FBR seeks budget proposals for next fiscal year

ISLAMABAD: The Federal Board of Revenue (FBR) has invited proposals from various stakeholders on Income Tax and Customs for consideration in the upcoming budget for the fiscal year 2021-22. “The Federal Board of Revenue is currently engaged in formulation of

FBR sends Atif Aslam a month notice to pay Rs 58 million tax

KARACHI: Singer Atif Aslam has been sent a tax notice worth 58 million by the Federal Board of Revenue (FBR) after the audit of his income for the year 2018. Atif Aslam has been given one month’s notice to pay the

FBR collects 99.7% tax revenue target for first six months of fiscal year

ISLAMABAD: Federal Board of Revenue (FBR) has achieved over 99 percent tax target for the first six months of the ongoing fiscal year 2020-21 and has collected net revenue of Rs 2,204 billion. According to details, the Federal Board of

FBR seized Rs542mn worth smuggled cigarettes between July-Nov

ISLAMABAD: The Federal Board of Revenue (FBR) has intensified its operations against illicit and smuggled cigarettes across the country. “Tobacco sector is one of the leading sectors of revenue contribution and realizing this significance, FBR has instructed its field formations

Projects worth Rs157bn registered under PM’s construction package: FBR

ISLAMABAD: The Federal Board of Revenue (FBR) has said that 348 people have registered 389 projects with a total estimated cost of Rs157 billion so far under the Prime Minister’s construction package. The pace of registration is getting momentum as

FBR receives record taxes in five months

ISLAMABAD: The Federal Board of Revenue (FBR) has collected record taxes in July-November. According to a spokesperson of the Federal Board of Revenue (FBR), the body collected Rs. 1,686 billion in taxes during the five months from July to November,

FBR proposes Rs10 health tax on a pack of cigarettes

ISLAMABAD: The Federal Board of Revenue (FBR) has proposed a health tax on a pack of cigarettes. A health tax of Rs. 10 on cigarettes has long been advocated by the anti-tobacco lobby to discourage smoking among the youth. Approval

FBR restores 2% income tax on chemicals, dye raw materials

KARACHI: The Federal Board of Revenue (FBR) has met the long-standing demand of the Pakistan Chemicals & Dyes Merchants’ Association (PCDMA) by removing Chemicals & Dyes raw materials from Part 3 (finished goods) and Put now in Part 2 (raw

Former FBR chief Shabbar Zaidi praises PM as ‘warrior against status quo’

ISLAMABAD: Former chairman of Federal Board of Revenue (FBR) Syed Shabbar Zaidi has vehemently rejected certain claims made by opposition leaders regarding his working relationship with Prime Minister Imran Khan. Jamiat Ulema-e-Islam (JUI-F) leader Maulana Fazlur Rehman made a reference

FBR sends notice over lavish wedding of businessman’s daughter in Lahore

LAHORE: The Federal Board of Revenue (FBR) has taken notice of the lavish wedding of the daughter of a prominent businessman in Lahore last week. Gujranwala’s chief commissioner of Inland Revenue served notice to Sheikh Muhammad Iqbal, director of Master

FBR unearths Rs 12.78 billion suspicious transaction in Ghotki

GHOTKI: The Federal Board of Revenue (FBR) has unearthed a Rs 12.78 billion suspicious transactions from a dry cleaner’s account in the Ghotki area of Sindh. According to sources, a dry cleaner identified as Romesh Kumar was shocked after receiving

FBR eliminates regulatory duty on textile sector import

ISLAMABAD: The Federal Board of Revenue (FBR) has eliminated regulatory duty on the import of the textile sector. The FBR has issued another SRO.1043(I)/2020 to amend the regulatory duty SRO.680(I)/2019. AS per the new amendment, the bureau will not charge

FBR officers involved in massive tax scam

ISLAMABAD: The officers at the regional branch of the Federal Board of Revenue (FBR) in the federal capital are involved in a massive tax scam causing immense losses to the national exchequer. Employees of several large hotels and restaurants in

FBR internal audit reveals massive withholding tax scam

ISLAMABAD: An internal audit of the Federal Board of Revenue (FBR) had unveiled a massive scam worth billions in withholding tax regime. Director-general (DG) of Internal Audit has written a letter to the member of Inland Revenue regarding scams in

Govt to ensure transparent, automated tax system: Finance Adviser

ISLAMABAD: Adviser to Prime Minister on Finance Abdul Hafeez Shaikh has said the present government is continuing with reforms for a transparent and automated tax system. The finance adviser was speaking at a ceremony to release tax directory for parliamentarians

FBR releases 2018 tax directory for parliamentarians

ISLAMABAD: The Federal Board of Revenue (FBR) has issued its tax directory of the parliamentarians for the Tax Year 2018. Advisor to Prime Minister on Finance and Revenue Abdul Hafeez Shaikh appreciated the efforts of the FBR for compiling and

FBR launches mobile app for income tax filing

ISLAMABAD: The Federal Board of Revenue (FBR) has launched a user-friendly mobile application for filing income tax returns and also introduced a new and simplified tax return form to facilitate filers. FBR member inland revenue Chaudhry Muhammad Tariq briefed media

FBR directs customs authorities to curb smuggling of food items

ISLAMABAD: The Federal Board of Revenue (FBR) has directed customs authorities to curb the smuggling of food items out of the country in coordination with other institutions. The FRB said the federal government brought an anti-smuggling ordinance to check such

FBR directed to pay income tax refunds up to Rs50 million

ISLAMABAD: Adviser on Finance and Revenue Dr Abdul Hafeez Shaikh has directed the Federal Board of Revenue (FBR) to make payments of all income tax refunds of up to Rs 50 million in the next couple of weeks. “The government

FPCCI urges FBR to resolve commercial importer’s problems

KARACHI: President Federation of Pakistan Chambers of Commerce & Industry (FPCCI) Anjum Nisar has expressed concern over anomalies in the federal budget 2020-21 and assured commercial importers to raise voice in front of policymakers. During a meeting with Amin Yousuf

SBP introduces automation of tax refunds project

KARACHI: Governor State Bank of Pakistan (SBP) Dr Reza Baqir held an online meeting with the business community to seek feedback on an ongoing project of automation of payment of tax refunds. The meeting was attended by the office-bearers of

Customs orders to open shipping companies from Saturday

KARACHI: Member-Customs (Operations) FBR Syed Tariq Huda has with the Federation of Pakistan Chamber of Commerce and Industry (FPCCI)’s proposal to minimize human interaction. Both have made sure social distancing in the presence of COVID-19 pandemic. They have also appointed

FBR to maintain advance FED on tobacco leaf

ISLAMABAD: The Federal Board of Revenue (FBR) has said that advance Federal Excise Duty (FED) on tobacco leaf will remain unchanged for the upcoming fiscal year 2020-21. The FBR told a Special Committee of the National Assembly on Agricultural Products

FBR plans on reducing 5% FED for juice industry

ISLAMABAD: The Federal Board of Revenue (FBR) has planned to reduce or abolish the Federal Excise Duty (FED) for the juice industry in the coming budget. As per sources, the budget markers of the FBR have been reviewing budget proposals

Finance adviser urges BoI, FBR chiefs to facilitate foreign investors

ISLAMABAD: Adviser to the Prime Minister on Finance and Revenue Dr Abdul Hafeez Shaikh on Tuesday held a meeting with Chairman Board of Investment (BOI) Atif Bokhari and Chairperson Federal Board of Revenue (FBR) Nausheen Javaid Amjad. They discussed measures

FBR tax, duty collection increases by 10.4% in April

ISLAMABAD: Federal Board of Revenue has released the information about the taxes and duties collected in the month of April 2020 showing a 10.4 percent growth in collections. According to official figures, the FBR said it has collected Rs. 256.679

FBR extends sales tax, federal excise return filing date

ISLAMABAD: The Federal Board of Revenue (FBR) has extended the deadline for payment and submission of sales tax and federal excise return for the tax period of March 2020. According to a notification issued by FBR, “In exercise of the

FBR to provide direct electronic transfer of tax refunds

ISLAMABAD: Federal Board of Revenue (FBR) has devised a centralised system of online payment of Sales Tax, Federal Excise Duty (FED), and Income Tax refunds directly in the bank account of the taxpayers. FBR has requested the taxpayers to update

FBR issues notices to 100 KP doctors over assets beyond income

Federal Board of Revenue (FBR) has issued notices to over 100 doctors from Khyber Pakhtunkhwa today (Thursday) for possessing assets more than their income. In this regard, FBR has also prepared a list of doctors that includes 100 physicians from

Tax return filing deadline will not be extended: FBR

ISLAMABAD: Federal Board of Revenue (FBR) has notified there would be no further extension in the deadline for filing the income tax returns for the tax year 2019.  In a press statement, the FBR said the tax authority would reinstate