Federal Board of Revenue urges traders and taxpayers’ to make use of electronic payment facility

Islamabad, January 11, 2021 (PPI-OT): In continuation of FBR reforms and modernization drive, E-Payment facility for payment of all FBR taxes as well as some provincial taxes has been introduced for convenient and hassle free payment. On the one hand, traders can electronically pay all import duties and taxes through Customs computerized system WeBOC at ports and border stations across Pakistan. While on the other haRead More…

Prime Minister appreciates performance of Federal Board of Revenue

Islamabad, January 10, 2021 (PPI-OT): Prime Minister Imran Khan was told Sunday that tax receipts had surpassed Rs 2205 billion during first six months of current fiscal, manifesting the fruition of government’s taxation reforms. Chairing a meeting to review the tax reforms, the Prime Minister was briefed that owing to tax reforms, a growth in number of taxpayers had been witnessed. Federal Minister Abdul Hafeez ShRead More…

Committee constituted to simplify income tax return forms for tax year-2021

Islamabad, January 08, 2021 (PPI-OT): As a part of various reform initiatives and in pursuance to the special instructions of the Prime Minister of Pakistan, Chairman, Federal Board of Revenue has constituted a committee for timely designing/finalization and simplification of Income Tax Return forms for individuals, AOPs and companies for tax year 2021. While departing from the previous practice, the FBR aims at desiRead More…

Federal Board of Revenue urges taxpayers’ to file returns and be part of ATL

Islamabad, January 04, 2021 (PPI-OT):Filing of Income Tax Returns (ITRs) has improved significantly during Tax Year 2020, a statement by the Federal Board of Revenue said. 1.768 Million Taxpayers filed their Income Tax Returns before the deadline of December 8, 2020 while the tax received by FBR stood at Rs. 22 Billion by this date. The number of Filers has further increased to 2.316 Million along with the tax collecRead More…

2.19 million Income tax returns filed

Islamabad, December 26, 2020 (PPI-OT): The taxpayers’, who filed Income Tax Returns till 8th December, 2020 were 1.78 million. That number has further increased to 2.19 million with the addition of 377,766 more returns filed from 9th December till the issuance of this Press Release. Income Tax paid during filing of returns stood at Rs. 31 billion. The number of Income Tax Returns for previous year till the same perRead More…

Smuggled goods worth 29 Billion seized in current year

Islamabad, December 25, 2020 (PPI-OT): Federal Board of Revenue (FBR) has issued a Press Release wherein it has been stated that Considerable progress has been witnessed in the value of seized smuggled goods in the ongoing current Financial Year. Smuggled goods valuing Rs. 29 billion have been seized in the current year from July to December, 2020 showing 37 percent increase in comparison with the seized smuggled gooRead More…

FBR issues refunds of Rs. 144 Billion in the current financial year

Islamabad, December 25, 2020 (PPI-OT): Federal Board of Revenue (FBR) has issued a Press Release wherein it has been stated that In the current Financial Year from July to December, 2020, refunds to the tune of Rs. 144 billion against only Rs. 76 billion last year have been issued which has shown an increase of 89 percent. The healthy figures of refunds issuance have greatly boosted the economic activity in the countRead More…

FBR issues clarification on turnover from Disposal of Closing Stock under FTR

Islamabad, December 22, 2020 (PPI-OT): Federal Board of Revenue (FBR) has issued a clarification regarding the treatment of closing stock at the time of change of taxation regime form final to minimum tax. Lahore Chamber of Commerce and Industry in its letter to FBR had sought a clarification in this regard. FBR had clarified the query of Lahore Chamber of Commerce and Industry in its letter of 3rd December. However Read More…

Online module for green field industry launched

Islamabad, December 16, 2020 (PPI-OT): To promote investment in the Green Field Industry and to facilitate such investors, Federal Board of Revenue (FBR) has launched online module in Iris for facilitating filing of applications for the grant of Green Field Industry Status. To this end, two separate applications have been provided under the Income Tax Ordinance, 2001 and Sales Tax Act, 1990. Faceless compliance and fRead More…

PM’S construction package in full swing, FBR

Islamabad, December 04, 2020 (PPI-OT): Federal Board of Revenue and Naya Pakistan Housing Development Authority like to proudly remind the public at large and construction sector investors that, the Prime Minister of Pakistan’s construction package for builders and developers is in full swing. The package was promulgated through Tax Laws (Amendment) Ordinance, 2020 whereby a new section 100D and Eleventh Schedule wRead More…