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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 promotes 29 officials to post of assistant private secretary

    FBR promotes 29 officials to post of assistant private secretary

    ISLAMABAD: Federal Board of Revenue (FBR) has notified promotions of 29 steno-typists (BS-14) to the post of Assistant Private Secretary (BS-16).

    In a notification issued on Friday (July 10) the FBR notified promotions of following officials:

    01. Aurangzeb, RTO, Peshawar

    02. Waseem Iqbal, RTO, Islamabad

    03. Sulaiman Ahmed, RTO, Islamabad

    04. Allah Ditta, RTO, Rawalpindi

    05. Syed Shafqat Abbas, RTO, Gujranwala

    06. Iftikhar Ahmad Naseer, RTO, Gujranwala

    07. Syed Riaz Ahmad, RTO, Gujranwala

    08. Muhammad Abbas, RTO, Gujranwala

    09. Shabbir Ahmed, CRTO, Lahore

    10. Muhammad Yousaf, CRTO, Lahore

    11. Bashir Ahmed, RTO, Sargodha

    12. Muhammad Feroz, RTO, Sargodha

    13. Zia Rasool, RTO, Multan

    14. Saeed Ahmad, RTO, Bahawalpur

    15. Muhammad Ahmed, RTO, Bahawalpur

    16. Nasir Ali Khan, RTO, Hyderabad

    17. Muhammad Shafique, RTO, Hyderabad

    18. Muhammad Abid, CRTO, Karachi

    19. Syed Ghufran Ahmed, CRTO, Karachi

    20. Zuhair Ahmed, CRTO, Karachi

    21. Abdul Shakoor Awan, CRTO, Karachi

    22. Shafiq ur Rehman, CRTO, Karachi

    23. Ms. Shahla Riaz, CRTO, Karachi

    24. Syed Riffat Farid Nizami, CRTO, Karachi

    25. Munawar Ali, CRTO, Karachi

    26. Anisur Rehman, CRTO, Karachi

    27. Ms. Kausar Jehan, CRTO, Karachi

    28. Hussain Ahmed, CRTO, Karachi

    29. Syed Qamar ul Hassan, CRTO, Karachi

    The FBR said that the promotion would take effect from the date of their joining, subject to the condition that no disciplinary proceedings are pending against them.

    The FBR further said that the officials would be on probation for a period of one year, extendable for further period not exceeding one year, provided that if no order is issued by the day following the termination of probationary period, the appointment shall be deemed to be held until further orders.

  • FBR empowered to recover income tax on sectoral benchmark basis

    FBR empowered to recover income tax on sectoral benchmark basis

    ISLAMABAD: The officials of Federal Board of Revenue (FBR) have been authorized to recover income tax on sectoral benchmark ratio basis where a taxpayer fails to provide record or required details.

    The concept of sectoral benchmark ratios has been introduced through Finance Act 2020 for making recovery of unexplained income by taxpayers. In this regard an amendment has been made to Section 177 of Income Tax Ordinance, 2001.

    A new subsection 2AA has been introduced to Section 177, under which, where a taxpayer

    (a) has not furnished record or documents including books of accounts;

    (b) has furnished incomplete record or books of accounts; or

    (c) is unable to provide sufficient explanation regarding the defects in records, documents or books of accounts,

    Is shall be construed that taxable income has not been correctly declared and the commissioner shall determine taxable income on the basis of sectoral benchmark ratios prescribed by the FBR.

    An explanation has been added to sub-section, stating that the expression ‘sectoral benchmark ratios’ means standard business sector ratios notified by the board on the basis of comparative cases and includes financial ratios, production ratios, gross profit ratio, net  profit ratio, recovery ratio, wastage ratio and such other ratios in respect of such sectors as may be prescribed.

  • FBR issues draft rules for allowing reduced income tax rate on import of raw materials

    FBR issues draft rules for allowing reduced income tax rate on import of raw materials

    ISLAMABAD: Federal Board of Revenue (FBR) has issued draft rules for grant of concessional tax rate on import of raw materials and capital goods by manufacturers and exporters.

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  • Fee for filing tax appeals increased substantially

    Fee for filing tax appeals increased substantially

    ISLAMABAD: A substantial increase has been made to fee amount for filing appeal against an assessment order. The increase has been made part of statute through Finance Act, 2020.

    Officials at Federal Board of Revenue (FBR) said that an amendment to sub-section 4 of the Section 127 of Income Tax Ordinance, 2001 has been made through Finance Act, 2020. Prior to this amendment the fee amount of Rs1,000 was prescribed for all taxpayers for filing appeal.

    However, through the amendment the prescribed fee shall be Rs5,000 in case of company and Rs2,500 in case of other than a company.

    The fee for filing appeal in other than assessment cases has also been increased. The fee in case of company has been increased to Rs5,000 from Rs1,000. In case of other than company the fee amount has been increased to Rs1,000 from Rs200.

    Another amendment has been made to section 131 of the Income Tax Ordinance, 2001 regarding fee for filing appeal before appellate tribunal.

    Prior to the amendment an amount of Rs2,000 was prescribed as fee for filing appeal. However, post amendment the prescribed fee shall be Rs5,000 in case of a company and Rs2,500 in case of other than a company.

  • FBR to adopt new measures to achieve Rs4,963 billion collection target

    FBR to adopt new measures to achieve Rs4,963 billion collection target

    ISLAMABAD: Federal Board of Revenue (FBR) has decided to take new enforcement and administrative measures to achieve revenue collection target of Rs4,963 billion assigned for current fiscal year.

    The federal government in the latest budget assigned FBR to collect Rs4,963 billion during 2020/2021, which is 25 percent higher than the collection of Rs3,957 billion collected during 2019/2020.

    In order to achieve the revenue collection target of current fiscal year the FBR chairman directed chief commissioners and chief collectors to submit their proposals and suggestions for taking new administrative and enforcement measures.

    The FBR sought the proposals for increasing revenues and plugging loopholes.

    All chief commissioners and chief collectors have been asked to furnish their proposals by July 15, 2020.

    It is worth mentioning that the FBR was assigned Rs5,550 billion revenue collection target during fiscal year 2019/2020 however due to slow economic activities early in the fiscal year and adverse impact on economy due to coronavirus the revenue collection significantly declined.

    Later considering the situation the FBR was assigned the reduced collection target of Rs3,907 billion, which was surpassed by more than Rs50 billion.

    Despite the achievement of revenue collection target the FBR chairperson Ms. Nausheen Javaid Amjad was removed from the post and Muhammad Javaid Ghani was assigned additional charge of the post of FBR chairman.

    Sources in the FBR said that the administrative and enforcement measures would only work when a regular chairman has been appointed.

  • Assessment oversight committees formed to settle taxpayers’ cases

    Assessment oversight committees formed to settle taxpayers’ cases

    ISLAMABAD: Assessment oversight committees have been formed at all tax offices of Inland Revenue in order to settle the cases of taxpayers in expeditious manner, officials at Federal Board of Revenue (FBR) said.

    The committees have been formed following amendment made to Income Tax Ordinance, 2001 through Finance Act, 2020, which was recently approved by the National Assembly.

    The committee shall comprise the following tax authorities having jurisdiction over the taxpayer, namely:

    (a) the Chief Commissioner Inland Revenue;

    (b) the Commission Inland Revenue; and

    (c) the Additional Commissioner Inland Revenue.

    A new section 122D has been inserted to Income Tax Ordinance, 2001 for agreed assessment in certain cases.

    Under this section where as taxpayer, in response to a notice under sub-section of Section 122, intends to settle his case, he may file offer of settlement in the prescribed form before the assessment oversight committee in addition to filing reply to the commissioner.

    The committee after examining the offer may call for the record of the case and after affording opportunity of being heard to the taxpayer, may decide to accept or modify the offer of the taxpayer through consensus and communicate its decision to the taxpayer.

    Where the taxpayer is satisfied with the decision of the committee:

    (a) the taxpayer shall deposit the amount of tax payable including any amount of penalty and default surcharge as per decision of the committee;

    (b) the commissioner shall amend assessment in accordance with the decision of the committee after tax payable including any amount of penalty and default surcharge as per decision of the committee has been paid;

    (c) the taxpayer shall waive the right to prefer appeal against such amended assessment; and

    (d) no further proceedings shall be undertaken under this ordinance in respect of issues decided by the committee unless the tax has not been deposited by the taxpayer.

    According to the amendment, where the committee has been able to arrive at the cons or where the taxpayer is not satisfied with the decision of the committee, the case shall be referred back to the commissioner for decision on the basis of reply of the taxpayer in response to notice under section 122 notwithstanding proceedings or decision, if any, of the committee.

    This section shall not apply in cases involving concealment of income or where interpretation of question of law is involved having effect on other cases.

    Further, the FBR may make rules regulating the procedure of the committee and for any matter concerned with, or incidental to the proceedings of the committee.

  • Finance Act 2020: wealth statement cannot be revised after five years

    Finance Act 2020: wealth statement cannot be revised after five years

    ISLAMABAD: A wealth statement cannot be revised after the expiry of five years from the date of filing of income tax return, officials at Federal Board of Revenue (FBR).

    The amendment has been approved by the National Assembly by passing the Finance Act, 2020. The amendment has been introduced in sub-section 3 of Section 116 to Income Tax Ordinance, 2001.

    The sources said that under Income Tax Ordinance, 2001 taxpayers had already been allowed to revise their wealth statement by providing reasons for the revision and before any notice issued by a tax office in this regard.

    However, through amendment Commissioner Inland Revenue has been empowered to declare the revised wealth statement if he found any ill intention of the taxpayer.

    According to the amendment: “Provided that where the commissioner is of the opinion that the revision under this sub-section is not for the purpose of correcting a bona fide omission or wrong statement, he may declare such revision as void through an order in writing after providing and opportunity of being heard.”

    An explanation has also been included through amendment which said: “For the removal of doubt it is clarified that wealth statement cannot be revised after the expiry of five years from the due date of filing of return of income for the tax year.”

    A taxpayer is required to file wealth statement under Section 116 along with annual income tax return by providing particulars included:

    (a) the person’s total assets and liabilities as on the date or dates specified in such notice;

    (b) the total assets and liabilities of the person’s spouse, minor children, and other dependents as on the date or dates specified in such notice;

    (c) any assets transferred by the person to any other person during the period or periods specified in such notice and the consideration for the transfer;

    (d) the total expenditures incurred by the person, and the person’s spouse, minor children, and other dependents during the period or periods specified in the notice and the details of such expenditures; and

    (e) the reconciliation statement of wealth.

  • FBR appreciates services of Nausheen Amjad

    FBR appreciates services of Nausheen Amjad

    ISLAMABAD: Senior officers of the Federal Board of Revenue (FBR) gathered on Tuesday to commend the contributions of Ms. Nausheen Javaid Amjad, who recently stepped down from her position as FBR Chairperson.

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  • FBR extends date for submitting Annex-H to claim refund

    FBR extends date for submitting Annex-H to claim refund

    ISLAMABAD: Federal Board of Revenue (FBR) on Tuesday allowed taxpayers to submit their stock position for the period July–January 2019/2020 up to July 31, 2020 in order to claim sales tax refunds under newly only verification and issuance system.

    In an official memorandum issued, the FBR extended the time limit for filing of Annexure – H for the tax period July – January 2019/2020 up to July 31, 2020.

    Annexure-H is a statement for providing stock position by taxpayers along with monthly sales tax return.

    The FBR from July 01, 2019 introduced expeditious payment of sales tax refunds within 72 hours subject to the true filing of Annexure – H.

    As per the Rules, refund will be treated as having been filed only after filing of Annexure H of the Sales Tax return, for which deadline of 120 days has been prescribed in the Rules and the same can be extended for a period of 60 days on the basis of approval from the Commissioner.

  • Javed Ghani assumes charge of FBR chairman

    Javed Ghani assumes charge of FBR chairman

    ISLAMABAD: Muhammad Javed Ghani has assumed additional charge of chairman Federal Board of Revenue (FBR) on Tuesday after removal of Ms. Nausheen Javed Amjad from the post of FBR chairperson.

    A notification issued by the FBR, Muhammad Javed Ghani, an officer of Pakistan Customs Service BS-22 assumed the additional charge of the post of chairman FBR on July 07, 2020.

    In another notification issued by the FBR stated that Ms. Nausheen Javaid Amjad, BS-22 officer of Inland Revenue Service has relinquished the charge of the post of FBR chairperson with effect from July 07, 2020.