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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Difficult time for people not in tax net: FBR chairman
KARACHI: The chairman of Federal Board of Revenue (FBR) Mohammad Jehanzeb Khan on Saturday said that difficult time has started for those having taxable income but still out of tax net. He was addressing the business community at Karachi Chamber of Commerce and Industry (KCCI). The chairman said that it was difficult to bring change…
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FBR recovers Rs1.85 billion from tax evaders: Jehanzeb Khan
KARACHI: Mohammad Jehanzeb Khan, Chairman, Federal Board of Revenue (FBR) on Saturday said that the revenue body recovered Rs1.85 billion from tax evaders. Talking at Federation of Pakistan Chambers of Commerce and Industry (FPCCI), he said that the revenue body had issued 6,000 notices for recovery of Rs3 billion. The chairman said that the government…
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FBR notifies transfers, postings of 21 IRS officers
ISLAMABAD: Federal Board of Revenue (FBR) on Friday notified transfers and postings of 21 officers of BS-17-21 Inland Revenue Service (IRS) with immediate effect and until further orders. Following IRS officers have transferred and posted: 01. Muhammad Ashfaq Ahmad (Inland Revenue Service/BS-21) has been transferred and posted as Director General, (International Taxes (Operations) Federal Board…
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FBR extends last date for filing return up to March 31
ISLAMABAD: Federal Board of Revenue (FBR) has extended the last date for filing income tax returns and wealth statements up to March 31, 2019, which will enable the late filers to become part of active taxpayers list. FBR issued Circular 02/2019 on Friday and extended the last date for salary persons and final taxations which…
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Income Tax Ordinance 2001: advance tax on domestic, international air tickets
KARACHI: Passengers traveling through domestic or international airlines are required to pay certain amount of advance tax on purchase of air tickets. According to Income Tax Ordinance, 2001 issued by Federal Board of Revenue (FBR) passengers of domestic and international destinations are required to pay advance tax under Section 236B and Section 236L.Section 236B: Advance…
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Foreign Remittances: Non-filers get exemption on cash withdrawal
KARACHI: The government has granted exemption from deduction of income tax on cash withdrawal by non-filers from Pak Rupee bank accounts, which have been opened for receiving foreign remittances. Through Finance Supplementary (Second Amendment) Act, 2019 a clause 101A has been inserted to Second Schedule of Income Tax Ordinance, 2001. It said: “The provisions of…
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Advance tax rates enhanced by 50pc for non-filers on motor vehicle purchase
KARACHI: The government has allowed non-filers to purchase locally manufactured motor vehicles but at the same time the advance tax rates for non-compliant taxpayers have been increased by 50 percent. Federal Board of Revenue (FBR) said that the rates have been revised upward on purchase and registration of new locally manufactured cars by non-filers and…
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Return filers enjoy tax free banking transactions
KARACHI: The income tax filers have started enjoying withholding tax exemption on transactions of money through banking channels. After the implementation of amendments made through Finance Supplementary (Second Amendment) Act, 2019 the income tax return filers are no more required to pay 0.6 percent withholding tax on cash withdrawal. The exemption is applicable on the…
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Duty free import of plant, machinery allowed for industrial units
KARACHI: Federal Board of Revenue (FBR) has allowed duty free import of plant and machinery by industrial and manufacturing units. The exemption has been allowed through Finance Supplementary (Second Amendment) Act, 2019 under Chapter 84 and 85 of Customs Act, 1969. The FBR said that plant and machinery shall be allowed zero percent customs duty…
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Mobile handset levy increased up to Rs7,000 per set
ISLAMABAD: The government has increased mobile handset levy up to Rs7,000 per set from the date of implementation of Finance Supplementary (Second Amendment) Act, 2019. The government through Finance Act, 2018 introduced mobile hand set levy at different rates as values of smart phones were determined in Pak Rupee value. However, through Finance Supplementary (Second…
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