Islamabad, October 10, 2024 – The Federal Board of Revenue (FBR) has issued a directive on Thursday halting the recruitment process for positions under Basic Scale (BS) grades 1 to 4 in both the Pakistan Customs and Inland Revenue Service (IRS). This suspension of recruitment applies with immediate effect, as outlined in a circular issued to the heads of Customs and IRS field formations across the country.
(more…)Tag: Federal Board of Revenue
The Federal Board of Revenue is Pakistan’s apex tax agency, overseeing tax collection and policies. Pakistan Revenue is committed to providing timely updates on the Federal Board of Revenue to its readers.
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Pakistan Launches Grand Operation Against Sales Tax Fraud
Islamabad, October 10, 2024 – In a bold move to address rampant tax evasion and boost revenue collection, Pakistan has launched a large-scale operation targeting sales tax fraud across various sectors of the economy. Finance Minister Mohammad Aurangzeb and Federal Board of Revenue (FBR) Chairman Rashid Mahmood Langrial made the announcement in a press conference, revealing that the country faces a staggering tax gap of Rs 3.4 trillion due to widespread fraud.
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FBR Imposes Major Penalty on Customs Appraiser for Facilitating Tax Evasion
Islamabad, October 10, 2024 — The Federal Board of Revenue (FBR) has taken decisive action by imposing a major penalty on Shahzad Ameen Ahmed Babar, an appraising officer of Pakistan Customs, for facilitating the evasion of duties and taxes.
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No Further Deadline Extensions for Return Filing: FBR Chairman
Islamabad, October 10, 2024 — The Chairman of the Federal Board of Revenue (FBR), Rashid Mahmood Langrial, has unequivocally declared that there will be no further extension for the income tax return filing deadline for the tax year 2024.
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FBR Shuts Down Redemption Fine for Smuggled Goods
Islamabad, October 9, 2024 – The Federal Board of Revenue (FBR) has announced the complete elimination of the redemption fine for smuggled goods, intensifying the government’s crackdown on illegal trade activities.
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FBR Suspends Top IRS Official Amidst Accountability Measures
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.
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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.
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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.
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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.
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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.
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