Tax

Prime Minister Imran Khan said that the taxation system should be reformed and structured in a way that facilitates businesses and helps the country’s economy grow. He made these remarks on Friday while chairing a meeting that was attended by the Finance Minister, Hafeez Shaikh, Minister for Planning, Asad Umar, and Minister for Industries, Hammad

The Federal Board of Revenue (FBR) has revised the functions, jurisdiction, and powers on the Directorate General, Intelligence and Investigation-Inland Revenue and its officers. The FBR has issued an SRO.272(I)/2021 here on Tuesday to superseded the S.R.O. 115(1)/2015, dated the 9th February 2015. Under the SRO.272(I)/2021 issued by the FBR here on Tuesday, the functions

World Bank’s Senior Tax Specialist, Sebastian James, has pointed out that Pakistan’s tax-to-GDP ratio dropped below average during the last two fiscal years. He also pointed out that overdependence on withholding taxes was adding to the economic troubles of the country. He said that withholding taxes create distortions, as they created cash flow problems for

The Federal Board of Revenue (FBR) has constituted a Multi Agency-Money Laundering (ML) Investigation and Confiscation Committee with the mandate to follow up the implementation of the National Anti-money Laundering plans and programs regarding ML investigations and confiscation of stolen assets.   In this connection, the FATF Cell of the FBR has recently issued a

To expedite recovery of sales tax from defaulters, the Federal Board of Revenue (FBR) has empowered its Inland Revenue (IR) field formations to recover sales tax arrears through the attachment of bank accounts from persons holding money on the behalf of the tax defaulter. Through a notification issued here on Thursday, the FBR has amended

The Federal Board of Revenue (FBR) has revised the powers and functions of FBR Members including additional powers to the FBR Member Inland Revenue (Policy).   In this connection, the FBR has issued a notification here on Thursday. Under the new notification, the FBR has revised the functions and powers of FBR Member Information Technology;

The Federal Board of Revenue (FBR) has withdrawn a tax policy clarification of 2018 in which an electronic mode of serving notice to the taxpayers may be resorted to as an additional means of service for the facilitation of the taxpayers. Keeping in view the serious practical difficulties due to changes made in section 218

The Federal Board of Revenue (FBR) and the State Bank of Pakistan (SBP) are jointly implementing a new system for electronic issuance of income tax refunds by directly crediting the amount into the exporter’s bank accounts. In this connection, the FBR has issued a notification for introducing draft amendments in the Income Tax Rules 2002

The Federal Board of Revenue (FBR) has deputed a team of tax officials to analyze data of 100 million persons received from Mobile phone companies. Highly-placed officials in the FBR told Propakistani that the FBR will issue notices to the subscribers of Mobile Phones on the basis of the higher amount of withholding tax being deducted on calls. The