The Federal Board of Revenue (FBR) did not meet its revenue collection target from cigarette sales in April 2023, despite the sharp increase in Federal Excise Duty (FED) on the tobacco industry through the mini-budget in February this year.
(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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FBR signs information sharing pacts with Sindh and Balochistan
In an effort to promote efficiency and transparency in the tax collection system, the Federal Board of Revenue (FBR) has entered into information sharing agreements with two provincial revenue boards, namely the Board of Revenue Sindh and the Board of Revenue Balochistan.
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FBR transfers high-ranking customs officials amid ongoing anti-smuggling operation
On Wednesday, the Federal Board of Revenue (FBR) transferred several high-ranking officials of the Pakistan Customs Service (PCS) to different positions as the country intensified its efforts to combat smuggling.
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FBR misses April target by big margin despite high rates of sales tax, FED
ISLAMABAD: Despite the increase in rates of sales tax and federal excise duty through a recent mini-budget, the Federal Board of Revenue (FBR) missed its tax collection target for April 2023 by over Rs100 billion.
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FBR revokes notification on massive increase in FED on cigarettes
On May 2, 2023, the Federal Board of Revenue (FBR) in Pakistan revoked its earlier notification SRO 178(I)/2023, which had massively increased federal excise duty (FED) rates on cigarettes.
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FBR defines agricultural income for tax exemption
The Federal Board of Revenue (FBR) has provided an explanation of agricultural income to allow for exemptions under the Income Tax Ordinance, 2001.
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Over 30,000 return filers get active taxpayers status
On May 1, 2023, the Federal Board of Revenue (FBR) announced that more than 30,000 filers had been added to the Active Taxpayers List (ATL).
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FTO directs revamping tax deregistration of deceased individuals
The Federal Tax Ombudsman (FTO) has taken notice of repeated notices being issued to deceased individuals with zero assets and has instructed the Federal Board of Revenue (FBR) to revamp the deregistration system to prevent this from happening.
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FBR offices work on weekly holidays to avoid tax revenue shortfall
KARACHI: The offices of Federal Board of Revenue (FBR) are working on weekly holidays in order to avoid shortfall in tax revenue.
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Pakistan mulls relaxing disclosure limit of foreign exchange in local currency
Pakistan is likely to relax the limit to disclose foreign exchange in local currency under tax laws after experiencing a significant depreciation in the local currency over the past few years.
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