Karachi, February 19, 2024 – The Federal Board of Revenue (FBR) has tightened its grip on tax recovery procedures, mandating that its offices obtain prior approval for accessing taxpayers’ bank accounts.
Karachi, January 2, 2024 – The Federal Board of Revenue (FBR) has successfully recovered an outstanding tax amount of Rs 4.5 billion from a multinational company (MNC).
ISLAMABAD: Income tax law has prohibited tax officials from arresting any woman or a minor for recovery of tax default amount, officials at Federal Board of Revenue (FBR) said on Monday. They said that Commissioner Inland Revenue, having authority to recover tax amount by using various options defined under the law, has been prohibited to […]
LAHORE: Punjab Revenue Authority (PRA) has been empowered to arrest defaulters and imprison for six months for making recovery of outstanding tax. The Punjab Finance Bill, 2020 has proposed to empower PRA in certain provisions of Punjab Sales Tax Act, 2012 for making recovery of outstanding tax. According to interpretation of Punjab Finance Bill, 2020 […]
ISLAMABAD: Federal Board of Revenue (FBR) on Friday notified rules for third-party recovery of defaulted amount. The FBR issued SRO 274(I)/2020 dated April 02, 2020 to implement the draft rules released on February 14, 2020 through SRO 111(I)/2020. Through the SRO the FBR amended the Income Tax Rules, 2002 and introduced a new chapter “Recovery […]
ISLAMABAD: Federal Board of Revenue (FBR) may invoke provisions related to third party recovery of tax defaulted by a taxpayer. FBR sources said that the tax authorities may invoke Section 140 of Income Tax Ordinance, 2001 in order to make recovery from a defaulter. The FBR recently notified draft rules through SRO 111(I)/2020 dated February […]
ISLAMABAD: Federal Board of Revenue (FBR) on Monday issued draft rules for making recovery from persons holding money on behalf of taxpayers.
KARACHI: Officers of Inland Revenue (IR) have been empowered to sell moveable or immovable properties of sales tax defaulters for recovery of arrears. Section 48 of Sales Tax Act, 1990, which was updated up to June 30, 2019 by the Federal Board of Revenue (FBR) explained the powers of IR officers for recovery of arrears […]
KARACHI: The officers of Inland Revenue have vast powers under sales tax laws to recover outstanding amount from taxpayers. Section 48 of updated Sales Tax Act, 1990 issued by Federal Board of Revenue (FBR) explained the powers of IR officers for recovery of outstanding amount from taxpayers. Section 48: Recovery of arrears of tax. Sub-Section […]
KARACHI: The sales tax law authorized tax authorities to recover short paid amount without issuing notice. According to updated Sales Tax Act, 1990 issued by Federal Board of Revenue (FBR), the Section 11A of the Act explained the authority of tax officials in recovery of short paid amount. Section 11A: Short paid amounts recoverable without […]