Disciplinary inquiry finds unauthorised factory visit proved, while corruption allegation remains unsubstantiated.
(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.
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FBR constitutes committees to resolve Third Schedule implementation issues
Headquarters and field-level panels will address pricing, labelling and compliance challenges for imported and locally manufactured goods under the Sales Tax Act, 1990.
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KTBA, FBR agree on reforms to improve tax administration
Meeting focuses on IT upgrades, faster Section 7E refunds, simplified tax processes and stronger taxpayer facilitation.
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FBR prescribes foreign income and asset thresholds for TY 2026 tax returns
Resident individuals meeting specified overseas income or asset limits must submit a Foreign Income and Assets Statement with their annual tax return.
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Taxpayers must file wealth reconciliation statement with TY 2026 income tax return: FBR
Resident individuals and AOP members required to submit wealth statement and reconciliation; incomplete returns may be treated as invalid
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FBR exempts certain individuals from filing income tax returns for TY 2026
Section 115 provides limited exemption for widows, orphans, disabled persons and certain non-residents where the filing obligation arises solely from ownership of specified assets.
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FBR makes physical inspection undertaking mandatory for Customs auction bidders
Draft amendments require bidders to confirm physical inspection of auctioned goods before participating in Customs auctions
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FBR clarifies printing rules for confectionery
Small chocolates, candies and toffees priced up to Rs5 per piece may display retail price and sales tax on packs of up to 100 pieces.
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Pakistan income tax framework: FBR defines taxation yardstick
Benchmark framework distinguishes core features of Pakistan’s income tax system from tax expenditures and preferential concessions.
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Taxpayers face utility, SIM and travel restrictions for failure to file tax returns
Section 114B empowers the FBR to impose enforcement measures on eligible non-filers after due legal process.
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