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Get the latest FBR news, tax updates, income tax, sales tax, customs, notifications, and policies from the Federal Board of Revenue.

  • Refund should have no nexus with revenue targets: FTO

    Refund should have no nexus with revenue targets: FTO

    ISLAMABAD: The office of Federal Tax Ombudsman (FTO) has advised Federal Board of Revenue (FBR) to set its targets rationally and refunds should have no nexus with revenue targets.

    “To link accountability to performance, compensation for delayed refund be ensured as delay has its own cost,” the FTO office said in its suggestion for budget 2019/2020.

    Refunds data should be placed on website, showing chronological sequence of status and settlement.

    It further said that the collection of Customs duty on challans, in advance, for the sake of targets, should be stopped. It also said that regulatory duties kill economic activity.

    Instead of more focus on the rates of taxes, FBR should pay more emphasis on stimulation of economic activity.

    Recommendations of separate Customs and IR Board given in ISAF Container scandal should be implemented, it said.

    The above mentioned suggestions were sent to Chairman FBR with the note that FTO’s office regards proposals worthwhile to be considered at the time of next budgetary exercise.

    As part of annual consultation to provide well thought-out advice, from a common citizen as well as expert perspective, to the FTO and FBR, meeting of the Rawalpindi/Islamabad based members of Advisory Committee was held in the Conference Room of the FTO office on December 27, 2018.

    The Federal Tax Ombudsman welcomed the participants and briefed them about the purpose of meeting which was to give recommendations for improvement in system and proposals for next budget.

    The conference was attended by Salman Nabi, Former Chairman, National Tariff Commission, Muhammad Sulaiman Khan, Ex-Member Customs and Former Advisor FTO Secretariat, Zaheer-u-Din Dar, Consultant, Zikria A. Zia, Resident Director AGE Cables, Muhammad Siddique, Former Advisor, FTO Secretariat, Najeeb R. Abbasi, Advocate High Court, Shabaz Rana, Economic Correspondent, The Express Tribune, Muhammad Azeem Siddiqi, Bureau Chief, Khyber News, M. Naeem Siddiqi, Chairman ST, IT and FBR Affairs Subcommittee.

    Tariq Ahad Nawaz, Advisor (Research) FTO Office, apprised the audience about the efforts made by the office of the FTO in the area of recommendations sent to FBR for streamlining the systemic issues and performance of the FTO office.

    In the open house discussion, the debate resulted in some very useful recommendations for improvement of the system.

  • FBR launches crackdown against high-valued undeclared immovable properties

    FBR launches crackdown against high-valued undeclared immovable properties

    KARACHI: Federal Board of Revenue (FBR) has launched drive against high-valued transactions of immovable properties in order to unearth quantum of black money used for the purpose.

    FBR sources said that the Broadening of Tax Base (BTB) unit of Regional Tax Office (RTO) – II Karachi launched action against around 2,000 persons who had acquired high valued immovable properties.

    Those persons either failed to declare their assets before the tax authorities or misdeclared the amount used for the transactions.

    The FBR sources said that the transactions had been identified through third party sources including banking transactions, where buyers made pay orders or demand draft for payment.

    The real estate sector is one of the biggest parking lot for black economy in Pakistan. This is because the declared values of immovable properties are much lower than transactions values.

    The FBR sources said that the BTB has expanded its coverage all around the mega city and detected huge number of transactions, where misdeclarations were found.

    The sources further said that the BTB is taking action against 2,000 high valued transactions in the first phase. This will be further expanded on the basis of withholding tax data obtained from registrar of properties.

    The sources said that huge mismatch was found in the properties of DHA, Gulshan e Iqbal, North Nazimabad, F B Area, Clifton, etc.

    The sources further said that the BTB had conducted independent survey to determine the open market value and the payment history of past transactions of immovable properties.

    The FBR sources also made it clear that immunity available under Section 236W was available to amounts to the extent of FBR valuations.

    Under Section 236W of Income Tax Ordinance, 2001, the FBR will not ask any person making payment of withholding tax under this section to the extent values available under FBR valuation table.

  • Income Tax Ordinance 2001: Commissioner IR has court powers for production of taxpayers’ record

    Income Tax Ordinance 2001: Commissioner IR has court powers for production of taxpayers’ record

    KARACHI: The tax laws have empowered Commissioner of Inland to act as a court under the Code of Civil Procedure for compelling production of records of any person.

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  • FBR devises strategy for survey of existing, new shopping centers to identify tax evaders

    FBR devises strategy for survey of existing, new shopping centers to identify tax evaders

    KARACHI: Federal Board of Revenue (FBR) is set to launch survey in existing and new shopping markets in Karachi for identifying tax evaders.

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  • Income Tax Ordinance 2001: Tax officials’ power to enter premises without notice

    Income Tax Ordinance 2001: Tax officials’ power to enter premises without notice

    KARACHI: Tax officials have immense powers to enter any premises for the purpose of audit of a taxpayer or survey of a potential taxpayer.

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  • Procedure for obtaining sales tax registration

    Procedure for obtaining sales tax registration

    KARACHI: The Federal Board of Revenue (FBR) has introduced a streamlined procedure for sales tax registration, aiming to facilitate taxpayers engaged in making taxable supplies in Pakistan.

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  • Income Tax Ordinance 2001: Taxpayers require to keep 6-year tax record for audit

    Income Tax Ordinance 2001: Taxpayers require to keep 6-year tax record for audit

    The Federal Board of Revenue (FBR) has recently introduced amendments to the Income Tax Ordinance, 2001, emphasizing the importance of maintaining accurate records by taxpayers.

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  • FBR issues tax directories of parliamentarians, companies and individuals

    FBR issues tax directories of parliamentarians, companies and individuals

    ISLAMABAD: Federal Board of Revenue (FBR) on Friday issued tax directories of parliamentarians and general taxpayers including companies in order to public the information about contribution of different segments of taxpayers.

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  • Classes of taxpayers require sales tax registration

    Classes of taxpayers require sales tax registration

    KARACHI: Federal Board of Revenue (FBR) has listed classes of taxpayers, who are required to get sales tax registration to declare their monthly transactions to the tax authorities.

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  • Income Tax Ordinance 2001: procedure for claiming refund, additional payment for delay

    Income Tax Ordinance 2001: procedure for claiming refund, additional payment for delay

    KARACHI: A commissioner of Inland Revenue is responsible for making payment at KIBOR plus 0.5 percent per annum for late payment of income tax refund.

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