POS invoice verification for prize scheme surges by 63%

Mar 2

Taxation

POS invoice verification for prize scheme surges by 63%

ISLAMABAD: The verification of invoices issued through point of sales (POS) by Tier-1 retailers surged by 63 per cent in February 2022, the Federal Board of Revenue (FBR) said on Wednesday. The ongoing outreach campaign and the prize scheme continue to gain momentum as numbers keep growing up. In February, FBR has witnessed that about […]

by Mrs. Anjum Shahnawaz

Sales tax exempted on all petroleum products

Mar 1

Energy, National, Taxation, Top stories

Sales tax exempted on all petroleum products

ISLAMABAD: The government on Tuesday granted sales tax holiday on supply of all petroleum products to bring down the impact of high prices. In order to implement sales tax exemption on all the petroleum products, the Federal Board of Revenue (FBR) issued SRO 321(I)/2022. As per the SRO the sales tax has brought to zero […]

by Mrs. Anjum Shahnawaz

LTO Karachi surpasses Rs1 trillion mark in 8MFY22

Mar 1

Taxation

LTO Karachi surpasses Rs1 trillion mark in 8MFY22

The Large Taxpayers Office (LTO) Karachi, the leading revenue collection arm of the Federal Board of Revenue (FBR), has achieved a monumental milestone by surpassing the ambitious tax collection target of Rs1 trillion in just eight months of the current fiscal year 2021/2022 (8MFY22).

by Faisal Shahnawaz

FBR posts 30% revenue collection growth in 8MFY22

Mar 1

Taxation

FBR posts 30% revenue collection growth in 8MFY22

ISLAMABAD: The Federal Board of Revenue (FBR) has registered 30.3 per cent growth in revenue collection for the period July – February 2021/2022 (8MFY22), a statement said on Tuesday. According to the provisional figures, FBR has collected net revenue of Rs 3,799 billion during the period under review, which has exceeded the target of Rs268 […]

by Mrs. Anjum Shahnawaz

FBR registration made mandatory for housing projects

Feb 28

Taxation, Top stories

FBR registration made mandatory for housing projects

ISLAMABAD: Registration with the Federal Board of Revenue (FBR) has been made mandatory in order to prevent money laundering in real estate industry, according to an official note issued on Monday. The FBR said that the Anti-Money Laundering Act, 2010 empowers it to license or register Designated Non-Financial Businesses and Professions (DNFBPs), impose conditions to […]

by Mrs. Anjum Shahnawaz

Gwadar Customs auctions huge lot of vehicles on March 2

Feb 27

Auction, Taxation, Top stories

Gwadar Customs auctions huge lot of vehicles on March 2

The Directorate of Customs Intelligence and Investigation in Gwadar has announced a substantial auction of motor vehicles scheduled for March 2, 2024, at Custom House Gaddani.

by Faisal Shahnawaz

FBR transfers IRS officers BS-17 to BS-20

Feb 26

Taxation

FBR transfers IRS officers BS-17 to BS-20

ISLAMABAD: The Federal Board of Revenue (FBR) on Friday notified transfers and postings of Inland Revenue Service (IRS) officers in BS-17 to BS-20 with immediate effect and until further orders. Following IRS officers have been transferred and posted: 01. Ms. Qaisara Fatima (Inland Revenue Service/BS-20) has been transferred and posted as Commissioner Inland Revenue, (Audit-I) […]

by Mrs. Anjum Shahnawaz

Sindh High Court stops tax recovery against SSGC

Feb 25

Energy, Taxation, Top stories

Sindh High Court stops tax recovery against SSGC

KARACHI: Sindh High Court has suspended tax recovery notices issued against Sui Southern Gas Company Limited, according to a communication sent to the Pakistan Stock Exchange (PSX) on Friday. The gas utility clarified reports regarding action of the Large Taxpayers Office (LTO) Karachi for making recovery by attachment of bank accounts. READ MORE: FBR freezes […]

by Faisal Shahnawaz

FBR says not to extend sales tax return filing date

Feb 25

Taxation

FBR says not to extend sales tax return filing date

ISLAMABAD: The Federal Board of Revenue (FBR) on Friday said that it will not extend the date for filing sales tax return further as filing through national platform is working seamless. The FBR said it received 161,379 sales tax returns filed for the month December 2021 through National Tax Portal compared to 159,503 returns filed […]

by Mrs. Anjum Shahnawaz

FBR assures Customs agents of resolving issues

Feb 24

Pakistan Customs, Trade & Industry

FBR assures Customs agents of resolving issues

Dr. Muhammad Ashfaq Ahmed, Chairman of the Federal Board of Revenue (FBR), assured a delegation of customs agents of resolving pertinent issues related to imports and exports.

by Faisal Shahnawaz