Pkrevenue.com

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.

  • KTBA demands time for return filing as per law

    KTBA demands time for return filing as per law

    KARACHI: The Karachi Tax Bar Association (KTBA) on Monday demanded the Federal Board of Revenue (FBR) to allow extension for filing income tax return for tax year 2020 as per time prescribed under the law.

    In a letter send to FBR chairman, Zeeshan Merchant, President, KTBA praised the FBR for issuing return of income for business, salaried individuals, AOPs and companies concurrently via Notification dated September 08, 2020.

    Additionally simplified return of income for retailer/traders has also been notified per Notification dated September 17, 2020.

    Consequently in line with Section 118(2) and (3) of Income Tax Ordinance 2001 the time prescribed/suggested for filing return in case of a company is 180 days and in other cases is 90 days from the date the relevant amendments have been incorporated in the return of income officially.

    Merchant said that the media campaign launched by the FBR pressing people to file their return of income by due date i.e. September 30, 2020.

    “The BAR members have however quested the soundness of FBR’s media campaign which otherwise represents September 30, 2020 as last date for filing return of income in tax year 2020,” the KTBA president said, and asked the FBR chairman to allow taxpayers and tax professionals to file return of income in tandem with law.

  • List of cities contributing tax above Rs1 billion

    List of cities contributing tax above Rs1 billion

    ISLAMABAD: The Federal Board of Revenue (FBR) has published a comprehensive directory detailing the tax contributions of major cities across Pakistan for the tax year 2018 contributing above Rs1 billion. This directory provides valuable insights into the fiscal landscape of the country, highlighting the significant contributions made by urban centers to the national exchequer.

    (more…)
  • 71pc return filing companies declare income below Rs500,000

    71pc return filing companies declare income below Rs500,000

    The Federal Board of Revenue (FBR) has revealed that a staggering 71 percent of corporate return-filing entities declared annual income of less than Rs500,000 for tax year 2018. This alarming figure points to a serious compliance and revenue generation gap within Pakistan’s corporate sector.

    (more…)
  • Highest number of returns filed by persons below threshold income

    Highest number of returns filed by persons below threshold income

    ISLAMABAD – The Federal Board of Revenue (FBR) has published its analysis of income tax returns for the tax year 2018, shedding light on the categories of taxpayers and their income brackets. The report reveals that the largest number of tax returns were submitted by individuals whose income fell below the taxable threshold.

    (more…)
  • Salaried persons share 42 percent in total return filing

    Salaried persons share 42 percent in total return filing

    ISLAMABAD: Salaried persons have shared 42.12 percent of total income tax return filing with the Federal Board of Revenue (FBR), and they are second largest contributors in return filing after non-salaried individuals.

    According to a directory for tax year 2018 issued by the FBR a day earlier showed that the salaried persons filed 1.2 million income tax returns for the tax year ending June 30, 2018.

    The filing of the tax return by the salaried persons is 42.12 percent out of total returns 2.85 million filed for the tax year.

    Non-salaried individuals are the top contributors in return filing for the tax year under review. The non-salaried individuals filed 1.52 million income tax returns, which was 54 percent of total return filing during the tax year under review,

    Association of Persons (AOPs) filed 64,336 returns and companies only filed 44,609 returns, which are 2.26 percent and 1.56 percent, respectively out of total return filing.

    When analyzed the collection of taxes for the year, the companies contributed 55.84 percent in revenue collection. The share of non-salaried individuals in revenue collection was 21 percent. The salaried persons contributed 14.66 percent in revenue collection. The AOPs shared only 8.9 percent to the total revenue collection.

  • Tax Directory: FBR Issues Details of Tax Payment by Members of Upper, Lower Houses

    Tax Directory: FBR Issues Details of Tax Payment by Members of Upper, Lower Houses

    In a move aimed at promoting transparency and accountability, the Federal Board of Revenue (FBR) has officially released the latest Tax Directory of Parliamentarians, detailing the tax payments made by members of both the National Assembly and the Senate.

    (more…)
  • FBR selects 10,441 income tax audit cases through computer balloting

    FBR selects 10,441 income tax audit cases through computer balloting

    ISLAMABAD: Federal Board of Revenue (FBR) on Friday selected 10,441 cases of income tax for audit of tax year 2018.

    The FBR conducted computerized balloting for selection of cases under Audit Policy 2019, which was recently released.

    As many as 10,441 Income Tax cases were chosen through balloting for audit whereas the board selected 2065 Sales Tax Cases and 27 Federal Excise Duty case for the audit through this process.

    Advisor to Prime Minster on Finance and Revenue, Dr. Abdul Hafeez Shaikh witnessed the balloting ceremony.

    On the occasion the advisor said that promoting transparency through automation and digitalization in tax collection system of FBR was a prime agenda of the government.

    For this purpose, he said, the FBR has made public the tax payers’ information and published the taxpayers’ directory which contains tax record of individuals and parliamentarian and could be accessed by common masses, he said while launching the Taxpayers Directory and Computerized Balloting for Audit 2018 here.

    Chairman FBR Javed Ghani, representatives of business community and other officials of the board were also present on the occasion.

    The Advisor said that only 0.76 percent cases were selected for audit with an aim to involve minimum number of taxpayers.

    He said that last year around 14000 cases were selected but the audit remained inconclusive due to excessive number of cases, hence this year around ten thousand cases were selected only.

    While talking about tax refunds, the advisor said Rs 240 billion refunds were paid to the industrialist in fiscal year 2019-20, more than double as compare to the previous fiscal year.

    He said that out of total out Rs 40 billon income tax refunds, around 28 billion were paid while the remaining Rs12 billion would be paid this year.

    The advisor said that the government wanted coordination with the business community for resolving their issues. “We want to facilitate the industrial sector and provide it all facilities to reduce its cost of doing business to increase the country’s exports.”

    He added that the lowering the cost of doing business was a priority of the government to provide competitiveness to the local industrial sector in international market for increasing country’s exports.

    He said that industrial growth leads to enhanced exports and thereby create employment opportunities in the country.

    The advisor said that export sector performed good in July even when the country has been passing through in challenging times amid COVID- 19 pandemic.

    Hafeez Shaikh highlighted the importance of promoting tax culture, saying that the taxes enable the government to carry forward development agenda and initiate development projects of infrastructure, health and education.

    Speaking on the occasion, Chairman FBR Javed Ghani said the board launched the tax payer directory of parliamentarian and other individual to public the date of taxpayers for maintaining the transparency.

    He said that transparency and automation was the top priority of the FBR for broadening the tax net to growth in the country’s economy.

  • FBR issues rules for duty free import of minimum value goods

    FBR issues rules for duty free import of minimum value goods

    ISLAMABAD: Federal Board of Revenue (FBR) on Friday issued rules for duty free minimum value of goods imported through courier and postal service.

    The FBR issued SRO 886(I)/2020 to notify draft amendment to Customs Rules, 2001.

    Through the draft amendment the FBR issued ‘Deminimis rules for imported goods’, which shall apply to the goods imported through post service and air courier only.

    “De minimis value’ means the value of goods up to five thousand rupees in terms of the provisions of Section 19C of the Customs Act, 1969.

    The FBR said that for the purpose of application of the provisions of Section 19C of the Customs Act, 1969, the value mentioned on label of the postal good or the courier receipt shall be considered as the declared value.

    Further, for conversion of invoice value into Pak Rupee, the postal or courier authorities shall take the official exchange rate of the previous day.

    The postal or courier authorities shall submit a separate list of goods along with invoices and other documents, if any, wherein the declared value is up to five thousand rupees.

    The customs authorities shall scrutinize the list and shall have the right to examine or detain any goods to verify the declared value or compliance to the requirement of any other law applicable thereon.

    The postal or courier authorities shall submit a consolidated monthly e-statement of all such clearance along with copies of invoice of the imported goods cleared under the rules to the concerned customs authorities for re-conciliation of the record.

  • FBR issues single page return form for shopkeepers, traders

    FBR issues single page return form for shopkeepers, traders

    ISLAMABAD: Federal Board of Revenue (FBR) on Thursday issued final draft of single-page income tax return for shopkeepers /small traders having annual turnover less than Rs10 million.

    The FBR issued SRO 885(I)/2020 to notify the final draft. Previously, the FBR on September 08, 2020 issued draft return form for shopkeepers/traders through SRO 821(I)/2020 to invite comments.

    In the single return form, the traders are required to provide following details:

    The traders will also require to submit simple wealth statement form. In this form the traders shall provide following details:

  • FBR forms committees to eliminate inequalities in taxation system

    FBR forms committees to eliminate inequalities in taxation system

    ISLAMABAD: Federal Board of Revenue (FBR) on Thursday formed committees for elimination of inequality in taxation system and speedy resolution of taxpayers’ complaints.

    (more…)