FBR issues clarification on FMCG

Islamabad, June 20, 2021 (PPI-OT):Federal Board of Revenue (FBR) has clarified that the table prescribing tax rates for minimum tax on turnover basis has been substituted in the Finance Bill-2021 to provide relief to retailers of Fast Moving Consumer Goods (FMCG) including flour mills and refineries. The words, “flour mills” could not be mentioned inadvertently in the table which was an error and had been noted aRead More…

Payment of total assessed demand for filing of appeal

Islamabad, June 20, 2021 (PPI-OT):Federal Board of Revenue has issued a clarification on a news story appearing in Daily Times wrongly portraying that “a proposed amendment in the Finance Bill, 2021 makes it mandatory to make payment of total assessed demand for filing of first appeal.”
FBR has explained the relevant section of the enforced law to remove the existing confusion in this regard. The fact remRead More…

Directorate general of customs post clearance audit unearths massive case of under invoicing

Islamabad, June 19, 2021 (PPI-OT):Federal Board of Revenue’s Directorate General of Customs Post Clearance Audit has unearthed case of massive under invoicing and trade based money laundering on the case forwarded by Chief Collector of Customs Appraisement South Karachi. Divulging the details, the Press Release stated that an Importer based in Lahore imported goods by declaring values massively less than actual valRead More…

Memorandum of understanding inked between FBR and higher education, archives and libraries department, Government of KPK

Islamabad, June 16, 2021 (PPI-OT):In line with the vision of Prime Minister of Pakistan for promoting Taxation culture in the country, a special signing ceremony of Memorandum of Understanding (MoU) between Higher Education, Archives and Libraries Department, Government of KPK and Federal Board of Revenue (FBR) was held on Wednesday at Higher Education, Archives and Libraries Department, Civil Secretariat, Peshawar.
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FBR issues clarification

Islamabad, June 16, 2021 (PPI-OT):Federal Board of Revenue (FBR) has issued a clarification on a news story published in the daily Express Tribune in its issue dated 16th June, 2021. The story conveys an impression of divergence of views between Federal Minister for Finance and Revenue and FBR Officers during visit of Finance Minister in FBR HQ on the subject of possible revenue generation through integrated Point ofRead More…

Minister for Finance and Revenue visits FBR

Islamabad, June 15, 2021 (PPI-OT): Minister for Finance and Revenue Shaukat Fayaz Ahmed Tarin visited FBR Headquarters today and held a meeting with FBR officers. The agenda of the meeting was to devise a strategy to increase integration of retailers with the Point of Sales System of FBR. The meeting also discussed the way forward to bring identified potential taxpayers into tax net. Special Assistant to the Prime MiRead More…

Tax on salary: FBR issues clarification

Islamabad, June 15, 2021 (PPI-OT): Federal Board of Revenue (FBR) has issued a clarification on a news story published in the daily Express Tribune, in its issue dated 14th June, 2021 regarding recent budget proposals on taxation of salary income. FBR has stated that the story contains some incorrect or misleading content; therefore FBR would like to issue a clarification in this regard.
FBR has clarified that withdrRead More…

A Nigerian arrested for smuggling cocaine in swallowed capsules

Islamabad, June 09, 2021 (PPI-OT):Pakistan Customs, Federal Board of Revenue (FBR) arrested a Nigerian national attempting to smuggle 1.8 kg cocaine filled in 114 swallowed capsules of worth around 36 million. According to details, during the clearance of Qatar Airways flight No. QR-632, coming from Nigeria via Qatar, Mr. Nwabueze Nicholas Izueke, a Nigerian national, holding passport No. B50054627, was stopped by thRead More…

Anti-Benami initiative zone-I confiscates a luxury vehicle in Islamabad

Islamabad, June 05, 2021 (PPI-OT):In a first of its kind operation, the Anti Benami Initiative (ABI) Zone – I, Islamabad confiscated a luxury five-door vehicle from a residential premise in the capital. Initial clue to this vehicle’s benami ownership was traced from Excise Office Islamabad Capital Territory. The suspected benami owner was not enrolled with FBR and upon enquiry he disowned the vehicle and discloseRead More…

Memorandum of understanding inked between FBR and higher education department, government of Punjab

Islamabad, June 05, 2021 (PPI-OT):In line with the vision of Prime Minister of Pakistan for promoting Taxation culture in the country, a special signing ceremony of Memorandum of Understanding (MoU) between Higher Education Department, Government of Punjab and Federal Board of Revenue (FBR) was held on Friday at Higher Education Department, Civil Secretariat, and Lahore. The Ceremony was observed by Punjab ProvincialRead More…