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 notifies rules for online monitoring of five major items
ISLAMABAD: Federal Board of Revenue (FBR) has notified rules for electronic monitoring of five goods in order to prevent sales tax evasion. The FBR issued SRO 250(I)/2019 on Tuesday for electronic monitoring, tracking and tracing of production, import and supply-chain of the following goods, on real time basis, hereinafter referred to as the specified goods,…
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FBR notifies function, powers of intelligence directorate
ISLAMABAD: Federal Board of Revenue (FBR) on Tuesday notified functions and powers Directorate General of Intelligence and Investigation under Federal Excise Act, 2005. The FBR issued SRO 251(I)/2019 to notify following functions of the Directorate General, Intelligence and Investigation IR: The functions of Directorate General of Intelligence and Investigation, Inland Revenue shall be: a) to…
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Income Tax Ordinance 2001: Commissioner can take assistance of police, civil armed forces to conduct audit
KARACHI: A commissioner of Inland Revenue (IR) can take assistance of government authorities, police and civil armed forces to conduct audit of taxpayers. According to updated Income Tax Ordinance, 2001 recently issued by the Federal Board of Revenue (FBR), Section 178 explained the powers of Commissioner IR. Section 178: Assistance to Commissioner “Every Officer of…
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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…
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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…
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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
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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