Category Archives: Inland Revenue

Taxing wealth created in real estate, stock market advised

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ISLAMABAD: The government has been advised to tax the wealth created in real estate and stock market besides there is need to lower corporate taxes.

FBR making all out efforts to achieve tax collection target: Dr. Irshad

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ISLAMABAD: Dr. Muhammad Irshad, Chairman, Federal Board of Revenue (FBR) on Saturday that the revenue body is making all out efforts for reaching the current year tax collection target of Rs3,621 billion.

Budget Proposals 2017/2018: Temporary moratorium on FTAs recommended

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KARACHI: Pakistan Business Council (PBC) has recommended the government to place a temporary moratorium on Free Trade Agreements (FTAs) until the existing are renegotiated. “This would stem the loss of tax revenue and help local industry to build scale, gain competitiveness and generate value-added exports,” PBC said in its budget proposals for budget 2017/2018 sent to Haroon Akhtar, Special Assistant to Prime Minister on Revenue.

Budget Proposals 2017/2018: 25pc tax rebate recommended for working women with children

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KARACHI: Pakistan Business Council (PBC) has proposed 25 percent tax rebate for working women with children in order to reduce the cost of child care for mothers entering full time employment impacting net household income.

FBR notifies transfers of IRS officers BS-17-19

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ISLAMABAD: Federal Board of Revenue (FBR) on Wednesday notified transfers and postings of Inland Revenue Service (IRS) officers (BS-17-19) with immediate effect and until further orders.

Retail sector’s deposits fall by around 15pc since imposition of withholding tax on non-cash transactions

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KARACHI: Bank deposits of retail sector has declined by around 15 percent since imposition of withholding tax on non-cash banking transactions.

Pakistan, Switzerland sign tax treaty with revised exchange of information on OECD model

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ISLAMABAD: Pakistan and Switzerland on Tuesday signed revised avoidance of double taxation treaty, which replaced the article on exchange of information with the new one reflecting the internationally accepted standards based on the OECD Model.

Weekly ATL shows 14,547 tax returns filed to avail reduced withholding tax rates

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KARACHI: In order to get lower rate of withholding tax rates under Income Tax Ordinance, 2001 about 14,547 taxpayers file their annual returns during last week, according to Active Taxpayers List (ATL) issued by the Federal Board of Revenue (FBR) on Monday.

FBR conducts third party survey of retailers after amnesty failure

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ISLAMABAD: After the failure of amnesty scheme, the Federal Board of Revenue (FBR) has decided to conduct third party survey to identify the number of retailers in the country to bring them into tax net.

FBR suspends zero-rate sales tax on electricity to Olympia Spinning and Weaving Ltd

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KARACHI: Federal Board of Revenue (FBR) has withdrawn the sales tax zero rate facility on consumption of electricity that was allowed to Olympia Spinning and Weaving Mills Limited on recommendation of Regional Tax Office (RTO) Karachi.