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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Income tax return filing may be allowed for a day or two
KARACHI: The income tax return filing may continue for next one or two days as last two days were on non-working days. The FBR through Income Tax Circular No. 02 on March 15, 2019 extended the last date for filing annual returns for tax year 2018 up to March 31, 2019. However, the last date…
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FBR issues guidelines for refund payment through bonds
ISLAMABAD: In order to facilitate businesses / exporters whose refund claims are pending with Federal Board of Revenue (FBR) and they are facing liquidity problem, it has been decided to pay sales tax refunds through bonds to the claimants who express willing to get refund through bonds. Following are important guidelines in this respect: —…
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FBR sets up DGBTB for taking action against tax evaders
ISLAMABAD: Federal Board of Revenue (FBR) on Friday established a new directorate for taking action against tax evaders. The FBR notified to create Directorate General of Broadening of Tax Base (DGBTB) to bring potential taxpayers into tax net. The new directorate, which was already made part of the statute, will work on the available data…
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Income Tax Ordinance 2001: Income from pension funds tax exempted
KARACHI: The government has allowed tax exemption to the income derived by pensioners invested in various schemes, including pension funds. The Second Schedule of Income Tax Ordinance, 2001 allowed tax exemption to the income derived by pensioners. The following exemptions are available to the pensioners: Any payment from a provident fund to which the Provident…
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FBR temporarily halts raids on tax evaders
ISLAMABAD: Federal Board of Revenue (FBR) has temporarily halted raids on tax evaders on assurance of business community. The FBR has given an opportunity to non-compliant taxpayers to declare their income and assets by filing annual returns up to March 31. At a media briefing on Thursday, Member Inland Revenue (Poilcy) Doctor Hamid Ateeq Sarwar…
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Ministry probes Indian expired mango pulp entry
ISLAMABAD: Ministry of National Food Security & Research (MNFSR) has taken notice of reports regarding the “import of expired Indian mango pulp”. The Ministry of National Food Security and Research made thorough investigation of the matter, a statement said on Thursday. In this backdrop the official stance of the Ministry of National Food Security &…
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FBR notifies transfers, postings of IRS officers of BS-16-19
ISLAMABAD: Federal Board of Revenue (FBR) on Thursday notified transfers and postings of Inland Revenue Service (IRS) officers of BS-16 to BS-19 with immediate effect until further orders. Following officers have been notified under the transfers and postings: 01. Abdur Razzaq Khan (Inland Revenue Service/BS-19) has been transferred and posted as Additional Commissioner Inland Revenue…
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No change in tax rates on cash withdrawal: FBR
ISLAMABAD: Federal Board of Revenue (FBR) has said that the government has not revised rates or limits of withholding tax on cash withdrawal from banks. In a statement on Thursday, the FBR said that the federal government has not revised rates or limits for tax on cash withdrawal from bank accounts under section 231A and…
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Overstayed consignments: ECC waives Rs700 million penal surcharges
ISLAMABAD: The Economic Coordination Committee of the Cabinet (ECC) on Wednesday approved waiver of penal surcharges to the tune of Rs700 million on overstayed consignments at ports. The ECC meeting which chaired by Finance Minister Asad Umar approved a proposal of Federal Board of Revenue (FBR) to waive the accumulated penal surcharges of Rs700 million…
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FBR transfers customs officers of BS-18-19
ISLAMABAD: The Federal Board of Revenue (FBR) on Wednesday issued a notification regarding the transfers and postings of BS-18 and BS-19 officers of the Pakistan Customs Service (PCS).
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