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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 first time receives over 1.8 million income tax returns

    FBR first time receives over 1.8 million income tax returns

    ISLAMABAD: Federal Board of Revenue (FBR) has received over 1.8 million income tax returns for tax year 2018, a statement said on Sunday.

    “The FBR for the first time in its history has crossed the mark of 1,800,000 Income Tax Return filers for Tax year 2018,” it said.

    FBR is committed to broadening the Tax Base to truly make it a self-reliant country.

    FBR will continue with its efforts of creating awareness about the importance of paying taxes not only as a civic duty but also for the growth of the economy.

    The institution is devoted to facilitating the public in helping to not only fulfill their tax obligations but also to create an enabling environment that fosters economic growth.

    The institution is also geared to act against those found guilty of not fulfilling their tax obligations.

    FBR could not have achieved this landmark without the cooperation of our tax paying public.

    Together with your support we can truly make the dream of a vibrant Pakistan a distinct reality.

  • FBR extends annual return filing date up to April 30

    FBR extends annual return filing date up to April 30

    The Federal Board of Revenue (FBR) has announced an extension for the deadline to file income tax returns for the tax year 2018. In Income Tax Circular No. 03, issued on Sunday, the FBR has moved the deadline from March 31, 2019, to April 30, 2019. This marks the fourth extension granted for the filing of tax returns for the specified year.

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  • Income tax return filing may be allowed for a day or two

    Income tax return filing may be allowed for a day or two

    KARACHI: The income tax return filing may continue for next one or two days as last two days were on non-working days.

    The FBR through Income Tax Circular No. 02 on March 15, 2019 extended the last date for filing annual returns for tax year 2018 up to March 31, 2019.

    However, the last date is falling on Sunday and FBR had not arranged facility for making payment through banks.

    Previously, the FBR planned to open the offices on March 29 and 30 to facilitate the taxpayers in making payment of duty and taxes.

    However, State Bank of Pakistan issued a circular for facilitating payment by banks and NIFT on March 30.

    According to tax experts the last date would be automatically moved to next date if the last date is falling on holiday under Section 10 of General Clauses Act, 1897.

    Therefore, people would be allowed to file income tax returns on the next date of date filing automatically, if FBR does not further extend the date.

    Previously, the last date of filing income tax returns was December 15, 2018, which was non-working day or weekend then the FBR allowed the return filing for another day.

    Following is the press release issued by the FBR on December 15, 2018:

    “Federal Board of Revenue (FBR) has allowed filing of Income Tax returns until 17th December 2018 because of the weekend falling on 15th December which was previously announced as the deadline for filing of returns.

    “The statement issued by the Official Spokesperson FBR says that a number of queries have been received about extension of last date of filing of return but the return filing date is not being extended any further.

    “However, since the last date of filing of return falls on a non-working day, hence as per General Clauses Act the closing date for filing of Income Tax returns falling on 15th December 2018 as per previous announcement is automatically extended to next working day i.e. Monday the 17th of December.

    “The tax offices will be extending help in filing of returns on Monday till close of office hours and the returns will be received electronically till 12 midnight.

    Moreover, the Commissioners are also authorized to grant extension for a period up to 15 days on case-to-case basis. Although the receipt of return will not be blocked after due date, yet as per existing law, the names of persons who fail to file return by the closing date (or by the date extended by the Commissioners) will not be put on the Active Taxpayers List.”

  • FBR issues guidelines for refund payment through bonds

    FBR issues guidelines for refund payment through bonds

    ISLAMABAD: In order to facilitate businesses / exporters whose refund claims are pending with Federal Board of Revenue (FBR) and they are facing liquidity problem, it has been decided to pay sales tax refunds through bonds to the claimants who express willing to get refund through bonds.

    Following are important guidelines in this respect:

    — The bond scheme pertains to sales tax refund only.

    — The features of bond are provided under section 67A of the Sales Tax Act, 1990, as inserted vide Finance Supplementary (Second Amendment) Act, 2019.

    — The bonds shall be issued to the claimants who express willingness for the same by giving an option at e.fbr.gov.pk using their login ID.

    — The maturity period of bonds is three years from the date of issuance.

    — The bonds carry a simple profit of 10% per annum payable at the end of maturity period i.e. against a bond of Rs. 100,000, Rs. 130,000 shall be paid after maturity to the holder of the bond.

    — The bonds are transferable i.e. if a refund claimant who has been issued the bond can sell the same to another person / bank at a price agreed between the two parties.

    — The bonds shall be acceptable by banks as collateral for getting advances / loans.

    — There shall be no deduction of zakat on the bonds. Sahib-e-Nisab may pay zakat voluntarily as per shariah.

    — The bonds shall be payable against Refund Payment Orders (RPOs) as issued in favour of the claimant.

    — The bonds shall be issued in multiples of Rs. 100,000. The amount of refund payable as in excess of multiple of Rs. 100,000 shall be paid in cash by direct transfer through State Bank of Pakistan in the claimant’s account.

    — The bonds shall be issued through Central Depository Company (CDC). The transfer / pledging of bonds shall be handled by CDC at the option of bond holder.

    — The claimant who opt for issuance of bond should have an account with Central Depository Company (CDC). They can provide this account number while submitting their option for bonds to FBR.

    — If a claimant does not have a CDC account, he still can opt for issuance of bonds. He will be guided regarding opening of CDC account.

    — In case the bond holder wants to sell / transfer the bond, the buyer / transferee should also have a CDC account.

    — At the end of maturity period, FBR shall pay the amount due under bond i.e. face value plus profit to the bond holder.

    — If FBR decides, it can pay the amount due under bond to the bond holder including profit before maturity. This option is available only to FBR.

    — The bond holder shall have to pay nominal fees to CDC on transfers / custody as provided in CDC schedule available at its website.


    Related Stories
    FBR sets up DGBTB for taking action against tax evaders

  • FBR sets up DGBTB for taking action against tax evaders

    FBR sets up DGBTB for taking action against tax evaders

    ISLAMABAD: Federal Board of Revenue (FBR) on Friday established a new directorate for taking action against tax evaders.

    The FBR notified to create Directorate General of Broadening of Tax Base (DGBTB) to bring potential taxpayers into tax net.

    The new directorate, which was already made part of the statute, will work on the available data of persons and companies those were not into the tax net.

    The directorate will have powers to identify new taxpayers, issue notice and to initiate legal action.

    The FBR currently reportedly has huge data of persons having taxable income but not on the tax roll. In the existing set up the BTB action was taken as per routine matter.

    The new directorate will also have jurisdiction over benami cases and take action as per law.

    The FBR recently notified rules for benami laws which was approved by the National Assembly in January 2017. The FBR has transferred the cases of benami properties to BTB wing to initiate legal action against tax evaders.

  • Income Tax Ordinance 2001: Income from pension funds tax exempted

    Income Tax Ordinance 2001: Income from pension funds tax exempted

    KARACHI: The government has allowed tax exemption to the income derived by pensioners invested in various schemes, including pension funds.

    The Second Schedule of Income Tax Ordinance, 2001 allowed tax exemption to the income derived by pensioners.

    The following exemptions are available to the pensioners:

    Any payment from a provident fund to which the Provident Funds Act, 1925 applies.

    The accumulated balance due and becoming payable to an employee participating in a recognized provident fund.

    The accumulated balance up to 50 percent received from the voluntary pension system offered by a pension fund manager under the Voluntary Pension System Rules, 2005 at the time of eligible person’s-

    (a) retirement; or

    (b) disability rendering him unable to work.

    The amounts received as monthly installment from an income payment plan invested out of the accumulated balance of an individual pension accounts with a pension fund manager or an approved annuity plan or another individual pension account of eligible person or the survivors pension account maintained with any other pension fund manager as specified in the Voluntary Pension System Rules 2005 shall be exempt from tax provided accumulated balance is invested for a period of ten years:

    Provided that where any amount is exempted under this clause and subsequently it is discovered, on the basis of documents or otherwise, by the Commissioner that any of the conditions specified in this clause were not fulfilled, the exemption originally allowed shall be deemed to have been wrongly allowed and the Commissioner may, notwithstanding anything contained in this Ordinance, re-compute the tax payable by the taxpayer for the relevant years and the provisions of this Ordinance shall, so far as may be, apply accordingly.

    Any withdrawal of accumulated balance from approved pension fund that represent the transfer of balance of approved provident fund to the said approved pension fund under the Voluntary Pension System Rules , 2005.

    Any benevolent grant paid from the Benevolent Fund to the employees or members of their families in accordance with the provisions of the Central Employee Benevolent Fund and Group Insurance Act, 1969.

    Any payment from an approved superannuation fund made on the death of a beneficiary or in lieu of or in commutation of any annuity, or by way of refund of contribution on the death of a beneficiary.

    Any income of a person representing the sums received by him as a worker from out of the Workers Participation Fund established under the Companies Profits (Workers Participation) Act, 1968.

  • FBR temporarily halts raids on tax evaders

    FBR temporarily halts raids on tax evaders

    ISLAMABAD: Federal Board of Revenue (FBR) has temporarily halted raids on tax evaders on assurance of business community.

    The FBR has given an opportunity to non-compliant taxpayers to declare their income and assets by filing annual returns up to March 31.

    At a media briefing on Thursday, Member Inland Revenue (Poilcy) Doctor Hamid Ateeq Sarwar and Member Inland Revenue (Operations) said that the FBR stopped the recovery campaign for fifteen days.

    The members said that the raids have been suspended as a good gesture on the request of the business community.

    Chambers and trade bodies have assured their cooperation in recovery of due amount of taxes from business community.

    Federation of Pakistan Chambers of Commerce and Industry (FPCCI) and other business community had raised the issue of raids by tax offices during recent visit of FBR chairman Mohammad Jehanzeb Khan to Karachi.

    Member IR Operations Seema Shakil confirmed the issuance of notice to former president Asif Ali Zardari. She said that relevant office in Karachi which is dealing the case.

  • FBR notifies transfers, postings of IRS officers of BS-16-19

    FBR notifies transfers, postings of IRS officers of BS-16-19

    ISLAMABAD: Federal Board of Revenue (FBR) on Thursday notified transfers and postings of Inland Revenue Service (IRS) officers of BS-16 to BS-19 with immediate effect until further orders.

    Following officers have been notified under the transfers and postings:

    01. Abdur Razzaq Khan (Inland Revenue Service/BS-19) has been transferred and posted as Additional Commissioner Inland Revenue Corporate Regional Tax Office, Lahore from the post of Additional Commissioner, Regional Tax Office, Sahiwal.

    02. Ms. Kehkshan Khan (Inland Revenue Service/BS-18) on promotion has been transferred and posted as Additional Commissioner Inland Revenue Large Taxpayers Unit, Lahore.

    03. Ms. Rukhsana Arif (Inland Revenue Service/BS-18) on promotion has been transferred and posted as Additional Commissioner Inland Revenue Regional Tax Office II, Lahore.

    04. Ghulam Hussain (Inland Revenue Service/BS-18) on promotion has been transferred and posted as Additional Commissioner Inland Revenue Regional Tax Office, Bahawalpur.

    05. Ms. Amra Sarwar (Inland Revenue Service/BS-18) has been transferred and posted as Additional Commissioner Inland Revenue (On acting charge) Corporate Regional Tax Office, Lahore from the post of Deputy Commissioner, Corporate Regional Tax Office, Lahore.

    06. Asad Aziz (Inland Revenue Service/BS-18) has been transferred and posted as Additional Commissioner Inland Revenue (On acting charge) Regional Tax Office, Sargodha from the post of Deputy Commissioner, Regional Tax Office, Sargodha.

    07. Ms. Saba Rehmat (Inland Revenue Service/BS-18) has been transferred and posted as Additional Commissioner Inland Revenue (On acting charge) Regional Tax Office, Islamabad from the post of Deputy Director, Directorate of Immovable Property (North), Islamabad.

    08. Karim Baksh Bughio (Inland Revenue Service/BS-18) has been transferred and posted as Additional Commissioner Inland Revenue (On acting charge) Corporate Regional Tax Office, Karachi from the post of Deputy Commissioner, (AEOI Zone) Large Taxpayers Unit, Karachi.

    09. Mrs. Saima Kenan Khan (Inland Revenue Service/BS-18) has been transferred and posted as Additional Commissioner Inland Revenue (On acting charge) Regional Tax Office, Peshawar from the post of Deputy Director, Addl. Directorate of Internal Audit (Inland Revenue), Peshawar.

    10. Husnain Ahmad Hali (Inland Revenue Service/BS-18) has been transferred and posted as Additional Commissioner Inland Revenue (On acting charge) Regional Tax Office II, Lahore from the post of Deputy Commissioner, (IR) Regional Tax Office II, Lahore.

    11. Kashif Hafeez (Inland Revenue Service/BS-18) has been transferred and posted as Additional Commissioner Inland Revenue (On acting charge) Corporate Regional Tax Office, Karachi from the post of Deputy Commissioner, Corporate Regional Tax Office, Karachi.

    12. Inayat Malik (Inland Revenue Service/BS-18) has been transferred and posted as Additional Commissioner Inland Revenue (On acting charge) Large Taxpayers Unit, Islamabad from the post of Deputy Commissioner, Large Taxpayers Unit, Islamabad.

    13. Akhtar Abbas (Inland Revenue Service/BS-18) has been transferred and posted as Additional Commissioner Inland Revenue (On acting charge) Regional Tax Office II, Lahore from the post of Deputy Director, Directorate of Intelligence & Investigation (Inland Revenue), Lahore.

    14. Jamil Ahmad (Inland Revenue Service/BS-18) has been transferred and posted as Additional Director, (On acting charge) Directorate of Intelligence & Investigation (Inland Revenue), Karachi from the post of Deputy Director, (IR) Directorate of Intelligence & Investigation (Inland Revenue), Karachi.

    15. Muhammad Masood Ahmed Gorsi (Inland Revenue Service/BS-18) has been transferred and posted as Additional Commissioner Inland Revenue (On acting charge) Corporate Regional Tax Office, Karachi from the post of Deputy Commissioner, Large Taxpayers Unit, Karachi.

    16. Kamran Ullah (Inland Revenue Service/BS-18) has been transferred and posted as Additional Commissioner Inland Revenue (On acting charge) Regional Tax Office, Rawalpindi from the post of Deputy Director, Directorate General of Intelligence & Investigation (Inland Revenue), Islamabad.

    17. Laiq Zaman (Inland Revenue Service/BS-18) has been transferred and posted as Additional Commissioner Inland Revenue (On acting charge) Large Taxpayers Unit-II, Karachi from the post of Deputy Commissioner, Large Taxpayers Unit-II, Karachi.

    18. Naseebullah (Inland Revenue Service/BS-18) has been transferred and posted as Additional Commissioner Inland Revenue (On acting charge) Large Taxpayers Unit, Karachi from the post of Deputy Commissioner, Large Taxpayers Unit, Karachi.

    19. Naseer Ahmed (Inland Revenue Service/BS-18) has been transferred and posted as Additional Commissioner Inland Revenue (On acting charge) Corporate Regional Tax Office, Karachi from the post of Deputy Commissioner, Corporate Regional Tax Office, Karachi.

    20. Muhammad Sajid Ahmad (Inland Revenue Service/BS-18) has been transferred and posted as Additional Commissioner Inland Revenue (On acting charge) Large Taxpayers Unit, Lahore from the post of Deputy Commissioner, Large Taxpayers Unit, Lahore.

    21. Syed Zubair Shah (Inland Revenue Service/BS-18) has been transferred and posted as Additional Commissioner Inland Revenue (On acting charge) Large Taxpayers Unit, Islamabad from the post of Deputy Commissioner, Regional Tax Office, Abbottabad.

    22. Asif Jamali (Inland Revenue Service/BS-18) has been transferred and posted as Deputy Commissioner Inland Revenue Large Taxpayers Unit, Karachi from the post of Deputy Commissioner, Large Taxpayers Unit-II, Karachi.

    23. Amjad Ali Moroojo (AOST/BS-18) has been transferred and posted as Assistant Director (Audit), Large Taxpayers Unit, Karachi from the post of Assistant Director (Audit), Large Taxpayers Unit-II, Karachi.

    24. Muhammad Kashif Khan (Inland Revenue Service/BS-18) has been transferred and posted as Deputy Commissioner Inland Revenue Large Taxpayers Unit-II, Karachi from the post of Deputy Commissioner, Large Taxpayers Unit, Karachi.

    25. Asif Nazir (Inland Revenue Service/BS-18) has been transferred and posted as Deputy Commissioner Inland Revenue Large Taxpayers Unit, Karachi from the post of Deputy Commissioner, Large Taxpayers Unit-II, Karachi.

    26. Rabnawaz Ahmad Matiana (Inland Revenue Service/BS-17) has been transferred and posted as Deputy Commissioner Inland Revenue (BTB) Regional Tax Office II, Karachi from the post of Deputy Commissioner, Large Taxpayers Unit, Karachi.

    27. Danish Qamar (Inland Revenue Service/BS-17) has been transferred and posted as Deputy Commissioner Inland Revenue Large Taxpayers Unit-II, Karachi from the post of Deputy Commissioner, Large Taxpayers Unit, Karachi.

    28. Tanvir Muhammad Niaz (Inland Revenue Service/BS-17) has been transferred and posted as Assistant Commissioner (Prob) Inland Revenue Regional Tax Office, Islamabad from the post of Assistant Commissioner (Prob), Regional Tax Office, Rawalpindi.

    29. Syed M. Ghazanffar (Sales Tax Department/BS-16) has been transferred and posted as Senior Auditor, Large Taxpayers Unit-II, Karachi from the post of Senior Auditor, Large Taxpayers Unit, Karachi.

    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.

  • No change in tax rates on cash withdrawal: FBR

    No change in tax rates on cash withdrawal: FBR

    ISLAMABAD: Federal Board of Revenue (FBR) has said that the government has not revised rates or limits of withholding tax on cash withdrawal from banks.

    In a statement on Thursday, the FBR said that the federal government has not revised rates or limits for tax on cash withdrawal from bank accounts under section 231A and on issuance of cash denominated bank instruments such as pay orders and demand drafts under section 231AA of Income Tax Ordinance 2001.

    The FBR spokesperson has strongly refuted such news appearing on some sections of media

    There has been no change in cash limits or tax rates in any of the two provisions of law.

    The only change which has been made through Finance 2nd Supplementary Act 2019 is taking out the tax filers from the scope of both these provisions.

    Now these withholding provisions are applicable only to non-filers, the spokesperson has further clarified.

    The spokesperson added that this huge concessionary step has been taken by the Government to encourage commercial activity through banking channels which needs to be appreciated.

  • FBR transfers customs officers of BS-18-19

    FBR transfers customs officers of BS-18-19

    ISLAMABAD: The Federal Board of Revenue (FBR) on Wednesday issued a notification regarding the transfers and postings of BS-18 and BS-19 officers of the Pakistan Customs Service (PCS).

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