FBR stops all cash rewards/honoraria for officers
KARACHI: The Federal Board of Revenue (FBR) has notified for all field formations of Pakistan Customs Service (PCS) and Inland Revenue Service (IRS) that no sanctioned or unsanctioned amount of…
Body of Zahid Khokhar moved to Lahore for burial
KARACHI: The body of Director General Transit Trade Zahid Khokhar was dispatched via flight PK304 to Lahore for his final rites. A large number of Customs officers and officials were…
Incentive package for construction incorporated in Finance Bill
KARACHI: The incentive package for construction industry promulgated through a Presidential Ordinance has been incorporated in the Finance Bill, 2020. The President of Pakistan promulgated the Tax Laws (Amendment) Ordinance,…
FBR gets irrevocable powers to access or integrate their systems with agencies, utilities and organizations
KARACHI: The Finance Bill 2020 proposes the right of Federal Board of Revenue (FBR) to access or integrate their systems with certain agencies and organizations, will override any restrictive provisions…
Concept of ‘agreed assessment’ proposed to facilitate taxpayers
KARACHI: The concept of an ‘agreed assessment’ is proposed to be introduced in the Income Tax Ordinance, 2001. Though not defined in the Ordinance, an agreed assessment represents a status…
Government introduces concept of ‘tax profile’
KARACHI: Certain provisions are being introduced to define the concept of ‘tax profile’ and to prescribe penalties and other negative consequences for taxpayers who fail to file or update their…
Industry can’t claim expenditure attributable to sales made to unregistered persons
KARACHI: An industrial undertaking will not be allowed to claim any expenditure attributable to sales made to such persons who are required to be registered but not registered under the…
Automated initial scrutiny process for deemed assessments laid down in Income Tax Ordinance
KARACHI: A specific process has been laid down for the deemed assessment under section 120 of the Income Tax Ordinance, 2001. The Income Tax Ordinance, 2001 by way of section…
A.F Fergusons expects effect of the pandemic to subside in the following months
KARACHI: It is expected that the consequences and effect of the pandemic will subside in the following months and Pakistan will be again on the trajectory of growth of 3%…
Hafeez Sheikh admits tax target unachievable
ISLAMABAD: Adviser to the Prime Minister on Finance Dr Hafeez Shaikh has advised the provinces not to make their budgets on the basis of proposed Rs4.963 trillion tax collection target,…
Three FBR officers promoted to BS-22
KARACHI: The establishment division on Friday notified promotion of three senior officials of Federal Board of Revenue (FBR) to BS-22 with immediate effect. According to notification issued by the FBR,…
FBR proposes mandatory tax profile filing
ISLAMABAD: The Federal Board of Revenue (FBR) has proposed to make it mandatory for individuals to file a tax profile for earning taxable income in the next fiscal. The FBR…
Serious mismanagement prevails at Federal Board of Revenue (FBR)
KARACHI: There prevails serious mismanagement at Federal Board of Revenue (FBR), as officers are being transferred on weekly basis and without the consultation of senior officers of Customs and Inland…