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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 slashes tax rate on petrol sale

    FBR slashes tax rate on petrol sale

    ISLAMABAD: The Federal Board of Revenue (FBR) on Thursday reduced rate of sales tax on supply of petrol (Motor Spirit).

    The revenue body issued SRO 1072(I)/2021 to make change in sales tax rate on supply of petrol.

    According to the notification the sales tax rate on supply of petrol has been reduced to 10.54 per cent. The FBR brought down the sales tax rate from 10.77 per cent. Previously, the revenue body notified the sales tax rate on petroleum products through SRO 937(I)/2021 dated July 26, 2021.

    The uniform rate of sales tax is 17 per cent. However, the government has reduced the rate of sales tax on various petroleum products in order provide relief to the masses.

    Despite providing relief to general public through reduced rate of sales tax, the government increased the prices of various petroleum products with effect from August 16, 2021.

    The government has increased the prices of kerosene oil and Light Diesel Oil (LDO) for next fortnight effective from August 16, 2021.

    The prices of kerosene oil have been increased by Rs0.81 per liter, from Rs87.49 to Rs 88.30.

    Likewise, the prices of Light Diesel Oil (LDO) have been increased by Rs1.10 per liter from Rs84.67 to Rs85.77.

    However, the government kept prices of petrol and diesel unchanged with effective form August 16 for next fortnight.

    According to the latest notification, the FBR has kept sales tax rates at reduced level for other petroleum products. However, sales tax rate on high speed diesel is remained at 17 per cent.

    The sales tax rate on supply of kerosene oil is 6.70 per cent and on supply of light diesel oil is 0.20 per cent.

    FBR reduces sales tax rate on petrol to 10.77%
  • Tax credit on residents’ foreign income

    Tax credit on residents’ foreign income

    Section 103 of the Income Tax Ordinance, 2001 explains the tax credit on residents’ foreign income. The Federal Board of Revenue (FBR) issued the updated Income Tax Ordinance, 2001.

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  • Tax exemption on foreign source of income

    Tax exemption on foreign source of income

    Section 102, outlines the tax exemption on foreign-source income for resident individuals, underlining the importance of foreign income tax payments in the exemption process.

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  • Taxation of geographical source of income

    Taxation of geographical source of income

    Section 101 of the Income Tax Ordinance, 2001 explains about the taxation of the geographical source of income.

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  • Special provisions related to SMEs

    Special provisions related to SMEs

    In a bid to support and promote the growth of Small and Medium Enterprises (SMEs), the Federal Board of Revenue (FBR) has introduced special provisions under Section 100E of the Income Tax Ordinance, 2001.

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  • Special provisions related to builders, developers

    Special provisions related to builders, developers

    Special provisions related to builders and developers have been introduced by the Federal Board of Revenue (FBR).

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  • Tax rates on electricity consumption during 2021-2022

    Tax rates on electricity consumption during 2021-2022

    ISLAMABAD: The Federal Board of Revenue (FBR) has announced revised withholding tax rates for electricity consumption by both commercial and domestic consumers, effective from July 1, 2021. These updates, implemented under Section 235 of the Income Tax Ordinance, 2001, were introduced through the Finance Act, 2021.

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  • Dr. Ashfaq assumes charge of FBR chairman

    Dr. Ashfaq assumes charge of FBR chairman

    ISLAMABAD: Dr. Muhammad Ashfaq Ahmed, a BS-21 officer of Inland Revenue Service (IRS) has assumed the charge of the post of chairman, Federal Board of Revenue (FBR).

    Dr. Ashfaq has replaced Asim Ahmed, who was removed from the post a day earlier.

    Following is the complete list of FBR chairmen:

    1)Dr. Muhhammad Ashfaq Ahmed (Current Chairman)24.08.2021  
    2)Mr. Asim Ahmad09.04.2021  24.08.2021
    3)Mr. Muhammad Javed Ghani07.07.2020 09.04.2021
    4)Ms. Nausheen Javaid Amjad08.04.2020 06.07.2020
    5)Ms. Nausheen Javaid Amjad (Acting Chairperson)06.01.2020 08.04.2020
    6)Syed Muhammmad Shabbar Zaidi10.05.2019  06.01.2020
    7)Mr. Mohammad Jehanzeb Khan29.08.2018 10.05.2019
    8)Ms. Rukhsana Yasmin02.07.2018 29.08.2018
    9)Mr. Tariq Mahmood Pasha04.07.2017 02.07.2018
    10)Dr. Muhamad Irshad19.01.2017 30.06.2017
    11)Mr. Nisar Muhammad Khan17.11.2015 18.01.2017
    12)Mr. Tariq Bajwa02-07-2013 17.11.2015
    13)Mr.Ansar Javed 10-04-2013 30-06-2013
    14)Mr. Ali Arshad Hakeem10-07-2012 09-04-2013
    15)Mr. Mumtaz Haider Rizvi21.01.2012 10-07-2012
    16)Mr. Salman Siddique24.12.2010 21.01.2012
    17)Mr. Sohail Ahmad18.05.2009 18.03.2010
    18)Mr. Moinuddin Khan02.01.1998 06.11.1998
    19)Mr. Hafeezullah Ishaq 11.11.1996 02.01.1998
    20)Mr. Shamim Ahmed 28.08.1996 11.11.1996
    21)Mr. Alvi Abdul Rahim13.07.1995 28.08.1996
    22) Mr. Sajjad Hasan 24.07.1991 03.10.1991
    23)Mr. Ahadullah Akmal   16.08.1990  24.07.1991
    24)Mr. Ghulam Yazdani Khan22.01.1989 11.08.1990
    25)Syed Aitezazuddin Ahmed 20.08.1988 02.01.1989
    26)Mr. I.A. Imtiazi11.08.1985      20.08.1988
    27) Mr. Fazlur Rahman Khan           14.12.1980  11.08.1985 
    28)Mr. N.M. Qureshi                      12.11.1975   14.12.1980
    29)Mr. M. Zulfiqar                            01.10.1974 12.11.1975
    30)Mr. Riaz Ahmad                       17.11.1973   30.09.1974
    31) Mr. M. Zulfiqar                           11.10.1971  17.11.1973

    Dr. Muhammad Ashfaq Ahmed has also been given additional charge of secretary revenue division.

    Dr. Ashfaq Ahmed appointed new FBR chairman
  • Allowing tax credit for charitable organization

    Allowing tax credit for charitable organization

    Section 100C of Income Tax Ordinance, 2001 has allowed tax credit to charitable organizations. The Federal Board of Revenue (FBR) issued the updated Income Tax Ordinance, 2001. The Ordinance incorporated amendments brought through Finance Act, 2021.

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  • Tax rates on passenger, goods transport vehicles

    Tax rates on passenger, goods transport vehicles

    Tax rates on passenger, goods transport vehicles have been revised by the Federal Board of Revenue (FBR) to rationalize applicable rates.

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