Mar 22

Tax slabs reduction may be considered: FBR chairman

KARACHI: Dr. Muhammad Ashfaq Ahmed, chairman, Federal Board of Revenue (FBR) on Tuesday said reduction in income tax slabs may be considered. Addressing the business community at Federation of Pakistan Chambers of Commerce and Industry (FPCCI) said that existing income tax slabs were implemented after due consideration. Earlier, the business community pointed out high number […]

by Faisal Shahnawaz

Withholding tax should be on income: FBR Chairman

Mar 21

Taxation, Top stories, Trade & Industry

Withholding tax should be on income: FBR Chairman

Karachi, March 14, 2022 – The Chairman of the Federal Board of Revenue (FBR), Dr. Muhammad Ashfaq Ahmed, emphasized the need for a shift in the approach to withholding tax (WHT), suggesting that it should be levied on income rather than transactions. He made these remarks during an address at the Karachi Chamber of Commerce […]

by Faisal Shahnawaz

Adjustment restrictions hamper return filing by retailers

Mar 20

Taxation

Adjustment restrictions hamper return filing by retailers

Retailers falling under Tier-1 have informed the Federal Board of Revenue (FBR) that they were unable to file monthly sales tax returns due to denial of adjustment by IRIS portal. A number of retailers jointly sent a letter to FBR chairman apprising about unfavorable behavior of IRIS Portal by denying adjustment against credit notes issued […]

by Mrs. Anjum Shahnawaz

UAE favorite hiding for Pakistan assets: Dr. Ashfaq

Mar 20

Taxation, Top stories

UAE favorite hiding for Pakistan assets: Dr. Ashfaq

Dr. Muhammad Ashfaq Ahmed, the Chairman of the Federal Board of Revenue (FBR), has drawn attention to the United Arab Emirates (UAE) as a preferred destination for parking offshore undisclosed funds by Pakistan nationals.

by Mrs. Anjum Shahnawaz

FBR explains cash discount under sales tax laws

Mar 19

Taxation, Top stories

FBR explains cash discount under sales tax laws

ISLAMABAD: The Federal Board of Revenue (FBR) has explained cash discount related to invoices issued through Point of Sale (POS) by Tier-1 retailers. The FBR explained through an official note dated March 17, 2022 that cash discount has been allowed in the form of reduction of prices in seasonal sales / sales and the consideration […]

by Mrs. Anjum Shahnawaz

FBR amends fresh property valuations for Islamabad

Mar 15

National, Taxation

FBR amends fresh property valuations for Islamabad

ISLAMABAD: The Federal Board of Revenue (FBR) on Tuesday made changes to property valuation tables for the capital city. The FBR issued SRO 428(I)/2022 dated March 15, 2022 to a make amendment in the SRO 342(I)/2022 dated March 02, 2022. Through the latest SRO the FBR withdrew the property valuation tables for DHA Phase 1 […]

by Mrs. Anjum Shahnawaz

FBR announces winners of third POS invoice draw

Mar 15

Taxation, Top stories

FBR announces winners of third POS invoice draw

ISLAMABAD: The Federal Board of Revenue (FBR) on Tuesday announced winners of third balloting of invoices issued through Point of Sale (POS) of retailers. According to the FBR, the bumper prize of Rs1,000,000 has been awarded to Nasreen Akhtar on the invoice issued by Save Mart. READ MORE: FBR announces prize winners in second POS […]

by Mrs. Anjum Shahnawaz

Asem Iftikhar posted as DG Digital Invoicing, Analysts

Mar 11

Taxation

Asem Iftikhar posted as DG Digital Invoicing, Analysts

ISLAMABAD: The Federal Board of Revenue (FBR) on Friday transferred Asem Iftikhar, a BS-20 officer of Inland Revenue Service (IRS) to the post of Director General, Directorate General of Digital Invoicing and Analysis. The FBR notified transfers and postings of Inland Revenue officers in BS-18 to BS-20 with immediate effect and until further orders. READ […]

by Mrs. Anjum Shahnawaz

Tax collection from property purchase climbs up 24%

Mar 8

Taxation, Top stories

Tax collection from property purchase climbs up 24%

ISLAMABAD: The collection of advance tax from purchase of immovable properties climbed up by 24 per cent during first half of the current fiscal year. According to official data released by Federal Board of Revenue (FBR), the collection of advance tax on purchase / transfer of immovable property increased to Rs27.7 billion during first half […]

by Mrs. Anjum Shahnawaz

Customs officer awarded ‘major penalty’ for corruption

Mar 8

Pakistan Customs

Customs officer awarded ‘major penalty’ for corruption

ISLAMABAD: The Federal Board of Revenue (FBR) has imposed major penalty of ‘dismissal from service’ upon an officer of Pakistan Customs on the charges of corruption, misconduct and inefficiency. The FBR in an office order issued on Tuesday stated that disciplinary proceedings were initiated against Mansab Shah, Inspector (BS-16) posted in Collectorate of Customs (Enforcement), […]

by Mrs. Anjum Shahnawaz