Pkrevenue.com

Category: Taxation

Pakistan Revenue delivers the latest taxation news, covering income tax, sales tax, and customs duty. Stay updated with insights on tax policies, regulations, and financial developments in Pakistan.

  • FBR freezes 4,000 bank accounts for arrears recovery

    FBR freezes 4,000 bank accounts for arrears recovery

    KARACHI: Federal Board of Revenue (FBR) has frozen around 4,000 bank accounts of tax defaulters in a major crackdown, according to media reports on Tuesday.

    These bank accounts have been attached during last three months to recover outstanding amount from tax defaulters.

    In the major action against tax defaulters the FBR recovered around Rs8.2 billion through various means provided under income tax laws.

    Besides freezing bank accounts, the FBR also attached 78 immovable properties and 46 vehicles for the recovery.

    Further, about nine people were arrested in this recovery drive. The arrests have been made each in Faisalabad and Peshawar. Further, warrants for arrest in two cases have been issued.

  • FBR notifies promotion of IRS officers to BS-22

    FBR notifies promotion of IRS officers to BS-22

    ISLAMABAD – In a significant development, the Federal Board of Revenue (FBR) announced the promotions of two distinguished officers from the Inland Revenue Service (IRS) to the coveted BS-22 rank.

    (more…)
  • MCC Preventive announces auction of confiscated vehicle on March 28

    MCC Preventive announces auction of confiscated vehicle on March 28

    KARACHI: Model Customs Collectorate (MCC) Preventive, Karachi has announced auction of confiscated vehicle to be held on March 28, 2019 at Anti-Smuggling Organizations (ASO), Ghasbandar, East Wharf, Karachi.

    The following vehicles will be presented for the auction:

    1. Mitsubishi Pajero Jeep ( Used) GS-2000 Model-1994, Reg. GS-2000 / V46 – 4034791.

    2. Used Lexus Car – Reg No. UC – 868 -Model – 2006 – 3450cc, JTHBG 963905034702.

    3. Used Toyota Premio Car VVT – Reg no. AAH – 747 Model – 2007, ZZT240 0140149.

    4. Used Toyota Harrier Jeep Reg no. JAA – 452 – Model – 1998 – 2999 cc, Chassis no. MCU – 10 – 0013510 Engine no. IMZ – FE 6688090.

    5. Used Toyota Hilux Surf – Reg no- CP – 0693/ Model – 1990/ 2958cc, Chassis no. LN – 130 – 0009771.

    6. Used Honda Saloon Accord Car/ Reg no. BFT – 418/ Model 2003/ 1990cc, Chassis no. LC7 – 3006339/ Engine no. 33101802.

    7. Toyota Hiluc Surf SSR – X – 3.0/ Reg no. BD – 8045/ Model KD – KZN130W – GKPQT/ 2962 cc, Chassis no. KZN 130 – 9048116/ Engine no. IKZ – TE.

    8. Used Mercedes Benz ( AG) Fake Reg no. AB – 1001/ 2999cc, Chassis no. WDB1240312B476728.

    9. Used Toyota Mark – II Saloon Car/ Reg no. BBL – 708/ Model – 2000/ 1800HP, Chassis no. JZX110 – 6000922/ Engine no. 1JZ – 075 – 075010.

    10. Used Toyota Hilux Surf/ Reg no. BD – 1688/ Model – 1994 ( As per seat belt), Chassis no. LN – 130 – 0123784.

    11. Used Toyota AXIO – X Car – White colour – Reg no. BFE – 068 – 1496 cc – Model – 2007, Chassis no. NZE – 141 – 6028039/ Engine no. INZ – CO360547.

    12. Toyota Primo Car Used – Reg no. AAM – 095 – Model – 2005 – 1794 cc, Chassis no. ZZT – 240 – 5039822/ Engine no. IZZFE – 12557.

    13. Used Honda Civic Saloon Car – White Colour Reg no. AAM – 988 (Quetta) – Model – 2007, Chassis no. FD – 31001100/ Engine no. MF – 5100586 – 1800cc.

    14. Used Toyota Land Cruiser Jeep – Silver Colour – Reg no. BG – 1131 – Model – 1989 – 3431 cc, Chassis no. BJ 60 – 023765 – Engine no. 38 – 1098887(As per Reg.Book).

    15. Used Toyota Corolla Car – Model – 2015, Reg no. BDE – 852 – Chassis no. NZE170R4016729.

    16. Used Toyota Crown Saloon Car – Model – 2004, Reg no. BHK – 012/ Chassis no. GRS182 – 5014910 – Engine no. 3GR – FSF – 2994cc.

    17. used toyota saloon car XE-Model -1999 – 1500cc chassis No AE-100-5171778-engine No SA-FE-1500cc

    18. Used Toyota Mark-X Car, Reg no BGB-453-Model -2005, Chassis No GRX-121-3000684-Engine No 3GR-FSE0077053-2497cc.

    19. Used Toyota Premio Saloon Car Reg No, AXE-317, Chassis No ZZT 240-0124717- Engine No 1ZZ-2614685.

    20. Used Toyouta Premio Saloon Car, Reg No BFM-306-Model- 2004, Chassis No AZT240-0017447, engine No 1AZ-4802097-1998cc.

    21. Used Toyota Mark-X Car, Reg No BBC-301, Model -2005, Chassis No GRX-120-0042956-Engine No 4GR-FSE-2499cc.

    22. Used Landcruiser Jeep, Reg No E-1132, Model -1997, Chassis No KZJ95-0080245, Engine No IKZ-TE-0547566-2982cc.

    23. Used Toyota Hilux Surf Jeep, Reg No BJ-933, Model -2000, Chassis No RZN-185-9029667-Engine No 3RZ-FE-2122003-2963cc.

    24. Used Toyota Vitz Car, Reg No RFL-1788, MOdel -2004, Chassis No SCP-13-0048794-Engine No 2SZ-FE-1297cc.

    25. Used Toyota Land Cruiser Jeep, Reg No GR-541, Model-2015, chassis No TRJ150-051668, Engine No 2TR-FE.

    26. Used Toyota Crown Royal Saloon (G)Car, Fake Reg No BEZ-998, Model-2005, Chassis No GRS 182-1015624-Engine No 0123426, 2994cc.

  • Income Tax Ordinance 2001: Corporate tax rate to be reduced to 25pc

    Income Tax Ordinance 2001: Corporate tax rate to be reduced to 25pc

    The government of Pakistan has undertaken a strategic initiative to gradually reduce corporate income tax rates, aiming to bring them down to 25% by the tax year 2023 and onwards.

    (more…)
  • FBR suspends customs officer

    FBR suspends customs officer

    ISLAMABAD: Federal Board of Revenue (FBR) has suspended an officer Pakistan Customs Service (PCS) BS-16 while taking disciplinary action against him.

    In a notification issued on Monday, the FBR while exercising powers under Government Servants (Efficiency & Discipline) Rules, 1973, suspended Mansab Shah, Inspector, BS-16, Model Customs Collectorate of Preventive, Lahore with immediate effect for a period of three months.

  • Tax rates for salary, business individuals

    Tax rates for salary, business individuals

    KARACHI: Following are the tax rates for individuals under First Schedule of Income Tax Ordinance, 2001.

    The tax rate as updated through Finance Supplementary (Amendment) Act, 2018 to Income Tax Ordinance, 2001, issued by Federal Board of Revenue (FBR).

    Rates of tax for individuals

    (1) The rates of tax imposed on the taxable income of every individual, not being an individual to which paragraph (1A) of this Division applies, shall be as set out in the following table, namely:—

    Table

    S. No.Taxable IncomeRate of Tax
    01Where the taxable income does not exceed Rs. 400,0000 percent
    02Where the taxable income exceeds Rs. 400,000 but does not exceed Rs. 800,000Rs1,000
    03Where the taxable income exceeds Rs. 800,000 but does not exceed Rs. 1,200,000Rs2,000
    04Where the taxable income exceeds Rs.1,200,000 but does not exceed Rs. 2,400,0005 percent of the amount exceeding Rs. 1,200,000
    05Where the taxable income exceeds Rs. 2,400,000 but does not exceed Rs. 3,000,00060,000 + 15 percent of the amount exceeding Rs. 2,400,000
    06Where the taxable income exceeds Rs. 3,000,000 but does not exceed Rs. 4,000,000150,000 + 20 percent of the amount exceeding Rs. 3,000,000
    07Where the taxable income exceeds Rs. 4,000,000 but does not exceed Rs. 5,000,000350,000 + 25 percent of the amount exceeding Rs. 4,000,000
    08Where the taxable income exceeds Rs. 5,000,000
         		600,000 + 29 percent of the amount exceeding Rs. 5,000,000

    Provided that where the taxable income exceeds eight hundred thousand rupees the minimum tax payable shall be two thousand rupees.

    Salary persons

    (1A) Where the income of an individual chargeable under the head “salary” exceeds fifty per cent of his taxable income, the rates of tax to be applied shall be as set out in the following table, namely:—

    Table

    S.No.Taxable IncomeRate of Tax
    01Where the taxable income does not exceed Rs. 400,0000 percent
    02Where the taxable income exceeds Rs. 400,000 but does not exceed Rs. 800,000Rs1,000
    03Where the taxable income exceeds Rs. 800,000 but does not exceed Rs. 1,200,000Rs2,000
    04Where the taxable income exceeds Rs. 1,200,000 but does not exceed Rs. 2,500,0005 percent of the amount exceeding Rs. 1,200,000
    05Where the taxable income exceeds Rs.2,500,000 but does not exceed Rs. 4,000,00065,000 + 15 percent of the amount exceeding Rs. 2,500,000
    06Where the taxable income exceeds Rs. 4,000,000 but does not exceed Rs. 8,000,000290,000 + 20 percent of the amount exceeding Rs. 4,000,000
    07Where the taxable income exceeds Rs. 8,000,0001,090,000 + 25 percent of the amount exceeding Rs. 8,000,000

    Provided that where the taxable income exceeds eight hundred thousand rupees the minimum tax payable shall be two thousand rupees.

    Related Stories
    Income Tax Ordinance 2001: advance tax on paying education fee abroad
    Income Tax Ordinance 2001: advance tax on dealers, commission agents
    Income Tax Ordinance 2001: return filers can claim tax adjustment paid on educational fee
    Income Tax Ordinance 2001: Advance tax on sales to distributors, dealers and wholesalers
    Income Tax Ordinance 2001: advance tax on electronic media, cable operators

  • FBR estimates Rs50 billion income tax loss from salary

    FBR estimates Rs50 billion income tax loss from salary

    The Federal Board of Revenue (FBR) has recently presented a comprehensive revenue position to the finance ministry, highlighting an estimated loss of Rs50 billion resulting from the downward revision of tax rates on salary income.

    (more…)
  • Income Tax Ordinance 2001: advance tax on paying education fee abroad

    Income Tax Ordinance 2001: advance tax on paying education fee abroad

    KARACHI: Foreign exchange companies are responsible for collecting advance tax on remitting abroad the education related expenses.

    The Federal Board of Revenue (FBR) recently updated Income Tax Ordinance, 2001 under which Section 236R explained the advance tax on remitting amount abroad for education expenses.

    Section 236R: Collection of advance tax on education related expenses remitted abroad

    Sub-Section (1): There shall be collected advance tax at the rate specified in Division XXIIV of Part-IV of the First Schedule on the amount of education related expenses remitted abroad.

    Rate of collection of tax under section 236R shall be 5percent of the amount of total education related expenses.

    Sub-Section (2): Banks, financial institutions, foreign exchange companies or any other person responsible for remitting foreign currency abroad shall collect advance tax from the payer of education related expenses.

    Sub-Section (3): Tax collected under this section shall be adjustable against the income of the person remitting payment of education related expenses.

    Sub-Section (4): For the purpose of this section, “education related expenses” includes tuition fee, boarding and lodging expenses, any payment for distant learning to any institution or university in a foreign country and any other expense related or attributable to foreign education.

  • Customs Intelligence Lahore announces auction of vehicles on March 27

    Customs Intelligence Lahore announces auction of vehicles on March 27

    ISLAMABAD: Directorate of Intelligence and Investigation, Customs, Federal Board of Revenue (FBR), Lahore announced auction of confiscated vehicles to be held on March 27, 2019.

    Following vehicles will be presented for the auction:

    01. Mercedes Benz Car E-240, Model 1997, Reg. No. LE-190/ICT, Chassis No. WDB2100352A502971

    02. Toyota Progress Car 2927CC, Model 1999, Reg. No. DGA-271, Chassis No. JCJ11-0005820

    03. BMW Car 745i, Model 2003, Reg. No. LZM-86, Chassis No. WBAGL22000DP38322

    04. Toyota Land Cruiser, Model 1992, Reg. No. BC-4763 Sindh, Chassis No. HDJ81-0020626

    05. Honda Civic Hybrid Car 1339CC, Model 2006, Reg. No. AAK-572, Chassis No. FD3-1006468

    06. Honda Accord Car CL-9, Model 2002, Reg. No. BFH-756, Chassis No. CL9-1000417

    07. Toyota Mark-X Car, Model 2005, Reg. No. NZ-609, Chassis No. GRX120-0025787

    08. Honda Accord Car (Inspire), Model 2003, Reg. No. BDF-478/Sindh, Chassis No. UCI-1007210

    09. Jaguar X-Type 2.5 Car, Model 2006, Reg. No. AAA-537-Quetta, Chassis No. SAJAC51MX2XC2666

    10. Toyota Crown Car, Model 2003, Reg. No. ANY-763-Sindh, Chassis No. JZS175-0064405

    11. Toyota Crown Car, Model 2001, Reg. No. AXA-037, Chassis No. JZS171-0075220

    12. Toyota Crown Car, Model 2007, Reg. No. WG-009-ICT, Chassis No. GRS182-5014070

    13. Toyota Crown Hybrid Athlete Car, Model 2014, Reg. No. AAK-222-ICT, Chassis No. AWS210-6050888

    14. Nissan Petrol Jeep, Model 2006, Reg. No. LU-064, Chassis No. WFGY61-003549

    15. Honda Accord Car, Model 2004, Reg. No. BDY-545, Chassis No. CL9-1050040

    16. Suzuki Motorcycle (Heavy Bike) HP1300CC, Model 2014, Reg. No. GSX-1300, Chassis No. JS1CK111600101675

    17. Triumph Heavy Motorcycle, Model 2010, Reg. No. LX09-UXB, Chassis No. PTOTOTYPEVH004CP2

    18. Heavy Motorcycle Yamaha Brand 1000CC Made in Japan, Model R12000, Chassis No. JYARN041000003182

    Related Stories
    MCC Appraisement West announces auction of vehicles on March 25

  • FBR holds awareness sessions for online payment of duty, taxes

    FBR holds awareness sessions for online payment of duty, taxes

    In a proactive step towards modernizing tax procedures and enhancing ease of doing business, the Federal Board of Revenue (FBR) organized informative sessions in Karachi and Lahore for the business community and tax consultants.

    (more…)