FBR’s five-month revenue shortfall reaches Rs345 billion
ISLAMABAD: The Federal Board of Revenue (FBR) has successfully collected Rs770 billion in revenue as of November, according to GEO News. This leaves a gap of Rs345 billion during the first five months of the current financial year. Despite all efforts put into improving tax collection, it is a principal
FBR raises sales tax on tea
ISLAMABAD: The Federal Board of Revenue (FBR) has increased the sales tax on both locally supplied and imported tea. As per details, the FBR has established a minimum retail price of Rs. 1,200 per kilogram, raising the current sales tax rate on tea from 17% to 18%. The decision was
‘Sell their own flats’: Sheikh Rashid criticises PML-N over PIA privatisation
Former Federal Minister Sheikh Rashid Ahmed, speaking outside an anti-terrorism court in Rawalpindi on Monday, criticized the government for selling Pakistan International Airlines (PIA) and said, "The leaders should sell their own flats instead of national institutions."
FBR offers rewards for reporting fake receipts at restaurants, retailers
Federal Board of Revenue launches Point of Sales Prize Scheme, offering cash rewards for reporting fake receipts of restaurants and retailers via the Tax Asaan App According to FBR, receipts of restaurants and retailers can be verified by QR code on the Tax Asaan mobile app. A reward of Rs20,000
FBR to raise immovable property rates by up to 75%
The Federal Board of Revenue (FBR) is set to increase property valuation rates by up to 75% today, bringing them closer to market values. Sources have revealed that the revised values are expected to be notified after receiving clearance from the Law and Justice Division. The FBR had been given
FBR abolishes 18% sales tax on auction of serviceable vehicles
The Federal Board of Revenue (FBR) has announced the abolition of the 18 percent sales tax on the auction of serviceable old and used vehicles, provided that the sales tax was already paid at the time of their local purchase or importation. However, the FBR clarified that sales tax will
New federal excise duty on property transactions announced by FBR
ISLAMABAD: The Federal Board of Revenue (FBR) has introduced a new Federal Excise Duty (FED) on property transactions, effective immediately. Under the updated Federal Excise Act 2005, a 3 percent FED will be applied to the allotment or transfer of commercial properties and the first allotment or first transfer of
850cc cars price set to soar post-budget
WEB DESK: The Federal Board of Revenue (FBR), Pakistan’s principal tax authority, has proposed a significant increase in withholding tax for vehicles boasting an engine capacity of 850cc or higher. This move, if implemented, is poised to further burden prospective car buyers financially. Furthermore, the government is contemplating augmenting the
Bilawal, Aseefa’s Dubai assets declared to FBR, ECP: spokesperson
WEB DESK: In response to recent Dubai property leaks, a spokesperson for the Pakistan People’s Party (PPP) chairman has confirmed that all domestic and foreign assets owned by Bilawal Bhutto-Zardari and Aseefa Bhutto-Zardari have been declared before the Federal Board of Revenue (FBR) and the Election Commission of Pakistan (ECP).
Sims of non-taxpayers to be blocked from today
The Federal Board of Revenue (FBR) is set to commence today the process of blocking 506,671 mobile phone SIMs belonging to individuals who have not filed tax returns. In collaboration with telecom operators, the FBR has devised a phased approach to efficiently manage this process. Telecom operators have agreed to
