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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 deputes IR officers for budget preparation

    FBR deputes IR officers for budget preparation

    ISLAMABAD: Federal Board of Revenue (FBR) on Friday assigned the services of following officers of Inland Revenue (IR) with Member (IR-Policy) with immediate effect and until further orders for ongoing Budget exercise and for preparation of Finance Bill, 2021-2022.

    Shabih-ul-Aijaz (IRS/BS-20) presently posted as Commissioner-IR (Audit-II), Large Taxpayers Office, Lahore.

    Taudeer Ahmad (IRS/BS-19) presently posted as Additional Commissioner-IS, Large Taxpayers Office, Islamabad.

    Munir Ahmed Chaudhry (IRS/BS-19) presently posted as Additional Commissioner-IR, Medium Taxpayers Office, Karachi.

    The officers are directed to report to Member (IR-Policy) on morning of 07.05.2021 for  preparation of presentation on budget proposals 2021-22 for the Honorable Minister for Finance and Revenue on 7th, 8th and 9th May, 2021.

  • FBR notifies duty exemption on cotton yarn import

    FBR notifies duty exemption on cotton yarn import

    ISLAMABAD: Federal Board of Revenue (FBR) on Thursday notified exemption of customs duty on import of cotton yarn till June 30, 2021.

    The FBR issues SRO 533(I)/2021 to comply with the decision of Economic Coordination Committee of the Cabinet (ECC) to exempt whole of customs duty on import of cotton and cotton yarn.

    The ECC on April 14, 2021 approved the withdrawal of customs duty to ensure smooth supply of cotton and cotton yarns to the value-added industry, while bridging the gap between domestic production and overall demand for the inputs.

    The FBR allowed duty exemption on cotton yarn on import of following categories:

    — Cotton Yarn (other than sewing thread), containing 85 percent or more by weight of cotton, not put up for retail sale.

    — Cotton Yarn (other than sewing thread), containing less than 85 percent by weight of cotton, not put up for retail sale.

    — Cotton Yarn (other than sewing thread) put up for retail sale.

  • FBR extends date for filing sales tax return

    FBR extends date for filing sales tax return

    The Federal Board of Revenue (FBR) has announced an extension of the deadline for filing monthly sales tax returns for the period of April 2021.

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  • Anti-benami adjudicating authority secretariat inaugurated

    Anti-benami adjudicating authority secretariat inaugurated

    Asim Ahmed, Chairman of the Federal Board of Revenue (FBR), inaugurated the Secretariat of the Anti-Benami Adjudicating Authority in Islamabad on Wednesday. This milestone event is expected to enhance the efficiency and effectiveness of the Authority in combating benami transactions and illegal asset holdings.

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  • FBR urged to extend date for filing sales tax return

    FBR urged to extend date for filing sales tax return

    LAHORE: The apex tax bar of the country on Wednesday demanded the chairman of Federal Board of Revenue (FBR) to extend the date for filing monthly sales tax return due to extended Eid holidays and prevailing restrictions due to coronavirus pandemic.

    Pakistan Tax Bar Association (PTBA) in a letter to FBR chairman Asim Ahmed highlighted the problems faced by taxpayers and tax practitioners due to extended Eid holidays and third wave of coronavirus.

    The PTBA said: “The government has announced holiday from May 08 – 15, 2021 on the eve of Eid-ul-Fitr while considering current situation of the third wave of pandemic COVID-19 in the country.”

    The government has not only announced national holidays week-long holidays but also going to be made complete lockdown in the country on the recommendations of NCOC during the aforesaid period, due to increase in the number of cases on daily basis, it added.

    In this situation the working for preparation for sales tax returns as well as deposit of sales tax liability up to May 15 (which is due date of deposit of sales tax liability under the law) is not possible for the taxpayers in general, the PTBA said and added that after re-joining the offices by the public after Eid holidays from May 17 onwards, only two days would had been left for filing of sales tax returns for the tax period April 2021.

    The PTBA informed the FBR chairman that in this situation neither the taxpayers can deposit their sales tax liability within the due date nor they can prepare and submit their sales tax returns with the date as provided under the law. “Thus, time for payment of due sales tax liability as well as submission of sales tax returns, is required to be extended for at least 10 days beyond the prescribed date and time in the light of the facts.”

  • Withholding agents should be allowed filing separate statements for salary cases

    Withholding agents should be allowed filing separate statements for salary cases

    KARACHI: Tax practitioners have urged the Federal Board of Revenue (FBR) to allow withholding agents to file separate statements for salary and other than salary cases.

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  • Around 2.9 million returns filed for Tax Year 2020 till May 01

    Around 2.9 million returns filed for Tax Year 2020 till May 01

    ISLAMABAD – The Federal Board of Revenue (FBR) announced on Saturday that the number of returns filedfor the tax year 2020 has surged to around 2.9 million as of May 01, 2021, marking a substantial growth of 12 percent compared to the same period last year.

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  • FBR fears coronavirus spread to affect revenue collection in last two months

    FBR fears coronavirus spread to affect revenue collection in last two months

    ISLAMABAD: Federal Board of Revenue (FBR) has feared that fast spread of coronavirus in the third wave may affect the efforts of revenue collection during the last two months.

    The FBR in a statement on Saturday said that the revenue collection during the last days of April was slowed down because of measures taken by the government to stop spread of coronavirus.

    The FBR feared that spread of coronavirus may affect the revenue collection efforts in the last two months of the current fiscal year.

    The FBR issued revenue collection figures that showed it achieved a 14 percent growth in net revenue collection for the period July – April 2020/2021.

    However, the revenue body is still facing challenging task to generate over Rs900 billion to achieve revised downward annual target of Rs4,690 billion.

    The FBR has been assigned Rs4.96 trillion revenue collection target for the fiscal year 2020/2021. However, after consultations the International Monetary Fund (IMF) had revised downward the revenue collection target to Rs4.691 trillion for the ongoing fiscal year.

    As per the provisional collection, the FBR collected Rs3,780 billion during July – April 2020/2021 as compared with Rs3,320 billion in the same period of the last fiscal year, showing a increase of 14 percent.

    However, the collection was higher than Rs3,637 billion – the assign collection target for the period under review.

    The FBR said that it had collected record revenue in April 2021. The FBR collected Rs384 billion in April 2021, which was 57 percent higher when compared with Rs240 billion in the same month of the last year.

    The gross revenue collection of the FBR was Rs3,976 billion during first 10 months of the current fiscal year as compared with Rs3,438 billion in the corresponding months of the last fiscal year.

    The issuance of refunds grew by 65 percent during first 10 months of the current fiscal year. The FBR issued refunds worth Rs195 billion during July – April 2020/2021 as compared with Rs118 billion in the same period of the last fiscal year.

  • FBR promotes IRS officers to BS-19

    FBR promotes IRS officers to BS-19

    ISLAMABAD: Federal Board of Revenue (FBR) has promoted officers of Inland Revenue Service (IRS) to BS-19 on regular basis with immediate effect.

    The FBR promoted following BS-18 IRS officers to BS-19 on regular basis:

    1. Zeeshan Asif

    2. Ms. Amina Batool

    3. Syed Mashkoor Ali

    4. Shahzad Ali Khan

    5. Ms. Kiran Maqsood

    6. Muhammad Imran

    7. Soban Ahmad

    8. Ms. Hira Nazir

    9. Muhammad Asif

    10. Tanvir Hussain Bhatti

    11. Ms. Nafeesa Bano

    12. Sami Ullah Khan

    13. Zulfiqar Ali

    14. Abid Hussain Gulshan

    15. Mohammad Hayat Khan

    16. Shoukat Ali

    17. Sohail Ahmad

    18. Rao Shahzad Akhter Ali Khan

    19. Ch. Murtaza Ali Akbar

    20. Syed Hasan Sardar

    21. Ms. Sana Aslam Janjua

    The FBR said that the officers, if drawing performance allowance prior to issuance of this notification, will continue to draw the same after regular promotion to BS-19.

    The officers, already working in BS-19 on acting charge basis or on OPS basis as Additional Commissioner / Additional Director / Secretary FBR (HQ), Islamabad shall actualize promotion at their present place of posting.

    For actualization of promotion in

    BS-19 on regular basis of the remaining officers, separate orders shall be issued.

  • Karamatullah Khan posted as Director General Intelligence and Investigation

    Karamatullah Khan posted as Director General Intelligence and Investigation

    ISLAMABAD: Federal Board of Revenue (FBR) on Friday transferred and posted Karamatullah Khan, a BS-21 officer of Inland Revenue Service (IRS), as Director General, Directorate General of Intelligence and Investigation (IR), Islamabad.

    Karamatullah Khan has been transferred from the post of Chief Commissioner, Regional Tax Office, Faisalabad.

    Shaban Bhatti (Inland Revenue Service/BS-21) has been transferred and posted as Chief Commissioner Inland Revenue, Regional Tax Office, Islamabad from the post of Directorate General, (SPR&S) Federal Board of Revenue (HQ), Islamabad.

    Mehmood Hussain Jafri, a BS-21 officer of IRS, has been transferred and posted as Chief Commissioner Inland Revenue, Regional Tax Office, Faisalabad from the post of Chief Commissioner, Regional Tax Office, Sargodha. The officer has also been assigned the additional charge of the post of Chief Commissioner – IR, Regional Tax Office, Sargodha for a period of three months under the rules.