ISLAMABAD: The Federal Board of Revenue (FBR) issued the updated Income Tax Ordinance, 2001 after incorporating amendments brought through Finance Act, 2021. The Section 4 of the Income Tax Ordinance, 2001 deals with tax on taxable income.
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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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Section 2 of Income Tax Ordinance, 2001 amended through Finance Act, 2021
The Federal Board of Revenue (FBR) notified updated Section 2 of Income Tax Ordinance, 2001 amended through Finance Act, 2021.
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Tax auditor awarded major penalty for misconduct
In a recent development, the Federal Board of Revenue (FBR) has awarded with a major penalty to a tax auditor, Sardar Abdul Rab Nashtar, Assistant Director (Audit) of the Inland Revenue Service (IRS).
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How to check active taxpayer status
The Federal Board of Revenue (FBR) has introduced a set of guidelines to facilitate taxpayers in checking their Active Taxpayer status.
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Undertaking made must for FBR officials before promotion
ISLAMABAD – In a significant shift in the promotion protocol within the Federal Board of Revenue (FBR), all officers and officials of the Inland Revenue Service (IRS) and Pakistan Customs Service are now required to submit undertakings along with their Performance Evaluation Reports (PERs) for consideration of promotion to the next grade.
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Annual Return Filing: What information is required for tax registration?
The tax registration is key for filing income tax rates. The taxpayers should know about the required information for the tax registration.
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FBR categorizes heads of income for tax collection
The Federal Board of Revenue (FBR) in Pakistan has outlined five distinct heads of income for the purpose of tax collection from both individuals and corporate entities.
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FBR bars field formations from assigning additional charge to any officer
The Federal Board of Revenue (FBR) has issued a directive, barring field formations from assigning unauthorized additional charges to officers.
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Finance minister reiterates taking stern action against tax evaders
ISLAMABAD: Finance Minister Shaukat Tarin on Monday reiterated the government’s resolve to take stern action against tax evaders, who are not willing to be part of the tax net.
The finance minister said this while chairing a steering meeting to review progress on broadening of tax base and integration of retailers into Point of Sales (POS) system by the Federal Board of Revenue (FBR).
Tarin stated that the government had incentivized the retailers by giving tax credit on electronic cash registers during the new Budget 2021-2022.
The underlying rationale is to give incentives to the tax payers in order to broaden the tax base and at the same time, reiterated to take stern action against tax evaders who are not willing to be part of the tax net.
In the beginning, Member (IT), FBR briefed the participants about operational Terms of Reference (TORs) for integration of retailers into the POS system.
The TORs have been formulated in consultation with key stakeholders including representatives from the private sector to have a proper system of check and balance in place, he added.
While reviewing the progress of the Steering Committee, the Finance Minister stated that limited tax base is one of the key challenges and the Government is firmly committed to expand the tax base to enhance revenues exponentially.
He commended the efforts made by the members of the steering committee on the occasion.
In his concluding remarks, the Finance Minister urged FBR to strictly adhere to timelines and benchmarks and follow-up the whole exercise for broadening tax base on regular basis.
The way forward requires use of new technologies, analytical tools and end-to-end automation to broaden the tax base by integrating all the chains/outlets into MIS system by FBR.
The minister further directed to gather data by undertaking interim measures such as Mystery Shopping exercise to identify anomalies as well as adding new entrants into the system to yield efficient results.
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FBR officials directed to file asset declarations
ISLAMABAD: The Federal Board of Revenue (FBR) has directed officials of Inland Revenue Service and Pakistan Customs to submit their asset declarations by July 31, 2021.
A notification issued on Monday, the FBR directed all the officers and officials to submit their asset declaration ending June 30, 2021 and Performance Evaluation Report due for the year 2020/2021 by July 31, 2021.
The FBR warned the officials that their performance allowance would be discontinued without any further notice and necessary action under the Civil Servants (E&D) Rules, 2020 would also be initiated on account of ‘misconduct’.
The FBR stated that according to Rule 12 of Government Servant (Conduct) Rules, 1964, every government servant is liable to submit his/her annual declaration of assets and liabilities ending on June 30 every year.
Also as per guideline to performance evaluation, the timelines for all employees of the FBR including its field formations to initiate and submit their performance evaluation reports are as: reporting officer by July 20; countering officer by July 31.
The FBR said it had been found from perusal of the record that some officers/officials had not complied with this mandatory responsibility on time.