. Abdul Waheed Marwat, BS-20, ... Read More »

FBR, provincial revenue authorities sign MoU for single tax return

ISLAMABAD:  Federal Board of Revenue (FBR) and all the four provincial revenue authorities signed a Memorandum of Understanding (MOU) for a single sales tax return and single web portal. According to an FBR press statement issued here, the signing of the MOU was one of the most significant components of harmonization of sales tax initiative currently underway between the Federation ... Read More »

23 assistant collectors posted after completion of training

ISLAMABAD: Federal Board of Revenue (FBR) issued notification for posting of following Assistant collectors (probationers) BS-17 of 47th CTP are posted to the Collectorates mentioned against each with immediate effect. Sara Sarwar MCC Appraisement and Facilitation East Karachi. Faizan Arif MCC Enforcement & Compliance, Karachi Syed Shaheer Raza MCC Appraisement & Facilitation, West Karachi. Ahmed Nawaz MCC Appraisement & Facilitation, ... Read More »

FBR collects Rs24b on purchases of immovable properties

ISLAMABAD: Federal Board of Revenue (FBR) has collected Rs24 billion as withholding tax on purchase of immovable properties during tax year 2020. According to collection statistics for tax year 2020 released by the FBR on Tuesday revealed the withholding tax collection on purchase of immovable properties increased to Rs24 billion as compared with Rs13.50 billion in the preceding fiscal year, ... Read More »

Govt to appoint new FBR chairman

ISLAMABAD: The federal government has decided to appoint a new chief for the Federal Board of Revenue (FBR) as the incumbent chairman Javed Ghani is going to reach the age of superannuation this week. According to sources, FBR’s incumbent Member Inland Revenues (IR), Muhammad Ashfaque Ahmed, is on the top among the contenders who are currently serving in BS-21, the ... Read More »

FBR to access declarations filed under amnesty scheme

ISLAMABAD: The senior officials of the Federal Board of Revenue (FBR) have been authorized to access declarations of undisclosed income and assets under amnesty scheme of year 2019. The FBR issued SRO 369(I)/2021 to notify Assets Declaration Rules, 2021 dated March 31, 2021. Under rule 15 access has been authorized to declarations under the act i.e. Assets Declaration Act, 2019. ... Read More »

FBR reduces penalty rates for late return filing up to 75pc

ISLAMABAD: Penalty amount for late return filing has been reduced up to 75 percent in order to encourage people to make compliance of mandatory filing of declaration of income. Sources in the Federal Board of Revenue (FBR) said that the reduction in penalty amount has been made part of the Income Tax Ordinance, 2001 and amendments have been introduced through ... Read More »

FBR transfers 5 IRS officers of BS-20 with immediate effect

ISLAMABAD: Federal Board of Revenue (FBR) notified transfers and postings of BS-20 officers of Inland Revenue Service (IRS). Following officers have been transferred: 1.Tariq Hussain Sheikh (Inland Revenue Service/BS-20) has been transferred and posted as Chief, Federal Board of Revenue (Hq), Islamabad / Project Director (Track and Trace System / Video Analytic System), Federal Board of Revenue (HQ), Islamabad from ... Read More »

FBR collects nearly Rs3.4 trillion in taxes in nine months of FY21

LAHORE: The Federal Board of Revenue (FBR) has collected nearly Rs3.4 trillion in taxes in nine months, exceeding its revised target on back of higher collection of indirect taxes that accounted over 63% of the total revenues pooled by the tax machinery. The FBR has managed to exceed the sales tax and customs duties collection targets but missed the targets ... Read More »

FBR imposes ban on transfers, posting & leave of officers till June

MULTAN: Federal Board of Revenue (FBR) has imposed a ban on transfers and postings and leave of officers and officials of the Inland Revenue field formations during the fourth quarter (April-June) of 2020-21. According to the FBR’s instructions issued to all IR offices here on Tuesday, it has been observed with concern that IR Field Formations are forwarding requests for ... Read More »

FBR detects Faisalabad labourer, gatekeeper owning 12 luxury vehicles

LAHORE: The Federal Board of Revenue’s anti-benami zone has traced more than 12 expensive vehicles in Karachi that are registered in the name of a daily-wage worker from Faisalabad and a gatekeeper. FBR benami (prohibition) zone revealed that a Faisalabad labourer Zahid Iqbal, who works as a daily-wage employee, owned two luxury vehicles including a Land Rover and BMW. Moreover, ... Read More »

FBR promotes 13 PCS officers from BS-18 to BS-19 with immediate effect

ISLAMABAD: Federal Board of Revenue (FBR) on Tuesday announced promotion of officers of Pakistan Customs Service (PCS) from BS-18 to the posts of Additional Collectors of Customs (BS-19) on regular basis with immediate effect. Following officers have been promoted to BS-19: Asma Bashir Khaldun Ul Haq Muhammad Moazzam Raza Ali Waheed Khan Amanullah Syed Babar Ali Shah Fazli Shakoor Asim ... Read More »

FBR offices to observe extended working hours for revenue collection today

ISLAMABAD: The offices of Inland Revenue have been directed to observe extended working hours on March 31, 2021 to facilitate taxpayers in payment of duty and taxes. The Federal Board of Revenue (FBR) on Tuesday issued a circular and directed all Large Taxpayers Offices (LTOs), Medium Tax Office, Corporate Tax Offices and Regional Tax Offices to remain open and observe ... Read More »

Exchange companies to pay 0.6pc WHT on cash withdrawal: FBR

ISLAMABAD: The concessionary rate of tax allowed to exchange companies on cash withdrawal has been linked to active taxpayers list. The amendment has been brought through Tax Laws (Second Amendment) Ordinance, 2021, officials in Federal Board of Revenue (FBR) said. The rate of tax is 0.15 percent under section 231A on cash withdrawal by an exchange company, duly licensed and ... Read More »

FBR should stop intelligence, investigation raids: KCCI

KARACHI: Federal Board of Revenue (FBR) has been urged to stop raids by Directorate of Intelligence and Investigation and their focus should be on new taxpayers instead existing taxpayers. Karachi Chamber of Commerce and Industry (KCCI) in its proposals for budget 2021/2022 pointed out misuse of powers by tax officials under Section 38B of Sales Tax Act, 1990. The chamber ... Read More »

FBR extends date for updating tax profile up to June 30

ISLAMABAD: Federal Board of Revenue (FBR) extended the last date for updating taxpayer profile up to June 30, 2021. The FBR issued Circular No. 14 of 2021 on March 26, 2021 to extend the date for updating taxpayer profile from March 31, 2021 to June 30, 2021. The date has been extended on the request of the tax bars that ... Read More »

FBR removes IR official Maqbool Ahmed from service for concealing assets & hiding foreign trips

ISLAMABAD: Federal Board of Revenue (FBR) imposed major penalty of ‘removal from service’ upon Maqbool Ahmed, a BS-16 officer of Inland Revenue Service (IRS) for concealing assets and money in mandatory declarations besides hiding foreign trips. The FBR initiated disciplinary proceedings against Maqbool Ahmad, Inland Revenue Officer (BS-16), Regional Tax Office, Faisalabad under Government Servants (Efficiency & Discipline) Rules, 1973 ... Read More »