KARACHI: In a notable development, the Federal Board of Revenue (FBR) has been granted the authority to recover outstanding liabilities under various statutes or laws. Section 146D of the Income Tax Ordinance, 2001, now empowers the Commissioner (Inland Revenue) to recover such liabilities and deposit the proceeds into the designated account specified in the respective law.
(more…)Tag: FBR
FBR, Pakistan’s national tax collecting agency, plays a crucial role in the country’s economy. Pakistan Revenue is committed to providing readers with the latest updates and developments regarding FBR activities.
-
Pakistan Introduces Withholding Tax on Cash Withdrawal from Banks
Islamabad, June 9, 2023 – In a bid to enhance the documentation of the economy, Pakistan has implemented a withholding tax on cash withdrawals from banks. However, this tax will only apply to individuals who are not listed on the Active Taxpayers List (ATL) of the Federal Board of Revenue (FBR).
(more…) -
Customs Seizes 1.78 Million Illicit Cigarette Sticks Valued at Rs79 Million in Day-Long Operation
In a significant operation conducted by the Directorate of Customs Intelligence and Investigation (I&I), approximately 1.78 million illicit cigarette sticks, worth an estimated Rs79 million, were confiscated in a single day during an intensive anti-smuggling campaign.
(more…) -
Massive Tax Evasion Unveiled: Rs956 Billion Lost in Five Key Sectors of Pakistan
Islamabad, June 7, 2023: An international research body, Ipsos, has uncovered a staggering amount of Rs956 billion annual in tax evasion within five key sectors of Pakistan. The report shed light on tax evasion occurring in the real estate, tea, cigarette, tires and oil lubricants, and pharmaceutical industries.
(more…) -
FBR Releases Draft Rules for Real-Time Tracking and Monitoring of Cargo
Islamabad, June 6, 2023: The Federal Board of Revenue (FBR) Tuesday recently released draft rules for the tracking and monitoring of various types of cargo.
(more…) -
FBR Falls Short of Tax Collection Target for May 2023
The Federal Board of Revenue (FBR) in Pakistan faced a setback in May 2023 as it failed to meet the tax collection target by Rs49 billion. Despite achieving growth in certain areas, a combination of reduced imports, a sluggish economy, and revised GDP growth rates posed challenges for the FBR.
(more…) -
President Orders FBR to Apologize, Compensate for Mishandling of Imported Vehicles
President Dr Arif Alvi has taken decisive action in response to the mishandling of imported vehicles by the Customs Department, directing the Federal Board of Revenue (FBR) to issue an apology and provide compensation to a citizen who faced significant financial losses.
(more…) -
FBR Directs Officials to Submit Asset Declarations; Failure May Lead to Action
Islamabad, May 29, 2023: The Federal Board of Revenue (FBR) has issued a directive to all chiefs, urging them to ensure that officials under their administrative control file their asset declarations.
(more…) -
FBR receives suggestion to introduce fixed tax regime for small retailers
The Federal Board of Revenue (FBR) in Pakistan has received a proposal from the Institute of Chartered Accountants of Pakistan (ICAP) suggesting the implementation of a fixed tax regime for small retailers.
(more…) -
Karachi IR intelligence launches crackdown against mega sales tax refund scam
Directorate of Intelligence and Investigation (I&I) Inland Revenue (IR) Karachi of Federal Board of Revenue (FBR) has launched a massive crackdown on individuals involved in a multi-billion mega scam revolving around bogus sales tax refunds.
(more…)