The Federal Board of Revenue (FBR) has released its annual report for the financial year 2023-24, highlighting Karachi as the largest contributor to national tax revenue, Express News reported on Tuesday. According to the report, the Karachi Grand Excise Office collected Rs2,522 billion in taxes, including Rs1,360 billion in income tax, Rs136.3 million in federal … Read more
The Federal Board of Revenue (FBR) has launched a new initiative to monitor the production of sugar mills through digital monitoring, replacing the previous track and trace system. This step comes within the framework of broader efforts to reduce tax evasion and ensure transparency in the sugar sector. As per the notification issued under SRO … Read more
The Federal Board of Revenue (FBR) has issued a revised procedure for granting and renewing customs agent licences, focusing on a competitive selection process and more stringent compliance standards. These changes were made through the Amendment to Customs Rules 2001, which was notified via SRO.2071 on Friday. Under the new procedure, the FBR will invite … Read more
The Federal Board of Revenue (FBR) is facing a steep shortfall of Rs 1 trillion to meet its tax collection target of Rs 6.009 trillion for the July-December period, a key condition under Pakistan’s agreement with the International Monetary Fund (IMF). Finance Minister Muhammad Aurangzeb expressed hope during a press conference on Thursday that the … Read more
The Federal Board of Revenue (FBR) has granted overseas Pakistanis exemptions from high tax rates under Sections 236C and 236K of the Income Tax Act, 2001, even if they are not on the Active Taxpayers List (ATL). As per the latest FBR notification, non-resident Pakistanis holding Pakistani Origin Cards (POC) or National Identity Cards for … Read more
In an important revelation, Chairman of the Federal Board of Revenue (FBR), Rashid Mahmood Langreal, revealed that the top 5% of income earners in Pakistan have outstanding tax liabilities amounting to Rs 1.6 trillion. Speaking at a press conference alongside Finance Minister Senator Muhammad Aurangzeb and Minister of State for Finance Ali Parvez Malik, Langreal … Read more
Under the Taxation Laws (Amendment) Bill, 2024, the Federal Board of Revenue (FBR) will now share income tax return data with banks for cross-matching with bank records. This step aims to tighten compliance and reduce tax evasion by implementing restrictions on the economic activities of non-filers. The bill defines two categories: “qualified persons,” who have … Read more
Islamabad: Startups that participated in the first season of Shark Tank Pakistan are reportedly under investigation by the Federal Board of Revenue (FBR) over potential tax discrepancies. This news came to light through a LinkedIn post written by Ahmed Raouf Issa, CEO of Telemart, who revealed that several startups from the show have received tax … Read more
Islamabad: The Federal Board of Revenue (FBR) has instructed Chief Collectors of Customs to coordinate with the State Bank of Pakistan (SBP) and National Bank of Pakistan (NBP) to keep designated bank branches operational on Saturdays. This directive aims to facilitate the collection of duties and taxes and their transfer on the same day to … Read more
The Federal Board of Revenue (FBR) has failed to meet its five-month tax collection target, missing Rs356 billion, with provisional collections standing at Rs4.28 trillion against the target of Rs4.64 trillion as of November 30. This represents a growth rate of less than 23%, well below the 40% required to achieve the annual target of … Read more