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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 …
Continue reading “FBR Introduces Daily Update System for Active Taxpayers List”
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 …
The Federal Board of Revenue (FBR) is ramping up its efforts to ensure business compliance. According to official sources, the FBR will impose stringent measures on companies that fail to register. This move aims to tackle the significant tax gap in the country, which currently stands at a staggering Rs 3,400 billion in terms of …
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ISLAMABAD: The Federal Board of Revenue (FBR) has denied rumors of introducing a mini budget this fiscal year. Hamid Ateeq Sarwar, FBR Member Inland Revenue (IR) Policy, confirmed there was no need for a mini budget starting from October 1. He assured that the FBR aims to collect Rs 2,600-2,700 billion in taxes from July …
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The nation is celebrating the historic achievement of Arshad Nadeem, Pakistan’s ace javelin thrower, who secured a gold medal at the Paris 2024 Olympics. His triumph has not only ended a 40-year wait for Olympic gold but also set a new world record with a throw of 92.97 meters. Amid the celebrations, the Federal Bureau …
Continue reading “No Tax on Prize Money, Arshad Nadeem to Receive Hilal-i-Imtiaz”
Karachi: Aiming to collaborate and cooperate for POS integration of tier-I retailers within the jurisdiction of CTO, Karachi, a Memorandum of Understanding (MoU) has been signed between the Consumers Association of Pakistan (CAP) and the Corporate Tax Office (CTO), Karachi. Federal Board of Revenue, Government of Pakistan has introduced sophisticated scheme for POS integration of …
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KARACHI: The unpredictable worldwide prices of edible oil have driven up local costs of ghee/vegetable in the country, and a sliding scale is needed to link the pricing of ghee in local markets with the international markets, according to a senior government official. Finance and Revenue Minister Shaukat Tarin, who presided over a meeting of …
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ISLAMABAD: Asim Ahmed, on Friday, has been appointed as Federal Board of Revenue (FBR) new chairman as a notification from the Establishment Division mentioned. The federal government on Friday appointed Asim Ahmed, as he is from the Inland Revenue. Following the retirement of incumbent chairman Javed Ghani, he was given charge of the tax regulatory …
ISLAMABAD: Complications and irritants in current tax processes must be overcome in order to fully use the country’s tax capacity. According to former vice president of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) MA Jabbar, taxation schemes are getting more nuanced with each budgetary exercise, likely due to the Federal Board of …
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Islamabad: The PTI government has decided to recover Rs 386 billion from sugar mills for which National Accountability Bureau cases have been sent. In a recent cabinet meeting, Prime Minister Imran Khan instructed the Adviser on Accountability and Home Affairs to brief the Cabinet on the action taken so far on the report of the …
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Karachi: Famous Pakistani singer, Atif Aslam, received a notice from the Federal Board of Revenue (FBR). According to the details FBR sent the superstar a month’s notice to pay all the taxes that are around Rs. 58 Million. FBR has also presented the notice after coming to know his income via audit for the year …
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