ISLAMABAD: Federal Board of Revenue (FBR) has said that the consumers items falling under mandatory retail price print will be assessed at declared retail price at clearance stage instead of determination through customs value.
(more…)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 notifies transfers, postings of BS-20 IRS officers
ISLAMABAD: Federal Board of Revenue (FBR) on Friday notified transfers and postings of BS-20 officers of Inland Revenue Service (IRS) with immediate effect and until further orders.
The FBR notified transfers and postings of following officers:
01. Syed Syedain Raza Zaidi (Inland Revenue Service/BS-20) has been transferred and posted as Commissioner Inland Revenue (Appeals-III) Karachi from the post of Commissioner, (Zone-V) Corporate Regional Tax Office, Karachi. He will assume charge of post of Commissioner, Appeal-III, Karachi on proceeding of Hyder Ali Dharejo to NMC.
02. Javaid Iqbal (Inland Revenue Service/BS-20) has been transferred and posted as Commissioner Inland Revenue (Appesls-III) Islamabad from the post of Commissioner, Inland Revenue (Appeals-I), Islamabad.
03. Sajjad Akbar Khan (Inland Revenue Service/BS-20) is currently posted as Commissioner, Inland Revenue (Appeals-I), Karachi. He will hold additional Charge of post of CIR (Appeals-II), Karachi in addition to his own duties.
04. Muhammad Javaid Badar (Inland Revenue Service/BS-20) has been transferred and posted as Commissioner Inland Revenue (Appeals) Faisalabad from the post of Commissioner, (Rahimyar Khan Zone) Regional Tax Office, Bahawalpur.
05. Rafique-ur-Rehman Memon (Inland Revenue Service/BS-20) has been transferred and posted as Commissioner Inland Revenue (Appeals-IV) Karachi from the post of Director, Directorate of Immovable Property (South), Karachi. He will assume the charge of post of Commissioner Appeals-IV, Karachi on proceeding of Dr. Tauqeer Irtiza to NMC.
06. Dr. Muhammad Idrees (Inland Revenue Service/BS-20) has been transferred and posted as Commissioner Inland Revenue (Appeals) Sargodha from the post of Commissioner, (Zone-II) Regional Tax Office, Sargodha.
07. Muhammad Faisal Mushtaq Dar (Inland Revenue Service/BS-20) has been transferred and posted as Commissioner Inland Revenue (Appeals-I) Islamabad from the post of Commissioner, (WHT Zone) Regional Tax Office, Sargodha.
The FBR said that the officers who are drawing performance allowance prior to issuance of this notification shall continue to draw this allowance on the new place of posting.
-
FBR issues withholding tax rates on commercial, industrial electricity consumers
KARACHI: Federal Board of Revenue (FBR) has issued withholding tax rates to be collected from electricity consumers of commercial and industrial.
According to Withholding Tax Card for tax year 2020 applicable from July 01, 2019, the power utility preparing electricity bills shall collect withholding tax under Section 235 of Income Tax Ordinance, 2001 from commercial and industrial consumers along with payment of electricity consumption on charges.
The FBR issued following withholding tax rates on electricity consumption by commercial and industrial consumers”
If monthly bill does not exceeds Rs400 the rate of withholding tax shall be zero.
Exceeds Rs. 400 but does not exceed Rs. 600 the rate of withholding tax shall be Rs80.
Exceeds Rs. 600 but does not exceed Rs. 800 the rate of withholding tax shall be Rs100.
Exceeds Rs. 800 but does not exceed Rs. 1000 the rate of withholding tax shall be Rs160.
Exceeds Rs. 1000 but does not exceed Rs. 1500 the rate of withholding tax shall be Rs300.
Exceeds Rs. 1500 but does not exceed Rs. 3000 the rate of withholding tax shall be Rs350.
Exceeds Rs. 3000 but does not exceed Rs. 4,500 the rate of withholding tax shall be Rs450.
Exceeds Rs. 4500 but does not exceed Rs. 6000 the rate of withholding tax shall be Rs500.
Exceeds Rs. 6000 but does not exceed Rs. 10000 the rate of withholding tax shall be Rs650.
Exceeds Rs. 10000 but does not exceed Rs. 15000 the rate of withholding tax shall be Rs1000.
Exceeds Rs. 15000 but does not exceed Rs. 20000 the rate of withholding tax shall be Rs1500.
Exceeds Rs20000:
(i) The tax shall be at the rate of 12 percent for commercial consumers;
(ii) The tax shall be at the rate of 5 percent for industrial consumers.
The FBR said that the tax shall:
(i) Adjustable In case of company.
(ii) In case of other than company tax collected on Rs, 360000 amount of annual bill will be minimum tax.
(iii) in case other than company tax collected on amount over and above Rs 30000/- of monthly bill will be adjustable
(i) Minimum Tax for CNG Stations.
The FBR said that power utilities are required to collect adjustable withholding tax under Section 235A from domestic consumers along with payment of electricity consumption on charges.
The tax shall be collected at 7.5 percent if the amount of monthly bill is Rs75,000 ore more. However, tax shall not be collected if the amount of monthly bill is less than Rs75,000.
-
No tax imposed on motorcycles, auto rickshaws: FBR
ISLAMABAD: Federal Board of Revenue (FBR) on Thursday said that it has not imposed any tax on motorcycles and auto rickshaws.
“The new circulating about imposition of tax on motorcycle and auto rickshaws by FBR is baseless and false, the FBR clarified and strongly refuted this baseless news.
The FBR clarified that no change or increase in tax has been levied on motor vehicles under section 231B and 234 of Income Tax Ordinance-2001.
Further, there is no suggestion under consideration to levy tax on Motorcycle and Auto Rickshaws.
“The tax is levied only on cars as per Income Tax Ordinance-2001,” the FBR said.
The government is working to provide facilities to the less income segment of the society.
-
FBR establishes FATF cell
The Federal Board of Revenue (FBR) has established a dedicated cell to oversee compliance with actions mandated by the Financial Action Task Force (FATF).
(more…) -
FBR issues withholding tax rates on registration of motor vehicles
ISLAMABAD: Federal Board of Revenue (FBR) has issued updated withholding tax rates on registration of new motor vehicles effective from July 01, 2019.
The FBR said that motor vehicle registration authorities are required to collect/deduct advance tax on private motor vehicles under Section 231B of Income Tax Ordinance, 2001 at the time of registration of new motor vehicles from persons getting new locally manufactured motor vehicles in their name.
Following are the withholding tax rates for registration of new motor vehicles under Section 231B(1):
Engine capacity Tax Rate Persons not appearing on ATL* Up to 850CC Rs7,500 Rs15,000 851CC to 1000CC Rs15,000 Rs30,000 1001CC to 1300CC Rs25,000 Rs50,000 1301CC to 1600CC Rs50,000 Rs100,000 1601CC to 1800CC Rs75,000 Rs150,000 1801CC to 2000CC Rs100,000 Rs200,000 2001CC to 2500CC Rs150,000 Rs300,000 2501CC to 3000CC Rs200,000 Rs400,000 Above 3000CC Rs250,000 Rs500,000 ** Persons not appearing in the Active Taxpayers List: The applicable tax rate is to be increased by 100 percent (Rule-1 of Tenth Schedule of the Income Tax Ordinance, 2001.
The FBR said that under Section 231B(1A) every leasing company, scheduled bank, investment bank, development finance institution, Modarba (Sharia Compliant or under conventional mode) shall collect four percent of the value of motor vehicles at the time of lease from persons not appearing in the ATL.
The FBR said that under Section 231B(2) the motor vehicle registration authority shall collect withholding tax from person transferring the ownership/registration at the time of transfer:
Engine capacity Tax Rate Persons not appearing on ATL* Up to 850CC Rs0 Rs0 851CC to 1000CC Rs5,000 Rs10,000 1001CC to 1300CC Rs7,500 Rs15,000 1301CC to 1600CC Rs12,500 Rs25,000 1601CC to 1800CC Rs18,750 Rs37,500 1801CC to 2000CC Rs25,000 Rs50,000 2001CC to 2500CC Rs37,500 Rs75,000 2501CC to 3000CC Rs50,000 Rs100,000 Above 3000CC Rs62,500 Rs125,000 ** Persons not appearing in the Active Taxpayers List: The applicable tax rate is to be increased by 100 percent (Rule-1 of Tenth Schedule of the Income Tax Ordinance, 2001.
The FBR said that under Section 231B(3) every manufacturer of motor vehicle shall collect withholding tax from purchaser at the time of sale of vehicle at the following tax rates:
Engine capacity Tax Rate Persons not appearing on ATL* Up to 850CC Rs7,500 Rs15,000 851CC to 1000CC Rs15,000 Rs30,000 1001CC to 1300CC Rs25,000 Rs50,000 1301CC to 1600CC Rs50,000 Rs100,000 1601CC to 1800CC Rs75,000 Rs150,000 1801CC to 2000CC Rs100,000 Rs200,000 2001CC to 2500CC Rs150,000 Rs300,000 2501CC to 3000CC Rs200,000 Rs400,000 Above 3000CC Rs250,000 Rs500,000 ** Persons not appearing in the Active Taxpayers List: The applicable tax rate is to be increased by 100 percent (Rule-1 of Tenth Schedule of the Income Tax Ordinance, 2001.
-
FBR transfers 23 inspectors to speed up action against Benami assets
ISLAMABAD: Federal Board of Revenue (FBR) has transferred 23 inspectors of Inland Revenue to newly established Benami zones in three major cities in order to speed up action against Benami assets.
According to a notification issued on Thursday the FBR transferred and posted following inspectors of BS-16 with immediate effect until further orders:
01. Muhammad Jahangir has been transferred from LTU Islamabad to Benami Zone, Islamabad.
02. Muhammad Afzal Khan has been transferred from RTO Islamabad to Benami Zone, Islamabad.
03. Ms. Tahmina Bibi has been transferred from RTO Islamabad to Benami Zone, Islamabad.
04. Khawaja Muhammad Zaheer has been transferred from RTO Islamabad to Benami Zone, Islamabad.
05. Ms. Tabassum Baig has been transferred from RTO Islamabad to Benami Zone, Islamabad.
06. Osama Idrees has been transferred from RTO Rawalpindi to Benami Zone, Islamabad.
07. Ms. Sobia Idrees has been transferred from CRTO Lahore to Benami Zone, Lahore.
08. Syed Muhammad Zulqarnain Shah has been transferred from LTU Lahore to Benami Zone, Lahore.
09. Muhamamd Usman has been transferred from LTU Lahore to Benami Zone, Lahore.
10. Shahbaz Amir Ali has been transferred from RTO-II Lahore to Benami Zone, Lahore.
11. Muhammad Hamza has been transferred from RTO-II Lahore to Benami Zone, Lahore.
12. Ms. Mah-e-No Mirza has been transferred from RTO-II Lahore to Benami Zone, Lahore.
13. Muhammad Ahmad Asghar has been transferred from RTO-II Lahore to Benami Zone, Lahore.
14. Rana Muhammad Awais has been transferred from RTO-II Lahore to Benami Zone, Lahore.
15. Ms. Nazia Ghazal has been transferred from RTO-II Lahore to Benami Zone, Lahore.
16. Mehraj Ahamad has been transferred from CRTO Karachi to Benami Zone, Karachi.
17. Suhail Ahmad has been transferred from CRTO Karachi to Benami Zone, Karachi.
18. Kamran Taj has been transferred from RTO-II Karachi to Benami Zone, Karachi.
19. Muhammad Umair Shaikh has been transferred from RTO-II Karachi to Benami Zone, Karachi.
20. Dileep Kumar has been transferred from LTU Karachi to Benami Zone, Karachi.
21. Mansoor Farhad has been transferred from RTO-III Karachi to Benami Zone, Karachi.
22. Muhammad Ilyas has been transferred from CRTO Karachi to Benami Zone, Karachi.
23. Amit Kumar has been transferred from RTO-II Karachi to Benami Zone, Karachi.
-
FBR issues rules for filing biannual withholding statement
ISLAMABAD: Federal Board of Revenue (FBR) on Wednesday notified amendments to Income Tax Rules, 2002 under which withholding agents are required to file withholding statements biannually instead monthly.
(more…) -
Comparison of new and old FBR valuations of immovable properties in Karachi
ISLAMABAD: Federal Board of Revenue (FBR) has revised valuation of immovable properties for various cities of the country in order to boost revenue collection.
The FBR announced significant increase in valuation of immovable properties in Karachi. In order to calculate the changes in old and new valuation for the purpose of withholding tax rate following are the valuation tables:
-
FBR decides to promote data entry operators
ISLAMABAD: Federal Board of Revenue (FBR) has decided to promote Data Entry Operators (DEOs) BS-12 to Management Information System (MIS) Officers BS-16 in the upcoming meeting of departmental promotion committee (DPC).
In this regard the FBR on Tuesday directed 1 to 150 DEOs in final seniority list to complete their PERs for the last five years up to June 30, 2019, which should be submitted to the FBR by July 31, 2019.
Besides, following information/documents should also be furnished in respect to the concerned DEOs, the FBR said in an office order addressing to heads of departments of Inland Revenue.
The FBR required following details from the heads of departments:
Certificate to the effect that no disciplinary / criminal case is pending against the official and that he is not the beneficiary of NRO 2007.
Details of disciplinary proceedings in progress/pending, if any.
Details of penalties imposed upon the official, if any, during last five years.