Pakistan Revenue
ISLAMABAD: The income tax rules has described the procedure for a person to get registered as an informer with Federal Board of Revenue (FBR) in order to provide information of tax evasion and get reward as per law. The tax officials said that Income Tax Rules, 2002 has explained the criteria for a person to […]
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ISLAMABAD: Federal Board of Revenue (FBR) has deployed officers of Inland Revenue at 20 sugar mills to monitor production and supply for checking tax evasion. The IR officers have been deployed at the premises of sugar mills under Section 40B of Sales Tax Act, 1990 for the monitoring of stock, production and supply. Sources told […]
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KARACHI: Performance of customs officials in clearance of imported has become questionable following back to back detection of around Rs1 billion by intelligence wing. Directorate of Intelligence and Investigation (I&I) Customs pointed out tax avoidance of an amount of Rs221 million by Oil and Gas Development Company Limited (OGDCL) and recovered the same. In another […]
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KARACHI: Large Taxpayers Unit (LTU) Karachi has detected mega tax evasion to the tune of Rs18 billion by a company. The unit, which is the largest revenue contributor towards total Federal Board of Revenue (FBR)’s total collection, issued a statement on Monday saying that it had detected evasion of sales tax to the tune of […]
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ISLAMABAD: Federal Board of Revenue (FBR) will initiate criminal proceedings in those cases where tax evasion above Rs10 million is detected.
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ISLAMABAD: The government has proposed severe punishment for tax evasion through Finance Bill 2019. According to commentary on Finance Bill, 2019 by EY Ford Rhodes Chartered Accountants, the country in the recent past had witnessed a lot of hue and cry in respect of undeclared assets / wealth accumulated and held abroad by resident of […]
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ISLAMABAD: The taxation has not been widely considered as civic duty in Pakistan, the World Bank said in a report issued recently. The World Bank said that tax evasion is pervasive due to low tax morale and legal loopholes that enable high-value individuals to conceal their incomes. Few Pakistani citizens think of themselves as taxpayers, […]
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ISLAMABAD: Federal Board of Revenue (FBR) has launched mega crackdown against textile and sugar sectors for suppressing sales and evading tax by issuing fake and flying invoices.
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ISLAMABAD: The federal government finally announced tax amnesty scheme 2019 for people having undisclosed assets to become part of documented economy. The scheme has been announced at four percent of tax to declared hidden assets other than immovable properties. The scheme is available for Pakistani citizens who have evaded taxes other than public office holders. […]
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