FBR to impose penalty for not printing retail price on imported goods

ISLAMABAD: Federal Board of Revenue (FBR) on Tuesday said that printing of retail price on imported consumer items is mandatory and any violation by importer/manufacturer will attract fine and penalty. Read more »

LTU Karachi collects Rs688 billion, registers 15% growth in first half

KARACHI: Large Taxpayers Unit (LTU) Karachi has collected Rs688 billion during first six months (July – December) of 2019/2020 as against Rs598 billion in the corresponding period of the last fiscal year,... Read more »

Profit on debt above Rs36 million to be treated as normal tax

KARACHI: The rate of tax on profit on debt above Rs36 million shall be treated as normal tax rate, tax officials said on Tuesday. Read more »

Determination of fair market value explained

KARACHI: The fair market value of assets shall be the value of property in open market at the time of purchase, sources in Federal Board of Revenue (FBR) said. Read more »

Another key FBR official granted 12-day leave

KARACHI: Another key official of Federal Board of Revenue (FBR) is on 12-day leave amid rumors related to leave of FBR chairman. Read more »

No rift in economic team: FBR

ISLAMABAD: Federal Board of Revenue (FBR) has strongly rebuffed the reports about rifts in government economy team and due to this the chairman of the revenue authority is on leave. Read more »

Advance tax on purchase of immovable property to be paid on fair market value

KARACHI: Federal Board of Revenue (FBR) will collect advance income tax on sale of immovable properties on the basis of fair market value. Read more »

Pakistan Customs’ security, integrity at mercy of lappus

KARACHI: The sensitive data of Pakistan Customs and integrity of the department are totally at mercy of privately hired persons ‘lappus’ by Customs officers. Read more »

Tax return to be valid on submission of relevant information

KARACHI: Submission of relevant particulars or information shall make a return of income a valid document. Read more »

PM to announce tax relief package for traders on January 20

ISLAMABAD: Prime Minister Imran Khan to announce tax incentive package for traders on January 20, 2020, Syed Shabbar Zaidi, chairman of Federal Board of Revenue (FBR) said on Saturday. Read more »