The action was taken after citizens/consumers reported that the restaurants were issuing counterfeit receipts/invoices, according to an FBR news release. This is in line with FBR’s drive to bring Tier-1 retailers/restaurants under the tax net through the POS Invoice system. After determining the inauthenticity of the reported receipts through POS tracking software under an already […]
As per details, the FIR Corporate Crime Circle raided an office at I.I. Chundrigar Road and arrested Zeeshan Afzal Bilgrami, the owner of Denzo Trader, for defrauding a Chinese company of Rs113.9 million. According to the FIA, the accused committed bank fraud and tarnished Pakistan’s reputation internationally. The case was registered following approval from the […]
This he stated while expressing his views in the Senate Standing Committee on Privatization, which met under the chair of Senator Talal Chaudhry here in Islamabad. The meeting discussed the reasons behind the lower bid for the PIA sale. Aleem Khan said the process of PIA privatization started on November 28, 2023, before he assumed […]
As per details, Federal Board of Revenue (FBR) Chairman Rashid Langrial has developed an alternative strategy to address the tax shortfall, as Prime Minister Shehbaz Sharif has rejected a proposal to further increase taxes on the salaried class. FBR chief is likely to hold key negotiations scheduled today to discuss measures to boost tax revenues. […]
As of November 6, a total of 5.215 million tax returns have been submitted. In the same timeframe last year, the FBR received 2.959 million tax returns. This indicates a 76 percent increase in tax return submissions compared to the previous year. For the fiscal year 2024, 2.051 million returns have been filed. During the […]
According to an FBR statement, this move comes after the Chairman FBR directed the speedy processing of refund payment orders up to September 30, 2024. Separately, the Federal Board of Revenue (FBR) launched an advanced Stock Register system via the Information Center 2.0 platform to provide officers with real-time, in-depth access to registered persons’ data, […]
After two extensions, the FBR has denied any further extension in the deadline, which is set to expire today (October 31). According to the FBR officials, so far, over 5.01 million returns have been submitted, with more than Rs125 billion collected from the tax returns process. The tax body has directed the citizens to file […]
According to details, the FBR jacked up the property valuation rates by 75% of the actual market rates starting November 1, 2024. This decision aims to enhance revenue collection and reduce the undervaluation of properties. The updated rates reflect the FBR’s commitment to align the property values with their real market worth, expanding the number […]
According to the notification issued by the FBR, the sales tax on locally manufactured tractors has been raised from 10% to 14%, and the same increase applies to imported tractors. The Federal Board of Revenue (FBR) officials stated that certain sales tax exemptions for tractors have been reduced. While the sales tax has been adjusted […]
As per details, the FBR has restructured the Customs Intelligence and Investigation division, limiting its role to monitoring only. Additionally, the authority to stop or release consignments has been withdrawn from Customs Intelligence officers. A notification has been issued by the FBR Chairman under the directives of the Prime Minister, outlining reforms and a new […]
