ISLAMABAD: Despite the increase in rates of sales tax and federal excise duty through a recent mini-budget, the Federal Board of Revenue (FBR) missed its tax collection target for April 2023 by over Rs100 billion.
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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.
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FBR revokes notification on massive increase in FED on cigarettes
On May 2, 2023, the Federal Board of Revenue (FBR) in Pakistan revoked its earlier notification SRO 178(I)/2023, which had massively increased federal excise duty (FED) rates on cigarettes.
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FBR defines agricultural income for tax exemption
The Federal Board of Revenue (FBR) has provided an explanation of agricultural income to allow for exemptions under the Income Tax Ordinance, 2001.
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Over 30,000 return filers get active taxpayers status
On May 1, 2023, the Federal Board of Revenue (FBR) announced that more than 30,000 filers had been added to the Active Taxpayers List (ATL).
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FTO directs revamping tax deregistration of deceased individuals
The Federal Tax Ombudsman (FTO) has taken notice of repeated notices being issued to deceased individuals with zero assets and has instructed the Federal Board of Revenue (FBR) to revamp the deregistration system to prevent this from happening.
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FBR offices work on weekly holidays to avoid tax revenue shortfall
KARACHI: The offices of Federal Board of Revenue (FBR) are working on weekly holidays in order to avoid shortfall in tax revenue.
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Pakistan mulls relaxing disclosure limit of foreign exchange in local currency
Pakistan is likely to relax the limit to disclose foreign exchange in local currency under tax laws after experiencing a significant depreciation in the local currency over the past few years.
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FBR imposes additional tax liability on Meezan Bank
KARACHI: Federal Board of Revenue (FBR) has imposed additional tax liability on Meezan Bank Limited by making changes to deemed assessment order, sources said on Friday.
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Tax Laws Allow Arrest Taxpayers in Pakistan for Default
Tax laws in Pakistan have allowed authorities to arrest defaulting taxpayers. This power has is granted under the Income Tax Ordinance, of 2001.
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FBR plans to take measures for achieving revenue collection target
Federal Board of Revenue (FBR) is set to take all necessary measures to meet the revenue collection target for the fiscal year 2022-2023.
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