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The Federal Board of Revenue (FBR) has sealed three luxury watch outlets in Karachi. The businesses were accused of tax evasion and failing to comply with the Point of Sale (POS) system. According to FBR sources, the businesses declared stock worth Rs. 40 million. However, records indicate actual sales of Rs. 700 million. With a …
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The Federal Board of Revenue (FBR) has updated its criteria for valuing various types of properties in Karachi, including commercial, industrial, residential, high-rise buildings, and amenity plots. These updates, outlined under Statutory Regulatory Order (SRO) 144(I)/2025, aim to standardize property valuations in the city and align them with current market conditions. Valuation Based on Covered …
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Islamabad: The Pakistan government is considering imposing a Federal Excise Duty (FED) on sugar to address a tax shortfall, news were reported on Thursday. The Federal Board of Revenue (FBR) is struggling with a revenue shortfall exceeding Rs 50 billion for January 2025. Officials are exploring new tax measures ahead of the IMF review for …
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Federal Board of Revenue (FBR) Chairman Rashid Langrial acknowledged ongoing corruption within the department on Tuesday. He made the admission during a briefing to the National Assembly’s Standing Committee on Finance. Langrial also shared details about new reforms to expand the tax base and curb illegal practices. FBR Implements Reforms to Tackle Tax Evasion Rashid …
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Prime Minister Shehbaz Sharif has directed authorities to expedite the Federal Board of Revenue’s (FBR) legal efforts to conclude under-trial tax revenue cases promptly. Chairing a review meeting on Thursday, the prime minister emphasized the need for swift action to resolve pending cases. He instructed the hiring of reputed lawyers to represent the FBR in …
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The salaried class has become the third-largest contributor to Pakistan’s tax revenue, with a nearly 40% rise in tax collection during the fiscal year 2023-24. The Federal Board of Revenue (FBR) collected Rs368 billion from salaried individuals, an increase of Rs103.74 billion compared to the previous year. Key Revenue Sources FBR documents revealed a 39.3% …
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The Federal Board of Revenue (FBR) has started issuing a new Expression of Interest (EOI) to select companies for advanced cargo tracking and monitoring technologies. This follows the discontinuation of services by the previous operator, which managed the system since 2013. The FBR said the decision was made after a thorough review and legal procedures. …
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ISLAMABAD: The federal government is bracing for a tax revenue shortfall of Rs80-90 billion in December 2024, despite recent measures to enhance revenue. A presidential ordinance has imposed a 44% tax on banking sector profits. The Federal Board of Revenue (FBR) expects to collect Rs70 billion from the banking sector by December 31, 2024. This …
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The Economic Coordination Committee (ECC) has approved a comprehensive restructuring plan for Pakistan Revenue Automation Limited (PRAL). The committee has allocated Rs3.7 billion for the fiscal year 2024-25, with an additional Rs4.5 billion proposed for the next financial year, contingent on the entity’s performance evaluation. PRAL, a key IT subsidiary of the Federal Board of …
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The Federal Board of Revenue (FBR) will launch the Faceless Customs Assessment (FCA) system in Karachi on Sunday. The move is part of the FBR’s transformation plan approved by the prime minister. Centralized Assessment Begins From 12 am onwards, all import goods declarations filed at Karachi’s Appraisement Collectorates will be assessed by the newly established …
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ISLAMABAD: Startups that participated in the first season of Shark Tank Pakistan are under investigation by the Federal Board of Revenue (FBR). The investigation centers on alleged tax discrepancies. Ahmed Rauf Essa, CEO of Telemart, disclosed the matter on LinkedIn. He revealed that several startups have received tax notices and some are facing legal action …
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The Federal Board of Revenue (FBR) has introduced a Fee-Less Customs Assessment (FCA) system to modernize customs operations in Karachi. Effective from December 15, Secondly this new system aims to enhance transparency, reduce clearance times, and improve overall efficiency at Karachi’s Appraisal Collectorates. Centralized Assessment Process Under the FCA system, all import declarations filed at …
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ISLAMABAD: Minister of State for Finance and Revenue, Ali Pervaiz Malik, announced Thursday that the government aims to reduce the tax burden on the salaried class and withdraw taxes on milk. However, this will only be possible if the Federal Board of Revenue (FBR) succeeds in recovering Rs 300 billion to Rs 350 billion from …
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Employees of the Federal Board of Revenue (FBR) in Grades 1 to 16 have raised concerns about unequal reward distribution for the first quarter of FY25. They claim that the rewards were not distributed fairly among the staff. Letter Sent to Authorities In response to these concerns, FBR employees have sent a formal letter …
The Federal Board of Revenue (FBR) reported a slight decline in income tax refunds for the fiscal year 2023-24. The FBR paid out Rs. 53.13 billion in income tax refunds, marking a 1.7% decrease from Rs. 54.07 billion in the previous fiscal year. Despite the decline in income tax refunds, overall refunds and customs rebates …
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ISLAMABAD: Pakistan faces new financial challenges as the International Monetary Fund (IMF) has urged the government to adopt more stringent revenue-boosting measures. The IMF’s demand follows Pakistan’s revenue shortfall during the first four months of the fiscal year. IMF Rejects Request to Lower Tax Target The Federal Board of Revenue (FBR) confirmed that Pakistan had …
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Islamabad: The International Monetary Fund (IMF) has called on Pakistan to introduce additional revenue-raising measures after the Federal Board of Revenue (FBR) fell short of its tax collection targets for the first four months of the fiscal year. This development follows the IMF’s refusal to adjust the FBR’s tax collection goals downward, despite requests from …
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The Federal Board of Revenue (FBR) has significantly increased property valuation rates for immovable properties across Pakistan. As reported on Wednesday, the property valuation rates have been adjusted to 75% of actual market rates. This change will take effect from November 1, 2024. This decision by the FBR aims to boost revenue collection and reduce …
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The Federal Board of Revenue (FBR) in Pakistan has issued a draft amendment to the Customs Rules 2001. The amendment focuses on updating temporary import rules for vehicles brought into Pakistan by foreign tourists. The FBR is seeking to introduce these changes to streamline the process and maintain proper regulatory oversight. Duty-Free Stay for Three …
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Karachi: The Federal Board of Revenue (FBR) has made a significant amendment to the Income Tax Rules, 2002. 8 The FBR issued a notification on October 18, 2024, under an SRO, detailing these amendments. This new policy falls under Section 237 of the Income Tax Ordinance, 2001. According to the FBR, taxpayers who file their …
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ISLAMABAD: Prime Minister Shehbaz has called on officials to expedite reforms in the Federal Board of Revenue (FBR). Chairing a meeting on Thursday, the prime minister emphasized that the reform process should stay on schedule. He urged FBR officials to create a “cordial and friendly” environment for taxpayers. Shehbaz highlighted the importance of modern technology …
The Federal Board of Revenue (FBR) has denied any possibility of any further extension for the income tax returns filing deadline. FBR spokesperson Bakhtiar Muhammad confirmed that the last date for filing is October 14, 2024, and no further extensions will be granted. To accommodate taxpayers, FBR offices and field formations will remain operational until …
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LAHORE: The Federal Board of Revenue (FBR) has set today, October 14, as the final deadline for filing tax returns for the financial year 2023-2024. After multiple extensions, today is the last chance for the public to submit their tax documents. On Sunday, the FBR confirmed the deadline extension in an official statement. The decision …
