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.

  • FBR appoints CEO for Pakistan Single Window Company

    FBR appoints CEO for Pakistan Single Window Company

    ISLAMABAD: Federal Board of Revenue (FBR) has invited application for appointment of Chief Executive Officer (CEO) of Pakistan Single Window Company (PSWC). The application for the post may be submitted by May 23, 2021.

    The FBR said that PSWC is a public sector company incorporated under Section 42 of the Companies Act, 2017 by Pakistan Customs, which is the designated lead agency to implement trade related Single Window.

    PSWC is to act the operating entity under PSW Act 2021 for development, implementation and maintenance of PSW system. The company is headquartered at Islamabad with a site office at Karachi.

    The PSW company requires a transformational and passionate individual to lead the company as CEO. The CEO will be responsible for the overall leadership and management of PSW and achievement of its stated objectives. “He/she will be responsible to ensure that the PSW system is developed and implemented as per the project timelines and in accordance with global best practices.”

    He/she will also be responsible for creating and nurturing a conducive environment for technological innovation, reforms and development of IT based solutions for trade facilitation.

  • Customs stations to remain operational during Eid Holidays

    Customs stations to remain operational during Eid Holidays

    ISLAMABAD: Federal Board of Revenue (FBR) on Friday directed customs collectorates to observe normal working hours during Eid Holidays in order to facilitate trade and industry to clearance their goods.

    The FBR directed the customs station to observe normal working days on May 08, May 10 and May 11 of 2021. The FBR said that the State Bank of Pakistan (SBP) had already issued instructions to banks to open their branches on the dates mentioned above.

    The customs field offices had been instructed to issue duty schedule during Eid holidays to their officers in order to ensure consignment clearance during these days, especially those consignments having perishable items.

    The FBR said that port authorities, terminal operators and dry ports had been informed about the customs operations during Eid Holidays. Further, trade and industries have also been informed about the decision.

    The FBR said that the decision has been taken to ensure timely customs clearance of imported goods so the industrialists meet their export orders extended Eid holidays that were announced to prevent spread of coronavirus.

  • 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.

    (more…)
  • 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.

    (more…)
  • 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.

    (more…)
  • 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.

    (more…)
  • 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.