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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 collects Rs108 billion from auto sector during 11 months

    FBR collects Rs108 billion from auto sector during 11 months

    ISLAMABAD: Federal Board of Revenue (FBR) has collected Rs108 billion from auto sector during first eleven months of the current fiscal year, showing 51 percent growth despite coronavirus pandemic, a statement said on Wednesday.

    The FBR issued details of revenue collection from major sectors during July  – May 2020/2021.

    Tax revenue of Rs. 108 billion is collected from the auto sector so far which was Rs72 billion in the last year showing growth of 51 percent.

    Likewise, revenue of Rs 117 billion is collected from the banks in the current year which was Rs. 87 billion last year exhibiting increase of 34 percent.

    FBR has collected Rs127 billion from the cement sector in the first eleven months which was Rs97 billion last year showing increase of 31 percent.

    The revenue collected from the POL is Rs. 577 billion which was Rs. 516 billion last year showing an increase of 12 percent.

    From the tobacco sector, FBR has collected Rs. 129 billion revenue which was Rs. 104 billion last year thus showing an increase of 24 percent.

    The revenue from sugar sector was Rs. 53 billion which was Rs. 31 billion last year showing a growth of 74 percent.

    The Customs duty collections in the current year from the major items include vehicles, Iron Steel and Machinery and mechanical appliances.

    Customs duty of Rs. 98 billion is collected from vehicles which was Rs. 52 billion last year showing an increase of 86 percent.

    Customs duty from Iron and Steel remained Rs. 53 billion which was Rs. 42 billion last year showing a growth of 24 percent.

    Similarly, Customs duty from machinery and mechanical appliances is Rs. 38 billion which was Rs. 30 billion last year in the same period thus showing a growth of 26 percent.

  • Income tax return filing increases by 11.4pc to 2.93 million

    Income tax return filing increases by 11.4pc to 2.93 million

    ISLAMABAD: The Federal Board of Revenue (FBR) has received 2.93 million income tax returns for tax year 2020 by end of May 2021.

    According to statement issued on Wednesday, the FBR said in an effort to broaden the tax base the income tax return filing increased significantly.

    As on May 31, 2021, income tax returns for tax year 2020 have reached 2.93 million Compared to 2.63 million in tax year 2019, showing an increase of 11.4 percent.

    The tax deposited with returns was Rs.52 billion compared to only Rs.34 billion last year, showing an increase of 55 percent.

    FBR has also released the information about Tier-I retailers who have been integrated with POS system. According to the information, 10,767 sales points have been integrated with Point of Sales Linked Invoicing System.

  • FBR notifies rules for implementing e-audit

    FBR notifies rules for implementing e-audit

    The Federal Board of Revenue (FBR) has issued draft rules to streamline the process of online audit (e-audit) proceedings, enabling taxpayers to attend hearings virtually without the need to visit tax offices.

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  • FBR issues rules for carry forward capital losses by listed securities

    FBR issues rules for carry forward capital losses by listed securities

    ISLAMABAD: The Federal Board of Revenue (FBR) on Tuesday issued draft rules for tax treatment on capital loss on disposal of listed securities.

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  • IR offices to open on Saturdays to meet collection target

    IR offices to open on Saturdays to meet collection target

    ISLAMABAD: The Federal Board of Revenue (FBR) has decided to open the offices of Inland Revenue on all Saturdays during the month of June in order to achieve revenue collection target for fiscal year 2020/2021.

    In an official note circulated to all Chief Commissioners Inland Revenue of Large Tax Offices (LTOs), Medium Tax Offices (MTOs), Corporate Tax Offices (CTOs) and Regional Tax Offices (RTOs), the FBR said that all field formations will remain open and observe normal working hours on Saturdays from June 05, 2021 till June 30, 2021.

    The decision has been taken to enhance the efforts to meet the revenue collection targets for the last few weeks of current financial year 2020/2021, it added.

    The chief commissioners Inland Revenue have been directed to ensure that COVID-19 preventive SOPs should be strictly followed.

    The revenue collection of the FBR is provisional at Rs4,167 billion during first eleven months of the current fiscal year. The revenue body needs another Rs533 billion in the month of June 2021 to achieve the revised downward collection target of Rs4,700 billion.

  • Inland Revenue speeds up action against illicit cigarettes

    Inland Revenue speeds up action against illicit cigarettes

    ISLAMABAD: The Inland Revenue Enforcement Network (IREN) of the Federal Board of Revenue (FBR) has accelerated action against non-duty paid / illicit cigarettes, a statement said on Saturday.

    IREN’s Directorate of Intelligent and Investigation (I&I) -IR Faisalabad Unit conducted a raid at Samanabad and discovered 201 cartons (2,000,000 cigarettes) of non-duty paid cigarettes.

    The confiscated cigarettes of various local brands such as Gold Mark, Cricket, Grace etc. have been moved to the warehouse of the Directorate.

    Similarly, the IREN Unit of Directorate of I& I-IR Karachi, intercepted the vehicle and found 119 Cartons (990920 sticks) of Non-duty paid cigarettes.

    The same have been detained on account of non-production of valid documents. The value of federal excise duty and sales tax of confiscated cigarettes is around 6 million. Further investigation is underway.

    A team of Directorate of I&I (IR), Hyderabad visited Godown of a Transport Company at Tando Mohammad Khan and found 121 Cartons (1210000 sticks) of different brands of cigarettes stocked in the godown.

    The person present there failed to produce any documentary evidence regarding payment of applicable duties and taxes in respect of these Cartons. Hence the stock of 121 cartons involving duty and taxes of Rs. 2.634 million has been detained for further investigation.

  • FBR projects Rs5,700bn tax collection for next fiscal year; IMF says ‘do more’

    FBR projects Rs5,700bn tax collection for next fiscal year; IMF says ‘do more’

    ISLAMABAD: The Federal Board of Revenue (FBR) has estimated Rs5,700 billion as a net revenue collection for the next fiscal year 2021/2022, around Rs263 billion less then projection of International Monetary Fund (IMF).

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  • FBR issues cadre strength of IRS, Pakistan Customs

    FBR issues cadre strength of IRS, Pakistan Customs

    ISLAMABAD: The Federal Board of Revenue (FBR) has updated the cadre strength of Inland Revenue Service (IRS) and Pakistan Customs Service (PCS) after creation of 41 additional posts by the finance division.

    According to the updated cadre strength, the FBR has seven BS-22 officers; five in IRS and remaining two in the PCS.

    In BS-21, the FBR said, there are 52 officers of IRS are serving and 26 in the PCS.

    The FBR said that it has 254 officers in BS-20, which included 180 in the IRS and 74 others in the PCS.

    Around 261 officers of IRS and 145 officers of PCS are in the BS-19. Likewise, 389 IRS officers and 162 officers of PCS are serving in BS-18.

    The FBR has strength of 388 officers of IRS and 113 officers of PCS in BS-17.

    The IRS has 1275 officers in BS-17 to BS-22. Meanwhile, the PCS has 522 officers in BS-17 to BS-22.

  • FBR directs officials to avoid initiating audit on assumptions

    FBR directs officials to avoid initiating audit on assumptions

    ISLAMABAD: The Federal Board of Revenue (FBR) has directed the officials of Inland Revenue (IR) to avoid opening audit cases merely on surmises and assumptions, sources said on Wednesday.

    The FBR issued instructions to all chief commissioners of tax offices regarding proceedings under section 122(5) of Income Tax Ordinance, 2001.

    The FBR said that it had received representations suggesting that the field offices were recklessly issuing notices under section 122(5) read with section 122(9) of Income Tax Ordinance, 2001 where purportedly the threshold of ‘definite information’ as defined under section 122(8) was not met.

    “It goes without saying that amendment proceedings under section 122(5) of the Ordinance, merely on basis of audit suspicion picked from within the declarations lodged by the taxpayers themselves, is an enforcement travesty and need to abate,” the FBR said.

    The scheme of law warrants that a taxpayer must be dealt with precisely as per principle of justice and fair play, it added.

    The FBR directed the field formation to adhere with law and due diligence must be ensured in respect of each taxpayer and no case should be opened merely on surmises and assumptions. “All taxpayers must be provided adequate opportunity of being heard, too,” the FBR added.

  • Duty free import of Land Cruiser vehicles allowed

    Duty free import of Land Cruiser vehicles allowed

    ISLAMABAD: The Federal Board of Revenue (FBR) on Tuesday allowed exemption of federal excise duty (FED) on import of Land Cruiser vehicles for the purpose of locust control.

    The FBR issued SRO 591(I)/2021 to exempt whole of FED payable on the import of ten soft skin land cruiser 79 series pick-up 4.2 L-3 vehicles having PCT Code 9901 by the Food and Agriculture Organization of the United Nations (FAO) to be used by the department of plant protection for locust control operations.