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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.

  • FBR identifies 482 retailers for POS integration

    FBR identifies 482 retailers for POS integration

    ISLAMABAD: The Federal Board of Revenue (FBR) has identified 482 retailers for mandatory integration of Point of Sale (POS) with the tax online system for sharing sales in real-time.

    The FBR issued the list of 482 retailers by notifying Sales Tax General Order (STGO) No. 6 of 2022 dated December 03, 2021.

    The FBR said that the Finance Act, 2019 added sub-section (6) to section 811 of the Sales Tax Act, 1990 whereby a Tier-1 Retailer who did not integrate its retail outlet in the manner prescribed under sub-section (9A) of section 3 of the Sales Tax Act, 1990 during a tax period, its adjustable tax for that period would be reduced by 15 per cent. The figure of 15 per cent has been raised to 60 per cent vide Finance Act, 2021.

    READ MORE: POS installation offers reduced tax rates: LTO Karachi

    In order to operationalize this important provision of law, a system-based approach has been adopted whereby all Tier-1 retailers who are liable to integrate but have not yet integrated, with effect from July-2021 (Sales Tax Returns filed in August 2021) are to be dealt with as per the procedure laid down in STGO No. 1 of 2022 issued on August 03, 2021.

    Vide the instant STGO No. 6, a list of 482 identified tier-1 retailers has been placed on FBR’s web portal at www.fbr.gov.pk allowing them to integrate with FBR’s system by December 10, 2021, and the procedure of exclusion from this list of 482 identified retailers shall apply as laid down in Para 2 of STGO 1 of 2022 dated 03.8.2021.

    Upon the filing of Sales Tax Return for the month of November 2021 for all hereby notified retailers not having yet integrated, their input tax claim would be disallowed as above, without any further notice or proceedings, creating tax demand by the same amount.

    FBR issues list of 1136 retailers for POS integration
  • FBR notifies promotion of senior IRS officers to BS-21

    FBR notifies promotion of senior IRS officers to BS-21

    The Federal Board of Revenue (FBR) has issued a notification (No. 2863-IR-I/2021) on Friday, officially announcing the promotion of several senior officers from the Inland Revenue Service (IRS) to BS-21 from their previous BS-20 positions.

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  • Inland Revenue officers promoted to BS-20

    Inland Revenue officers promoted to BS-20

    In a significant move aimed at recognizing and rewarding the dedication and service of officers within the Inland Revenue Service (IRS), the Federal Board of Revenue (FBR) issued Notification No. 2864-IR-I/2021 on Friday, announcing the promotion of several officers from BS-19 to BS-20.

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  • FBR notifies promotion of Customs officers to BS-20

    FBR notifies promotion of Customs officers to BS-20

    In a move to recognize and reward the dedicated service of officers within the Pakistan Customs Service (PCS), the Federal Board of Revenue (FBR) issued Notification on Friday, announcing the promotion of several officers from BS-19 to BS-20 on a regular basis with immediate effect.

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  • Promotion of senior Customs officers to BS-21

    Promotion of senior Customs officers to BS-21

    In a significant development, the Federal Board of Revenue (FBR) announced on Friday the promotion of distinguished officers from the Pakistan Customs Service (PCS) from BS-20 to BS-21 on a regular basis, effective immediately.

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  • Penalty for violating embargo placed on goods removal

    Penalty for violating embargo placed on goods removal

    A person shall pay a penalty of Rs25,000 or 10 per cent of the amount of tax for violating any embargo placed on the removal of goods in connection with the recovery of tax under Section 48 of the Sales Tax Act, 1990.

    The Federal Board of Revenue (FBR) issued the Sales Tax Act, 1990 updated up to June 30, 2021. The Act incorporated amendments brought through Finance Act, 2021.

    Following is the text of section 33(14) of the Sales Tax Act, 1990:

    33. Offences and penalties.– Whoever commits any offence shall, in addition to and not in derogation of any punishment to which he may be liable under any other law, be liable to the penalty mentioned against that offence: –

    14. Where any person violates any embargo placed on the removal of goods in connection with the recovery of tax.

    Such person shall pay a penalty of twenty-five thousand rupees or ten per cent of the amount of the tax involved, whichever is higher. He shall further be liable, upon conviction by a Special Judge, to imprisonment for a term which may extend to one year, or with a fine which may extend to an amount equal to the amount of tax involved, or with both.

     (Disclaimer: The text of the above section is only for information. Team PkRevenue.com makes all efforts to provide the correct version of the text. However, the team PkRevenue.com is not responsible for any error or omission.)

    Imprisonment of five years for fraud under sales tax
  • Imprisonment of five years for fraud under sales tax

    Imprisonment of five years for fraud under sales tax

    A person is liable to imprisonment up to five years for committing fraud under Section 2(37) of the Sales Tax Act, 1990.

    The Federal Board of Revenue (FBR) issued the Sales Tax Act, 1990 updated up to June 30, 2021. The Act incorporated amendments brought through Finance Act, 2021.

    Following is the text of section 33(13) of the Sales Tax Act, 1990:

    33. Offences and penalties.– Whoever commits any offence shall, in addition to and not in derogation of any punishment to which he may be liable under any other law, be liable to the penalty mentioned against that offence: –

    13. Any person who commits, causes to commit or attempts to commit the tax fraud, or abets or connives in commissioning of tax fraud.

    Such person shall pay a penalty of twenty-five thousand rupees or one hundred per cent of the amount of tax involved, whichever is higher. He shall further be liable, upon conviction by a Special Judge, to imprisonment for a term which may extend to five years, or with a fine which may extend to an amount equal to the loss of tax involved, or with both.

    (Disclaimer: The text of the above section is only for information. Team PkRevenue.com makes all efforts to provide the correct version of the text. However, the team PkRevenue.com is not responsible for any error or omission.)

    Imprisonment of 5yrs for denying access to FBR officials
  • PM Adviser directs to reduce luxury items import

    PM Adviser directs to reduce luxury items import

    ISLAMABAD: Shaukat Tarin, Adviser to Prime Minister on Finance and Revenue, has directed the authorities to take measures to reduce the import of luxury items.

    He was presiding over a meeting to review the balance of trade at Finance Division on Thursday.

    Federal Minister for National Food Security and Research Syed Fakhar Imam, Federal Minister for Industries and Production Makhdoom Khusro Bakhtiar, Federal Minister for Energy Hammad Azhar, Adviser to the PM on Commerce & Investment Abdul Razak Dawood, Federal Secretaries, Governor State Bank of Pakistan (SBP), Chairman Federal Board of Revenue (FBR) and other senior officers participated in the meeting.

    The meeting reviewed and discussed the import bill for the last five months- July to Nov 2021.

    It was informed that the pressure on import bill was mainly due to global high commodity prices especially energy, steel, and industrial raw materials.

    The forum also noted that high import of vaccine contributed significantly to the rise in import bill.

    Moreover, it was informed that there will be less import of food items, furnace oil and vaccine in the coming months that will significantly reduce the pressure on trade bill in the second half of the current fiscal year.

    At the conclusion, the Adviser to the PM on Finance and Revenue advised the concerned authorities to take effective policy measures to reduce unnecessary imports of luxury items.

    IMF Board to approve $1.059bn by Jan 12, 2022: Tarin
  • FBR’s new, old valuation tables for Karachi properties

    FBR’s new, old valuation tables for Karachi properties

    ISLAMABAD: The Federal Board of Revenue (FBR) has revised upward the valuation of immovable properties in Karachi for collection of withholding tax.

    The FBR issued SRO 1551(I)/2021 on Thursday to notify the revised valuation of immovable properties in Karachi effective from December 01, 2021.

    The FBR previously issued SRO 120(I)/2019 dated February 01, 2019 to revise the valuation of immovable properties in Karachi.

    In the latest valuation tables for the city, the FBR added amenity plots for the valuation purpose.

    Following are the new and old

    New revised Immovable Property Valuation Tables for Karachi

    Old immovable property valuation tables for Karachi.

    The FBR said:  

    (i) Values in the above Table are in rupees;

    (ii) Value is per square yard of the covered area of ground floor plus covered area for the additional floors;

    (iii) Commercial property built up value is per square yard of the covered area of the ground floor plus covered area of the additional floors, if any;

    (iv) built up industrial property value is per square yard of the plot area per square foot;

    (v) the value in respect of a residential building consisting of more than one storey shall be increased by 25% for each additional story i.e. value of each storey other than ground floor shall be calculated @25% of the value of the ground floor;

    (vi) a property which does not appear to fall in any of the categories shown in the Appendix below shall be deemed to fall I the adjacent lowest category of the Appendix;

    (vii) whether the land has been granted for more than one purpose. viz residential, commercial and industrial, the valuation in such a case shall be the mean/average prescribed rate;

    (viii) a flat means the covered residential tenement having separate property nit number/sub-property unit number;

    (ix) in a residential, multi-storey building, the additional storey shall be charged if it consists of bedroom and bathroom;

    (x) the rates for basements of built-in commercial property in categories I,II,II and IV shall be Rs. 13,500 per square yard; and

    (xi) High Rises at Serial Number No. 37 of Appendix means a building with Storeys above ground plus five.

    FBR issues new, revised tables of property valuation
  • FBR tightens condition for tax stamped sugar bags

    FBR tightens condition for tax stamped sugar bags

    In a bid to enhance transparency, combat tax evasion, and ensure compliance with legal requirements, the Federal Board of Revenue (FBR) has reinforced the obligation of mandatory tax stamps on all sugar bags.

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