The Federal Board of Revenue (FBR) in Pakistan is now scrutinizing the source of foreign remittances when the inward transfer exceeds Rs10 million to a recipient in a year.
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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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Complete VAT system planned under medium term fiscal framework
ISLAMABAD: The government is planning to a complete Value Added Tax (VAT) regime under its medium-term fiscal framework, aiming to make significant changes in taxation, according to sources.
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Abolishing advance tax on share sale, purchase on the cards
KARACHI: The government is reportedly considering the abolition of the advance tax on the sale and purchase of shares in the capital market, a move prompted by the Pakistan Stock Exchange (PSX) and Pakistan Stockbrokers Association’s demands.
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China gives four scanners to Pakistan Customs for preventing currency smuggling
ISLAMABAD – In a gesture of goodwill and cooperation, China has donated four advanced X-Ray scanners to the Pakistan Custom Wing of the Federal Board of Revenue (FBR).
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FBR holds three-day ICT on Feb 06
KARACHI – The Federal Board of Revenue (FBR) is all set to host a three-day International Conference on Taxation (ICT) commencing on February 6, 2019.
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Profit on Debt: FBR makes mandatory for banks to provide details of account holders
Islamabad, January 10, 2019 – The Federal Board of Revenue (FBR) has issued a new mandate that compels banks to provide details of individuals receiving profits on their deposits exceeding a certain threshold.
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FBR issues withholding tax card for year 2018/2019
KARACHI: Federal Board of Revenue (FBR) has issued withholding tax card for tax year 2018/2019 as per the amendments made through Finance Act, 2018 to Income Tax Ordinance, 2001.
1. Where the taxable income does not exceed Rs. 400,000: the tax rate shall be 0%.
2. Where the taxable income exceeds Rs.400,000 but does not exceed Rs. 800,000: the tax rate shall beRs.1,000
3. Where the taxable income exceeds Rs.800,000 but does not exceed Rs. 1,200,000: the tax rate shall be Rs.2,000
4. Where the taxable income exceeds Rs.1,200,000 but does not exceed Rs.2,400,000: the tax rate shall be 5% of the amount exceeding Rs.1,200,000
5. Where the taxable income exceeds Rs.2,400,000 but does not exceed Rs.4,800,000: the tax rate shall be Rs.60,000+10% of the amount exceeding Rs.2,400,000
6. Where the taxable income exceeds Rs.4,800,000: the tax rate shall be Rs.300,000+15% of the amount exceeding Rs.4,800,000.
Provided that where the taxable income exceeds eight hundred thousand rupees the minimum tax payable shall be two thousand rupees.