Pkrevenue.com

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.

  • Faiz Illahi posted as Member Facilitation, Taxpayers’ Education

    Faiz Illahi posted as Member Facilitation, Taxpayers’ Education

    ISLAMABAD: Federal Board of Revenue (FBR) on Wednesday transferred and posted Dr. Faiz Illahi Memon as Member Facilitation and Taxpayers Education (FATE) with immediate effect.

    Dr. Faiz Illahi Memon is a senior BS-21 officer of Inland Revenue Service (IRS) and presently posted as Director General (Special Initiative), Federal Board of Revenue (Hq), Islamabad (stationed at Karachi).

    The FBR said that the officer if drawing performance allowance prior to issuance of this notification will continue to draw the same on his new place of posting.

    The above named officer is required to Relinquish / Assume charge, using online HRMS facility made available at all FBR major field offices or by using IJP login.

  • FBR reiterates not to extend date for filing income tax returns

    FBR reiterates not to extend date for filing income tax returns

    ISLAMABAD: Federal Board of Revenue (FBR) on Tuesday reiterated that it will not further extend the date for filing income tax return beyond December 08, 2020.

    The last date for filing of income tax return for tax year 2020 was September 30, 2020. The FBR through a circular extended the date up to December 08, 2020. The FBR also made it clear through the circular the date would not further extend beyond December 08, 2020.

    A spokesman of the FBR explained that all those individuals having 500 square yards or above or own vehicle with engine capacity of 1000 CC or above are required to file their annual income tax return under Section 114 of Income Tax Ordinance, 2001.

    The spokesman further said that those individuals who have commercial or industrial electricity connection and their annual electricity bill is above Rs500,000 are required to file return of income.

    Further, those persons having annual business income above Rs300,000 are also required to file their income tax return.

    For salaried persons having Rs600,000 annual income are required to file income tax returns.

    FBR warned of taking penal action against persons on non-compliance.

  • Salaried individuals require keeping tax certificate for six years

    Salaried individuals require keeping tax certificate for six years

    The Federal Board of Revenue (FBR) has issued a reminder to salaried individuals, emphasizing the necessity of retaining tax and salary certificates for a minimum of six years for assessment and audit purposes.

    (more…)
  • FBR constitutes advance ruling committee

    FBR constitutes advance ruling committee

    ISLAMABAD: Federal Board of Revenue (FBR) has constituted a committee for issuing advance ruling on requests submitted by businesses.

    (more…)
  • NTN mandatory for commercial transactions

    NTN mandatory for commercial transactions

    In a move to enhance transparency and streamline tax-related processes, the Federal Board of Revenue (FBR) has made it mandatory for all individuals and entities involved in commercial transactions to display and quote their National Tax Number (NTN).

    (more…)
  • Tax return filing hits new peak at 2.93 million

    Tax return filing hits new peak at 2.93 million

    ISLAMABAD: The tax return filing has reached a new peak of 2.93 million, according to the updated Active Taxpayers List (ATL) issued by Federal Board of Revenue (FBR) on Monday.

    (more…)
  • Special procedure for capital gain tax computation

    Special procedure for capital gain tax computation

    The Federal Board of Revenue (FBR) has recently implemented a comprehensive update to the special procedure governing the computation of capital gain tax and the collection of tax.

    (more…)
  • Reduced tax rate criteria for Shari’ah compliant listed companies

    Reduced tax rate criteria for Shari’ah compliant listed companies

    In a bid to promote and incentivize Shari’ah-compliant business practices, the Federal Board of Revenue (FBR) has issued a set of criteria defining the eligibility for reduced tax rates for companies whose shares are traded on a stock exchange.

    (more…)
  • Procedure for registration of tax informer

    Procedure for registration of tax informer

    ISLAMABAD: Federal Board of Revenue (FBR) has issued rules for registration of a person as an informer under income tax, sales tax and federal excise laws.

    According to Income Tax Rules, 2002 (updated September 08, 2020), the FBR said that any person desirous of getting himself registered as an informer may make an application to the Chief Commissioner for registration.

    The application shall be accompanied by the following documents namely:

    (a) copy of the Computerized National Identity Card of the applicant;

    (b) copy of national tax number (NTN) certificate; and

    (c) a duly sworn in affidavit stating therein that the information being provided is correct and nothing has been concealed there from and that in case any incorrect information is provided or any information is concealed he shall be liable to penal action under the laws for the time being in force.

    The FBR said that an informer shall submit any information regarding concealment or evasion of tax leading to detection or collection of taxes, fraud, corruption or misconduct that is in his possession to the Chief Commissioner giving precise details of the alleged act along with all supporting evidences that are in his possession:

    Provided that no information shall be entertained unless it gives precise details of the alleged act and is accompanied with the supporting evidences.

    On receipt of the information, the Chief Commissioner shall scrutinize the information and forward it to the concerned Commissioner.

    On receipt of the information from the Chief Commissioner, the concerned Commissioner shall conduct such further enquiry as he may deem fit and submit his report to the Chief Commissioner.

    On completion of the enquiry, the concerned Commissioner shall take such further action as may be required under the tax laws or any other law for the time being in force, as may be necessary on the basis of the facts of the case, and furnish his report to the Chief Commissioner.

    Notwithstanding anything contained in these rules, an informer, who −

    (a) has knowingly provided false information under these rules; or

    (b) has provided the information under these rules with the intention to intimidate or blackmail a person, or to bring him into disrepute, or to otherwise cause him financial loss, shall be liable to punishment and fine under the tax laws and other laws for the time being in force.

    Related Stories

    Rate of tax on payment through debt, credit cards

    Rate of advance income tax on education fee

  • FBR asks lawyers, auditors, other professionals to record all transactions

    FBR asks lawyers, auditors, other professionals to record all transactions

    The Federal Board of Revenue (FBR) has reinforced the importance of maintaining meticulous records for professionals, such as medical practitioners, legal practitioners, accountants, auditors, architects, and engineers, in accordance with the Income Tax Rules, 2002, as updated on September 08, 2020.

    (more…)