Sep 27

PTBA identifies ambiguity in property value declaration

Pakistan Tax Bar Association (PTBA) on Tuesday identified ambiguity in declaring of immovable property in income tax return filing. PTBA President Rana Munir Hussain in a letter to the chairman of Federal Board of Revenue (FBR) stated that the apex tax bar had received several representations from the members of different affiliated tax bars across […]

by Anjum Shah

FBR allows refund adjustment to facilitate return filing

Sep 27

Taxation

FBR allows refund adjustment to facilitate return filing

ISLAMABAD: Federal Board of Revenue (FBR) on Tuesday allowed refund adjustment to facilitate taxpayers in filing returns for tax year 2022. The FBR said it had received a number of representations from various Tax bars, businesses and other stakeholders on the issue of non-availability of refund adjustment tab in the return forms available in the […]

by Anjum Shah

Miftah resigns as finance minister after taking tough decisions

Sep 25

Finance, Top stories

Miftah resigns as finance minister after taking tough decisions

Dr. Miftah Ismail has resigned the post of the finance minister on Sunday. Ismail has taken many tough decisions for the country’s economy during his stay since April 2022. “In a meeting with Mian Nawaz Sharif and Prime Minister Shehbaz Sharif today [Sunday September 25, 2022], I have verbally resigned as Finance Minister. I will […]

by Anjum Shah

Pakistan assures extending tax incentives to Qatari businessmen

Sep 25

Taxation

Pakistan assures extending tax incentives to Qatari businessmen

ISLAMABAD: Pakistan has assured Qatar of extending tax incentives and cooperation to Qatari businessmen investing in the country. Ambassador of Qatar to Pakistan Sheikh Saoud Bin Abdul Rahman Bin Faisal Al-Thani called on Chairman FBR Asim Ahmad at FBR Headquarters. READ MORE: Penalties for failure to file return tax year 2022 within due date Matters […]

by Anjum Shah

Sep 23

Taxation

FBR promotes 35 IRS officers to BS-18

Federal Board of Revenue (FBR) on Friday promoted 35 BS-17 officers of Inland Revenue Service (IRS) to BS-18 on regular basis with immediate effect. The FBR promoted the following IRS officers: 01. Ms.Sana Saleem 02. Ms. Amna Sharif 03. Ms. Ayesha Dars 04. Ms. Sadaf Ihsan 05. Akhtar Hussain 06. Ms. Sharmeen Qamar 07. Muhammad […]

by Anjum Shah

ECC approves clearance of banned items landed till August 18, 2022

Sep 22

Finance, Ports and Shipping, Top stories

ECC approves clearance of banned items landed till August 18, 2022

ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet on Wednesday approved the customs clearance of banned items, which landed till August 18, 2022. Federal Minister for Finance and Revenue Miftah Ismail virtually presided over the meeting of the ECC. Federal Minister for Commerce Syed Naveed Qamar, Federal Minister for Power Khurram Dastgir Khan, Federal […]

by Anjum Shah

Customs appraising officer awarded ‘dismissal from service’

Sep 22

Pakistan Customs

Customs appraising officer awarded ‘dismissal from service’

ISLAMABAD: Federal Board of Revenue (FBR) on Wednesday awarded major penalty of ‘dismissal from service’ upon an appraising officer of Pakistan Customs on the charges of misconduct. According to an official notice, the FBR stated disciplinary proceedings were initiated against Syed Imtiaz Hussain Shah, Appraising Officer (BS-16), Directorate of Post Clearance Audit (North), Islamabad by […]

by Anjum Shah

Outbound passengers to declare currency above $5,000

Sep 21

National, Taxation, Top stories

Outbound passengers to declare currency above $5,000

Federal Board of Revenue (FBR) Wednesday issued draft rules to make it mandatory for outbound passengers to make declaration of currency amounting above $5,000. The FBR issued draft amendment to Baggage Rules, 2006 by issuing SRO 1751(I)/2022 dated September 20, 2022. READ MORE: Rupee ends near historic low; Dollar gains to PKR 239.65 The revenue […]

by Anjum Shah

New petroleum prices in Pakistan effective from September 21, 2022

Sep 21

Energy, National, Top stories

New petroleum prices in Pakistan effective from September 21, 2022

Pakistan on Wednesday revised the prices of petroleum products that are effective from September 21, 2022. According to a statement issued by the Finance Division, the government decided to increase prices of petrol by Rs1.45 per liter to Rs237.43 from previous rate of Rs235.98. READ MORE: New petroleum prices in Pakistan from September 01, 2022 […]

by Anjum Shah

Sep 20

Energy, National

Today’s petroleum prices in Pakistan

ISLAMABAD: Petroleum prices in Pakistan are remained same at the level announced earlier this month as the government has not revised the prices as scheduled. Today’s prices as on September 20, 2022 is the same as announced and effective on September 01, 2022 as the government had not revised the prices which were scheduled on […]

by Anjum Shah