Tag: Income Tax Rules 2002

The Federal Board of Revenue (FBR) has the legal authority to stop a person from leaving the country if they have outstanding tax liabilities or are suspected of trying to evade payment by permanently departing Pakistan. This authority is granted under Section 145 of the Income Tax Ordinance, 2001 and Rule 70 of the Income […]

The Federal Board of Revenue (FBR) has the authority to value assets discovered as undeclared or concealed by taxpayers under Rule 228 of the Income Tax Rules, 2002, amended up to November 24, 2023. This rule empowers tax authorities to determine the fair market value of assets to ensure correct taxation under the Income Tax […]

Many taxpayers believe that ignoring an email from the Federal Board of Revenue (FBR) means they haven’t received a notice. Legally, this is not the case. The FBR is empowered to serve notices electronically, and emails sent to a taxpayer’s registered electronic address are considered valid under tax law.

With Pakistan’s tax authorities stepping up efforts to broaden the tax base, your cash withdrawals from banks are now under closer scrutiny. The Federal Board of Revenue (FBR) tracks significant cash withdrawals to ensure tax compliance, and banks are required to report details of large transactions.

The Federal Board of Revenue (FBR) is keeping a close eye on credit card transactions as part of its initiative to broaden Pakistan’s tax base. Citizens using credit cards should be aware that certain payment thresholds trigger mandatory reporting by banks to the FBR.

The Federal Board of Revenue (FBR) has issued a format for banks to provide account holders’ deposit details. Citizens with significant deposits should be prepared for scrutiny as part of the government’s effort to enhance tax compliance.

Employers in Pakistan who establish a gratuity fund for their employees must obtain formal approval from the Federal Board of Revenue (FBR) to ensure tax recognition and compliance. The procedure and documentation requirements are clearly outlined in Rule 115 of the Income Tax Rules, 2002 (amended up to November 24, 2023).