FBR set to launch Benami law to trace black money

ISLAMABAD: Federal Board of Revenue (FBR) is set to make Benami Law operational with strict action to confiscate property if it was held by a person and payment made by another person. Read more »

Banks require to send free of cost transaction alerts to ensure digital payment security: SBP

KARACHI: State Bank of Pakistan (SBP) on Thursday said that it has been made mandatory for all banks to send free of cost transaction alerts to their customers in order to ensure... Read more »

Reform plan launched for improving financial health of three major PSEs

ISLAMABAD: The government has launched a reform plan for improving financial health of three major Public Sector Enterprises (PSEs) including Pakistan Steel Mills, Pakistan Railways and Pakistan International Airlines, according to Fiscal... Read more »

FBR withdraws credit card details on sales through POS

KARACHI: Federal Board of Revenue (FBR) has withdrawn requirement of details of credit card holder in case sales made through Point of Sale (POS) of textile and leather sectors under concessionary regime. Read more »

Income Tax Ordinance 2001: taxation on non-resident ship owner, charterer

KARACHI: A ship owned or chartered by a non-resident person before leaving any port in Pakistan is required to furnish a return of income. Read more »

FBR releases 24pc less refunds in seven months amid huge collection shortfall

ISLAMABAD: The issuance of refunds by Federal Board of Revenue (FBR) decline by 24 percent yet the net collection for the first seven months witnessed huge shortfall. Read more »

Suppressed sales tax auditors and challenging revenue collection

KARACHI: Sales Tax / Value Added Tax (VAT) is the most significant source of tax collection in the world.       Unlike direct tax it is known as tax on consumption... Read more »

Exchange rate losses increase public debt by Rs1,200 billion

ISLAMABAD: Exchange rate losses have increased the public debt by around Rs1,200 billion, according to Fiscal Policy Statement 2018-2019 released by the Ministry of Finance. Read more »

Income Tax Ordinance 2001: Liquidators require to inform commissioner in 14 days of taking possession of assets

KARACHI: A liquidator is required to inform Commissioner of Inland Revenue in 14 days of taking possession of an asset. Read more »

FBR set to launch door-to-door survey to identify tax evaders

ISLAMABAD: Federal Board of Revenue (FBR) will launch a door-to-door survey for identifying potential tax evaders to broaden the tax base, a report issued by ministry of finance said. Read more »

Income Tax Ordinance 2001: Recovery from persons holding money of taxpayer

KARACHI: Federal Board of Revenue (FBR) or its offices have been empowered under the law to recovery tax from a person, who is holding money of a taxpayer. Read more »

FBR recovers over Rs5.4 billion from 0.2 million tax dodgers

ISLAMABAD: Federal Board of Revenue (FBR) has recovered over Rs5.4 billion from 0.2 million tax dodgers, said a report. The report showed performance of FBR’s Broadening of Tax Base (BTB) for the... Read more »