Tag: FBR
Get the latest FBR news, tax updates, income tax, sales tax, customs, notifications, and policies from the Federal Board of Revenue.
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Amnesty scheme will not for public office holder: Asad Umar
ISLAMABAD: Finance Minister Asad Umar on Wednesday said that if the government introduces any tax amnesty scheme then it will not applicable for public office holders.
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FBR to conduct balloting for audit selection
ISLAMABAD: Federal Board of Revenue (FBR) to conduct balloting for selection of audit cases on Thursday, April 04, 2019. The balloting will be conducting for audit selection of income tax returns filed for tax year 2017. Around 1.84 million tax returns were filed for the tax year 2017 by salary persons, business individuals, Association of…
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FBR extends suspension period of two customs officers
ISLAMABAD: Federal Board of Revenue (FBR) has extended in suspension period of two customs officers posted in Karachi for further three months. In a notification issued on Wednesday, the FBR extended the suspension period of Sultan Aurangzeb, Principal Officer (BS-17), Model Customs Collectorate of Port Muhammad Qasim, Karachi for a period of three months effective…
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Sales Tax Act, 1990: collection of excess sales tax
KARACHI: A person is required to pay sales tax, which was collected under misapprehension of any provision of the act and was not collectable or in excess of tax. The FBR recently updated Sales Tax Act, 1990 and its Section 3B explained the collection of excess sales tax. Section 3B: Collection of excess sales tax…
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FBR notifies Benami zones for initiating cases across country
In a significant move to combat Benami transactions, the Federal Board of Revenue (FBR) has announced the establishment of three dedicated zones in major cities across the country.
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FBR’s tax collection gap widens by Rs295bn; needs Rs1,698bn in three months to meet target
ISLAMABAD: The deficit in tax collection has soared by 295 billion in first nine month of current fiscal year making it an impossible task for Federal Board of Revenue (FBR) to achieve Rs4,398 billion target for current fiscal year. The revenue collection for July – March 2019 was stood at Rs2,700 billion as against the…
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Sales Tax Act 1990: 17 percent applicable on taxable supplies
KARACHI: A normal sales tax rate at 17 percent is applicable on taxable supplies made by registered person. Federal Board of Revenue (FBR) issued recently the updated Sales Tax Act, 1990 under which its Section 3 explained the scope of tax. Section 3: Scope of tax Sub-Section (1): Subject to the provisions of this Act,…
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FBR establishes directorate for taking action against undeclared offshore assets
ISLAMABAD: Federal Board of Revenue (FBR) has established Directorate General of International Tax Operations to initiate legal proceedings in undeclared offshore assets by Pakistanis. The FBR issued notification to set up the directorate on March 29, 2019. The directorate will have head office in Islamabad and its subordinate offices will be at Lahore, Peshawar, Multan,…
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FBR first time receives over 1.8 million income tax returns
ISLAMABAD: Federal Board of Revenue (FBR) has received over 1.8 million income tax returns for tax year 2018, a statement said on Sunday. “The FBR for the first time in its history has crossed the mark of 1,800,000 Income Tax Return filers for Tax year 2018,” it said. FBR is committed to broadening the Tax…
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FBR extends annual return filing date up to April 30
The Federal Board of Revenue (FBR) has announced an extension for the deadline to file income tax returns for the tax year 2018. In Income Tax Circular No. 03, issued on Sunday, the FBR has moved the deadline from March 31, 2019, to April 30, 2019. This marks the fourth extension granted for the filing…
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