Category Archives: Inland Revenue

Tax Year 2017 return filing sharply increases by 111.55pc: FBR

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ISLAMABAD: The income tax return filing for tax year sharply increased by 111.55 percent up to October 18, 2017 as compared with the same date of last year, Federal Board of Revenue (FBR) said on Friday.

FBR says levy of duties aimed at reducing import bill

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ISLAMABAD: Federal Board of Revenue (FBR) has said that the purpose of recently-levied duties is to reduce the import bill, provide enabling atmosphere for competition to local manufacturers and further economic growth of the country.

FBR directed to remove tax anomaly in Behbood Certificates, Pensioners Benefits Accounts

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ISLAMABAD: Finance Minister Senator Mohammad Ishaq Dar has directed Federal Board of Revenue (FBR) to remove anomaly in tax treatment of Behbood Certificates and Pensioners Benefits Accounts.

FBR allows zero-rated furnace oil, diesel purchase to textile unit

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ISLAMABAD: Federal Board of Revenue (FBR) has allowed zero rated supply of 3,400 metric tons furnace oil and 5,000 liters diesel oil on monthly basis to a textile unit.

PTBA demands tax relief for senior citizens on Bahbood Certificates, Pensioners Benefit Account

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KARACHI: Pakistan Tax Bar Association (PTBA) has demanded the Federal Board of Revenue (FBR) of bringing Bahbood Certificate/Pensioners Benefit Account under normal tax regime for providing tax relief to senior citizens.

FBR issues list of 731 items to impose regulatory duty

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KARACHI: Federal Board of Revenue (FBR) has issued a list of 731 items to impose regulatory duty on import of such goods. The FBR issued SRO 1035(I)/2017 on Tuesday to implement the regulatory duty.

FBR notifies transfers, postings of 42 IRS officers

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ISLAMABAD: Federal Board of Revenue (FBR) on Monday announced transfers and postings of 42 Inland Revenue Officers (IRS) of BS-17-20 with immediate effect under further orders.

Sales tax collection from POL products down by 17.7pc: SBP

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KARACHI: State Bank of Pakistan (SBP) on Thursday said that the collection of sales tax from petroleum products sharply declined by 17.7 percent in fiscal year 2016/2017.

Tax-to-GDP ratio falls in FY17; lowest in region: SBP

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KARACHI: State Bank of Pakistan (SBP) on Thursday said that tax to GDP ratio fell to 12.5 percent in fiscal year 2016/2017 despite improvement in revenue collection during recent years.

WHT on banking transactions fails to discourage cash economy: SBP

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KARACHI: State Bank of Pakistan (SBP) on Thursday said that the imposition of withholding tax on banking transactions apparently failed to discourage the cash economy.