The Federal Board of Revenue (FBR) has announced plans to outsource the audits of high-net-worth individuals and companies to identify tax evaders and increase revenue collection. The move comes as part of a larger strategy to address a significant tax gap in the country’s economy. According to a news report, the FBR aims to hire … Read more
A policeman walks past the Federal Board of Revenue (FBR) office building in Islamabad, Pakistan, on August 29, 2018. — Reuters FBR will hire audit firms for this purpose. Chairman to brief PM in coming few days. Top 5% wealthiest individuals to be audited. ISLAMABAD: In a bid to detect potential tax evaders, the Federal Board of Revenue … Read more
The Federal Board of Revenue (FBR) has reported a significant 71% increase in the number of tax return filers for the fiscal year 2023 (FY23), with an additional 2.2 million people filing, bringing the total to 5.3 million. The deadline for filing income tax returns for FY24 has been set for September 30, 2024. In FY23, … Read more
ISLAMABAD: The Federal Board of Revenue (FBR) has isued excise duty on property purchases for developers and builders, Express News reporeted. The notification issued on Thursday modifies the Federal Excise Rules 2005. According to the notification, a developer is defined as an entity that transforms land into residential or commercial plots for sale. This includes housing societies, cooperative … Read more
The Federal Board of Revenue (FBR) is preparing to raise the property valuation rates from 20% to 100% in 42 major urban centres across Pakistan, depending on the fair market value of the area. According to a media report, the updated valuation tables, finalized by the FBR, will be forwarded to the Ministry of Law … Read more
ISLAMABAD: The Federal Board of Revenue (FBR) has missed August’s collection target by a margin of Rs102 billion despite taking advances. It, now, blames the import compression for the big shortfall that has increased prospects for a mini budget. The FBR on Sunday released a statement to explain the reasons behind the massive shortfall in … Read more
Foreign investors have urged the Federal Board of Revenue (FBR) to address the growing backlog of tax refund claims, which has surged to Rs108 billion. They argue that resolving these claims is essential for maintaining the confidence of current and prospective investors in Pakistan. The outstanding refunds involve income and sales taxes owed to foreign … Read more
The Federal Board of Revenue (FBR) has expressed its willingness to amend the tax scheme according to the demands of traders, signalling a potential shift in the ongoing discussions over tax collection. According to FBR sources, a revised note could be issued promptly if traders agree, with proposed changes including exempting small traders from tax … Read more
ISLAMABAD: The Federal Board of Revenue (FBR) has firmly denied any plans to introduce an amnesty scheme aimed at regularizing smuggled vehicles, refuting recent rumors circulating on social media. In an official statement released on Tuesday, the FBR addressed the speculation, declaring the claims as baseless. The board emphasized that “no such scheme is under … Read more
The FBR detected over invoicing in the import of solar panels by 63 importers during 2017-22 period and filed a case against two fake companies, it was learnt on Monday. According to an FBR report, two big companies imported solar panels worth Rs72.83 billion and sold them for Rs45.61 billion. It added that on papers, … Read more