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Tag Archives: taxpayers

Around 2.9 million returns filed for Tax Year 2020 till May 1: FBR

ISLAMABAD: Federal Board of Revenue (FBR) on Saturday said that the number of return filers reached to 2.9 million for tax year 2020 by May 01, 2021. The FBR said that last year the number of income tax return filers for tax year 2019 was 2.6 million on the same day, which shows a growth of 12 percent. An amount ... Read More »

Angela Merkel plan to give German taxpayers €1.5b tax cut in 2016

BERLIN: Angela Merkel’s government is planning to give German taxpayers a €1.5bn tax cut next year, in a surprise handout from a generally parsimonious administration. But at around 0.05 per cent of gross domestic product it will put only a modest amount of extra money into consumers’ pockets and so may do little to quell demands from foreign critics, led ... Read More »

Income tax trap: 1m UK taxpayers earning £100,000/year likely to lose tax-free personal allowance

LONDON: More than 1 million UK taxpayers are expected to be caught in an income tax “trap” in less than four years, whereby those earning £100,000 a year lose their tax-free personal allowance and face a marginal rate of 60 per cent. Under the coalition government, the number of people affected by this quirk in the tax system has risen ... Read More »

FBR to put Rs 20,000 penalty on non-filers of tax returns  

LAHORE: The FBR has decided to put Rs 20,000 penalty on non-filers of tax returns. It is important to mention here that FBR extended the date for filing the income tax returns till November 21 by giving the more time to taxpayers. According to available detail, there are almost 3.7 million registered taxpayers in the country and 0.4 million taxpayers ... Read More »

Tax return filing date extended to Dec 5: FBR exempts penalty on late submissions

ISLAMABAD: Federal Finance Minister Ishaq Dar has decided that the taxpayers who file their returns for tax year 2014, by or before 5th December, 2014  should be exempted from payment of penalty for late filing of return and default surcharge for late payment of tax. It is worthy to note that Customs Today had predicted that FBR would extend the date ... Read More »

Helpline launched as taxpayers facing problems in FBR e-filing software

KARACHI: The Large Taxpayers Unit (LTU) of Karachi has launched a helpline to facilitate the taxpayers, who were facing problems in filing their returns through Federal Board of Revenue’s (FBR) e-filing software i.e. Integrated Risk Information System (IRIS). FBR had launched this software this year on its web-portal but it ‘failed’ to facilitate the taxpayers, that is why the Board ... Read More »

FBR brings 1,100 new taxpayers to tax net

SIALKOT: The Federal Board of Revenue (FBR) Regional Tax Directorate Gujranwala has added as many as 1,100 new taxpayer to the tax net. An official said that FBR has been striving to expand tax net and bringing potential taxpayers under the tax net. On the other hand, local traders and industrialists have expressed reservations over the FBR’s policy regarding tax ... Read More »

FBR online Income Tax form creating problems for taxpayers: FTO told

ISLAMABAD: Another issue regarding online Income Tax Return form is creating problems not only for the taxpayers, but also for Federal Board of Revenue (FBR). According to tax lawyer Waheed Shazad Butt, the Income Tax Return form for Tax Year 2014, that has been uploaded on the FBR website having computerised formulas and taxpayer’s due tax liability, would cause a ... Read More »

Taxpayers facilitation top priority: Collector Najeeb

KARACHI: Proper valuation, neat collection and taxpayers facilitation are top priority of Model Customs Collectorate of Appraisement-East. Highly-placed sources in the Collectorate told Customs Today that since valuation is susceptible to manipulation it is an area of acute focus for the Customs. Correct classification as well as ascertaining of description do not only ensure speedy clearance of consignments but also ... Read More »

Taxpayers facing difficulties in submitting tax returns

KARACHI: Taxpayers from across the country are facing problems in paying their tax returns. It is feared that the taxpayers will not be able to submit their tax returns on time and will be consequently fined. The FBR system has been slow since October 23. Today is the last date to file the tax returns. FBR Senior Member Shahid Hussain ... Read More »

Only tax evaders hate IRIS: Raana Ahmed

FBR IT member says she is waiting for someone to point out faults in tax calculation, but so far no such complaint has been received     ISLAMABAD: Federal Board of Revenue (FBR) Information Technology (IT) Member Raana Ahmed said on Tuesday that as many as 117,000 taxpayers have submitted their income tax returns through e-filing, which is 52 percent ... Read More »

FBR team to attend ECO seminar on tax issues in Baku

ISLAMABAD: A two-member delegation of the Federal Board of Revenue (FBR) will attend the regional seminar on Taxpayers’ Services in Baku, Azerbaijan next month. The seminar is being held on November 6-7 under the auspicious of the Economic Cooperation Organization (ECO) to discuss means and option for provision of further facilitations to tax payers. This seminar was scheduled to be ... Read More »

FBR audit through computer balloting not acceptable: Lasbela chamber

KARACHI: President of the Lasbela Chamber of Commerce and Industry Yakoob H Karim rebuffed the FBR over selection of 77,500 taxpayers for audit through computer balloting saying that it would only disturb the taxpayers. He floated the idea to FBR of widening the tax net instead of harassing the existing taxpayers. He demanded FBR to disclose the number of Karachi ... Read More »

KCCI seeks tax collection details from FBR

KARACHI: The Karachi business community has urged Federal Board of Revenue to give them details of Income Tax, Sales Tax and Foreign Direct Investment (FDI) collected from taxpayers of the metropolis during the fiscal year of 2013-14. Expressing concern over selection of taxpayers for audit through computer balloting, Karachi Chamber of Commerce and Industry (KCCI) President Iftikhar Ahmed Vohra has ... Read More »

FBR to start audit of 77,000 taxpayers in just 4 days

KARACHI: The Federal Board of Revenue (FBR) is going to start audit of 77,000 taxpayers, selected via lucky draw, in next three to four days. Sources in FBR told Customs Today that FBR has selected these taxpayers randomly via lucky draw during a meeting, presided by Finance Minister Ishaq Dar and sent these lists to field formations. These lists also ... Read More »

FBR sets up 200 centres to facilitate taxpayers

ISLAMABAD: The Federal Board of Revenue has established 200 tax facilitation kiosks to facilitate the business community in filing of income tax returns. The centres have been established at important business centres, shopping malls, offices of traders’ associations and chambers of commerce and industry, national and provincial assemblies buildings, federal secretariat, civil secretariats in all the provincial capitals, press clubs ... Read More »

Excise Dept frames new law on vehicle registration

LAHORE: The Motor Branch of Excise and Taxation Department Punjab is planning to introduce a new law regarding registration of vehicles of other provinces after permission of the government. A source in the Motor Branch of Excise and Taxation Department said his department was going to introduce a new law for the facilitation of the vehicle owners. “Earlier vehicle owners ... Read More »

FBR should add new taxpayers, not taxes: Ayesha Qazi

LAHORE: “Excessive imposition of taxes on registered taxpayers could create tax evaders,” said Lahore Tax Bar Association President Ayesha Qazi. In an exclusive talk with Customs Today on Wednesday, she said the FBR should enlist the new taxpayers to achieve current fiscal year 2014 target. As the economy of Pakistan is not in good condition due to shortage of energy ... Read More »

PTBA cries foul at glitches in ST registration

ISLAMABAD: The Pakistan Tax Bar Association (PTBA) has written in to the FBR chairman complaining about difficult and time-consuming procedure for sale tax registration. In a letter to FBR Chairman Tariq Bajwa, the PTBA pointed out that the current system for ST registration was time-consuming as it required two to three months to get a manufacturing unit registered for sales ... Read More »

FBR fails in issuing tax cards

ISLAMABAD: The Federal Board of Revenue (FBR) has failed in meeting the deadline of September 15 for the issuance of 0.850 million tax cards to tax payers. The tax cards were scheduled to be provided at the doorsteps of those taxpayers by mid-September who had filed their tax returns by 2013 and tax cards will have validity up to March, ... Read More »