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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.

  • Return filing may reach 6.5 million if NTN holders make compliance

    Return filing may reach 6.5 million if NTN holders make compliance

    ISLAMABAD: The number of return filers may reach near 6.5 million if persons obtained National Tax Number (NTN) make compliance.

    According to the Federal Board of Revenue (FBR) more than 3.5 million are those NTN holders are not filing income tax return.

    Under Section 114 of Income Tax Ordinance, 2001 the filing of income tax return is mandatory for person whom the NTN is issued.

    The existing income tax return filing is around 3 million for tax year 2019.

    The FBR has launched a campaign to aware persons about their obligation. The revenue board also warned people of penal action in case remained non-compliant beyond the deadline for filing tax return for tax year 2020.

    The last date for filing income tax return is December 08, 2020 and FBR has made it clear that no further extension will be granted beyond this date.

    The FBR said that it had obtained information of various undeclared transactions from withholding agents and through third party.

  • FBR exempts sales tax on medical goods for COVID prevention, treatment

    FBR exempts sales tax on medical goods for COVID prevention, treatment

    ISLAMABAD: Federal Board of Revenue (FBR) on Wednesday exempted whole of sales tax on import of medical instruments and equipments for prevention and treatment of COVID pandemic.

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  • FBR cuts staff strength to half on coronavirus resurgence

    FBR cuts staff strength to half on coronavirus resurgence

    ISLAMABAD: Federal Board of Revenue (FBR) on Monday directed all the tax offices to cut the staff (BS-1 to BS-15) by 50 percent with immediate effect in the wake of resurgence of coronavirus.

    In a circular issued by the FBR, stated that due to resurgence of COVID-19 and keeping in view the NCOC decision, the directions/instructions to reduce the staff strength (BS-1 to BS-15) by 50 percent is required to be implemented with immediate effect.

    “It is once again advised to reduce the staff strength within the available human resource limit (BS-1 to BS-15) by 50 percent on fortnightly rotation basis with effect from November 24, 2020, and to strictly follow all other instructions issued vide FBR Circular dated November 11, 2020.”

    The competent authority has desired that instructions/orders in this regard must be issued by respective Members/Chiefs FBR (HQ) immediately and copy of the same must be shared by 12:00pm on Tuesday November 24, 2020.

    Earlier, the FBR issued detailed SOPs for all the field offices for strictly compliance, which included:

    i. FBR (HQ) and all its field formations are advised to reduce the staff strength (BS-1 to BS-15) by 50 percent on fortnightly rotation basis with effect as per the following plan:

    a. Anyone suffering from flue and fever may remain off but to be available in respective stations and on cell phone.

    b. All Members / Chiefs FBR (HQ) and heads of all field formations are advised to decide about rotation of their offices, prepare the list (duty/off) of officials (BS-1 to BS-15).

    ii. Any employee who has symptoms of COVID-19 i.e. fever, cough, shortness of breath should get himself/herself tested immediately and report to the Admin Wing of FBR (HQ) of Headquarters of their respective field formations to be allowed to stay isolated till he/she is tested negative.

    iii. The employees are also directed to wear face masks during office hours, avoid hand-shakes, hugs and maintain social distance as per standard SOPs.

    iv. Employees above 50 years of age may be allowed to work from their homes except those employees whose presence is unavoidable for smooth functioning of the official business. Heads of all field formations area advised to take decision in this regard, accordingly. Field offices are further advised to allow female staff (mother of children) to work from their homes.

    v. it is advised that all those employees who are suffering from flu, fever or carrying medical history of frequent chest infections, asthma, cardiac related problems or any other major disease shall be allowed to work from their homes. Moreover, reception staff will monitor everyone who enters office premises with the help of infrared thermal thermometers.

  • Duty exempted on import of medical equipments for prevention, treatment of COVID

    Duty exempted on import of medical equipments for prevention, treatment of COVID

    ISLAMABAD: Federal Board of Revenue (FBR) on Monday exempted customs duty, regulatory duty and additional customs duty on import of medical instruments and equipments for prevention and treatment of COVID pandemic.

    The FBR issued SRO 1251(I)/2020 dated November 23, 2020 to exempt whole of customs duty, regulatory duty and additional customs duty on import of around 61 items. The exemption has been granted on import of such goods with effect from October 04, 2020 to June 30, 2021.

    Following goods are exempted from customs duty, regulatory duty and additional customs duty:

    01. Real-time PCR system (standard 96-well plate and 0.2ml tubes format, 5 channel)

    02. Biosafety cabinet

    03. Auto Clave 50 liter capacity

    04. Multi channel pipette (0.5 – 10 ul)

    05. Single channel pipette

    06. Multi channel pipette 20-200 ml

    07. Vacuum fold

    08. Micro Centrifuge (Non-refrigerated, Rotor capacity 12X 1.5/2.0ml vessles, 2XPCR strip, Max. Speed: 12, 100 x g (13,400 rpm)

    09. PCR cabinet (HEPA filter system, UV and white light)

    10. Real-time PCR kit for the detection of Coronavirus (SARS-CoV-2)

    11. Viral RNA Extraction Kit and machine (Automatic Extractor)

    12. VTM (Viral Transport Medium)

    13. Dr Oligo Synthesizer

    14. Refrigrator/freezer (-20C)

    15. Vortex Machine

    16. Refrigerated Centrifuge Machine (Rotor capacity 1.5ml x 24, max. speed 14000 rpm)

    17. UPS (6 KVA)

    18. Tyvek Suits

    19. N-95

    20. Biohazard bags (18 liters)

    21. PAPR (Powdered Air Purifying respirators)

    22. Multimode ventilator with air compressor

    23. Vital sign monitor with 21BP and ETco2 two Temp.

    24. ICU motorized patient bed with side cabinet and over bed table

    25. Syringe infusion pump

    26. Infusion pump

    27. Electric suction machine

    28. Defibrillator

    29. X-Ray Mobile Machine

    30. Simple Nebulizer

    31. Ultrasound machine

    32. Noninvasive BIPAP

    33. ECG Machine

    34. Pulse Oximeters

    35. Ripple Mattress

    36. Blood gas analyzer

    37. AMBU Bag

    38. Nitrile Gloves

    39. Latex Gloves

    40. Goggles

    41. Face Shields

    42. Gum Boots

    43. Mackintosh bed sheets

    44. Surgical Masks

    45. Air Ways

    46. Diaflow

    47. Disposable Nebulizer Mask Kit

    48. ECG Electrodes

    49. ETT Tube (Endotracheal Tubes) All sizes

    50. Humidifier Disposable Flexible

    51. IV Cannula all sizes

    52. IV Chambers

    53. Oxygen Recovery Kit

    54. Padded Sheets

    55. Stomach Tube

    56. Stylet for Endotracheal Tube

    57. Suction Tube control valve

    58. Tracheostomy Tube 7, 7.5, 8

    59. Ventilator Circuit

    60. Ventury Masks

    61. Disposable shoes over (water proof)

  • Phone SMS included as mode of service for tax notices

    Phone SMS included as mode of service for tax notices

    ISLAMABAD: Federal Board of Revenue (FBR) expanded the scope of service tax notices and included mobile phone SMS as valid service of documents.

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  • Transit trade activity starts at Gwadar Port

    Transit trade activity starts at Gwadar Port

    ISLAMABAD: A first carrier containing 200 tons of fish from international waters arrived at Gwadar. The fish will be shipped to China in reefer containers, said Federal Board of Revenue (FBR) on Monday.

    According to the FBR statement the arrival of the container at the Gwadar Port will open a new era of prosperity and growth for the people of Baluchistan and the economy of the country.

    This has been made possible under the directions of the Prime Minister of Pakistan to kick start operations at the Gwadar Port.

    Pakistan Customs is all geared up to realize the vision of the Prime Minister Imran Khan for transforming Gwadar into an International Transit trade Hub and facilitate trade through Gwadar Port.

    FBR has already notified International Transshipment Rules vide SRO 218(I)/2020 dated 10.03.2020. A dedicated Directorate of Transit Trade has also been established at Gwadar to work closely with the stakeholders and transform Gwadar into a Transit trade hub.

    As a result of this proactive approach and support of all stakeholders, in the coming days, more vessels containing international cargo including LPG, Steel Pipes, DAP fertilizer for transit to Afghanistan is scheduled to arrive at Gwadar Port.

    This reflects the confidence of the international business community and shipping lines in the economic potential of the Port and excellent trade facilitation measures put in place by Pakistan Customs.

    Gwadar is the future of Pakistan and will help the country in earning much needed foreign exchange in the future.

    During the recent visit of a high level Pakistani delegation to Afghanistan led by Advisor on Commerce, the Afghan businessmen have shown interest in making investment for trade through Gwadar Port.

  • Tax return filing reaches record high of 2.95 million

    Tax return filing reaches record high of 2.95 million

    ISLAMABAD: The filing of income tax return has reached a record high of 2.95 million, according to the updated Active Taxpayers List (ATL) issued by Federal Board of Revenue (FBR) on Monday.

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  • CCIR given special role for taxpayer grievance redressal

    CCIR given special role for taxpayer grievance redressal

    ISLAMABAD: Chief Commissioners of Inland Revenue (CCIR) have been assigned special role for redressal of taxpayers’ grievances and attached the task as key performance indicator.

    In an official note sent to all Regional Tax Offices (RTOs), the FBR authorized the CCIRs with quasi-official role of Inland Revenue Ombudsman in their respective jurisdictionally assigned territories vis-à-vis their own taxpayers – both existing and potential, and start resolving their grievances on a war footing.

    The chief commissioners have been directed to ensure that they were the first point of contact for all existing and potential taxpayers for resolution of their problems and plaints, and ensure that even if a taxpayer has ever to go seeking redressal elsewhere, it is only after he has failed in getting the due relief from the Inland Revenue Ombudsperson at his doorsteps.

    “In future, the Chief Commissioner’s role as Inland Revenue Ombudsperson would be a key indicator of his performance, and it would reflect adversely on his efficacy as a tax administrator if the number of complaints emanating from his jurisdiction and lodged elsewhere does not drastically come down over the next few months.”

    The FBR further directed the CCIRs that they must widely publicize it in their respective jurisdiction so as to attract and internalize maximum complaints lodged by their taxpayers.

    “This significant administrative shift needs to be optimally leveraged to salvage image of the service, restore confidence citizen’s trust in the system, and maximize revenue collection in a wholesome manner,” the FBR said.

  • Valuation procedure for undeclared motor vehicles

    Valuation procedure for undeclared motor vehicles

    The Federal Board of Revenue (FBR) has outlined a detailed procedure for the valuation of motor vehicles identified as undeclared or concealed assets in the Income Tax Rules, 2001.

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  • FBR explains fair market value of property, assets

    FBR explains fair market value of property, assets

    ISLAMABAD: Federal Board of Revenue (FBR) explained fair market value, which is the price which the property or asset would ordinarily fetch on sale or supply in the open market at that time.

    The FBR issued Income Tax Ordinance, 2001 (updated up to June 30, 2020) which explains the fair market value through Section 68.

    Following is the text of Section 68 of the Ordinance, explaining the fair market value:

    Section 68. Fair market value.—

    (1) For the purposes of this Ordinance, the fair market value of any property or rent, asset, service, benefit or perquisite at a particular time shall be the price which the property or rent, asset, service, benefit or perquisite would ordinarily fetch on sale or supply in the open market at that time.

    (2) The fair market value of any property or rent, asset, service, benefit or perquisite shall be determined without regard to any restriction on transfer or to the fact that it is not otherwise convertible to cash.

    (3) Where the price “other than the price of immoveable property” referred to in sub-section (1) is not ordinarily ascertainable, such price may be determined by the Commissioner.

    (4) Notwithstanding anything contained in sub-sections (1) and (3), the Board may, from time to time, by notification in the official Gazette, determine the fair market value of immovable property of the area or areas as may be specified in the notification.

    (5) Where the fair market value of any immovable property of an area or areas has not been determined by the Board in the notification referred to in sub-section (4), the fair market value of such immovable property shall be deemed to be the value fixed by the District Officer (Revenue) or provincial or any other authority authorized in this behalf for the purposes of stamp duty.

    (6) In respect of immovable property—

    (i) component A of the formula in sub-section (2) of section 37;

    (ii) “consideration received” as mentioned in Division X of Part IV of First Schedule;

    (iii) “value of immovable property” as mentioned in Divisions XVIII of Part IV of the First Schedule; and

    (iv) valuation for the purposes of section 111,shall not be less than the fair market value as determined under sub-section (4) or (5).

    Explanation.—(1)For the removal of doubt, it is clarified that the fair market value as determined under sub-section (4) or(5) shall be for carrying out the purposes of this Ordinance only.