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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FBR unveils basic concepts of income tax
KARACHI: Federal Board of Revenue (FBR) has pointed out basic concepts of income tax for persons intending to get registration and filing income tax returns. The FBR said that knowledge of basic concepts would not only ensure that the tasks are performed easily but also in the prescribed manner. Taxable Income Taxable Income means Total…
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FBR investigates tax evasion by 200 Sindh govt employees
KARACHI: Federal Board of Revenue (FBR) has initiated investigation into massive tax evasion by at least 200 employees of Sindh government. The investigation has been launched by Broadening of Tax Base (BTB) wing of Regional Tax Office (RTO)-II Karachi, according to official documents received on Friday. Sources said that the BTB wing selected high profile…
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If FBR not fixed, new tax authority will be created: PM
ISLAMABAD: Prime Minister Imran Khan on Thursday said that reforming Federal Board of Revenue (FBR) is priority of the government. If the FBR fails to deliver then we will replace with a new tax authority, he said while addressing at the 11th All Pakistan Chambers President Conference. He said that the reforms in the taxation…
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FBR notifies transfers, postings of key IRS posts
ISLAMABAD: The Federal Board of Revenue (FBR) on Thursday notified transfers and postings of key posts in Inland Revenue Service (IRS) with immediate effect.
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FBR promotes customs officers to BS-18
Karachi – In a move aimed at strengthening the administrative core of the Pakistan Customs Service (PCS), the Federal Board of Revenue (FBR) has announced the promotion of three distinguished customs officers from BS-17 to BS-18 on a regular basis, effective immediately.
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Income Tax Ordinance 2001: furnishing customers’ information by banks
KARACHI: Banks are required to provide certain details of their customers and transactions to Federal Board of Revenue (FBR) for subsequent use of identifying new taxpayers and tax evasion. After the implementation of Finance Act, 2018 and Finance (Supplementary) Act, 2018 there are various changes made to Section 165A of Income Tax Ordinance, 2001 related…
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Income Tax Ordinance 2001: Withholding agent requires to provide information of tax deduction
KARACHI: Every withholding agent is required to provide details of each person whose withholding tax is deducted or whom withholding tax is paid through a monthly statement to Federal Board of Revenue (FBR). According to updated Income Tax Ordinance, 2001 the withholding agent is required to provide information including name, CNIC and address of each…
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Customs collects Rs444 billion, surpasses July – February target
ISLAMABAD: Pakistan Customs has surpassed its target by collecting Rs 444 billion in first eight months of the current financial year i.e. July-February 2018-19, Federal Board of Revenue (FBR) said on Monday. Target for collection of customs duty for first eight months was Rs 436 billion, 21 percent higher than the target for the same…
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Income Tax Ordinance 2001: default surcharge at 12 percent on failure to pay tax
KARACHI: A person fails to pay taxes by due date shall be liable to pay default surcharge at 12 percent per annum. The Federal Board of Revenue (FBR) recently issued updated Income Tax Ordinance, 2001 explaining the default surcharge on failure to pay tax by due date. Section 205: Default surcharge Sub-Section (1): A person…
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Income Tax Ordinance 2001: three-year jail for person assisting tax evasion
Individuals who assist in or encourage tax evasion face severe penalties under Pakistan’s tax laws. Specifically, a person can be sentenced to up to three years in prison for aiding, abetting, or inciting another individual to commit a tax offense. The Federal Board of Revenue (FBR) has emphasized the strict nature of punishments associated with…
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