Islamabad, October 9, 2024 – In a move reflecting ongoing accountability efforts, the Federal Board of Revenue (FBR) has suspended a senior official from the Inland Revenue Service (IRS) for a period of 120 days.
(more…)Tag: FBR
FBR, Pakistan’s national tax collecting agency, plays a crucial role in the country’s economy. Pakistan Revenue is committed to providing readers with the latest updates and developments regarding FBR activities.
-
FBR Enforces Stringent Rules for Customs Agents Licensing
Karachi, October 8, 2024 – The Federal Board of Revenue (FBR) has introduced stringent new regulations for the grant of customs agents licenses in an effort to bolster compliance and integrity within Pakistan’s customs processes.
(more…) -
FBR Introduces Tax Holiday for Gwadar Vehicle Imports
Karachi, October 8, 2024 – In a major policy development aimed at fostering economic activity around the Gwadar Port and Free Zones, the Federal Board of Revenue (FBR) announced a tax holiday for vehicles imported by entities operating within these areas.
(more…) -
FBR Enforces Mandatory Declaration of Foreign Assets
Karachi, October 8, 2024 – The Federal Board of Revenue (FBR) has mandated that Pakistani residents with substantial foreign income and assets must declare these holdings as part of their annual tax returns. This new requirement, governed by Section 116A of the Income Tax Ordinance, 2001, will apply to individuals whose foreign income and assets exceed certain thresholds.
(more…) -
The Imperative of Data Security in the Wake of FBR Cyber Breach
The recent cyberattack on Pakistan’s Federal Board of Revenue (FBR), leading to a Rs 14.66 billion tax fraud, has exposed severe flaws in the security of tax administration system and highlighted an urgent need to address data security vulnerabilities. This breach is not only a shocking reminder of the increasing sophistication of cybercrime but also a cautionary tale for how such attacks can compromise taxpayer data and erode public trust in institutions.
(more…) -
How to Update Email and Mobile Number on FBR IRIS Portal
The Federal Board of Revenue (FBR) has released a detailed guide for taxpayers on how to modify or change their email address or mobile number when logging into the IRIS portal, especially for filing income tax returns.
(more…) -
FBR Warns Chiefs on Unauthorized Station Departures
The Federal Board of Revenue (FBR) has expressed serious concern over an increasing trend of senior officials, particularly Chief Commissioners of Inland Revenue (IR) and Chief Collectors of Pakistan Customs, leaving their designated stations without obtaining prior approval from the concerned authorities.
(more…) -
FTO Exposes Cybersecurity Breach in FBR Leading to Rs 14.66 Billion Tax Fraud
Karachi, October 7, 2024 – In a shocking revelation, the Federal Tax Ombudsman (FTO) has identified a monumental tax fraud worth Rs 14.66 billion attributed to a cybercrime breach within the Federal Board of Revenue (FBR). The crime, which infiltrated FBR’s system, resulted in unauthorized access and the misuse of taxpayer data, leading to colossal losses for the national exchequer. This fraud case marks one of the most significant cyberattacks targeting Pakistan’s tax infrastructure.
(more…) -
FBR Confirms Restrictions on Non-Filers Through Money Bill
Islamabad, October 7, 2024 – The Federal Board of Revenue (FBR) has confirmed the government’s plans to introduce a money bill aimed at imposing stringent restrictions on non-filers of income tax returns, marking a major step in its efforts to enhance tax compliance across the country.
(more…) -
FBR Imposes Five-Year Limit on Wealth Statement Modifications
Karachi, October 6, 2024 – The Federal Board of Revenue (FBR) has imposed a stringent five-year time limit on the modification of wealth statements. Taxpayers will no longer be permitted to revise their wealth statements after the expiration of this five-year window, a rule that underscores the FBR’s commitment to ensuring timely and accurate tax compliance.
(more…)