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Author Archives: Shahid Minhas

FBR employee deprived of Rs202,000 in latest bank fraud case

open-bank-account

ISLAMABAD: A latest case of deceitful bank transaction was reported on Tuesday from Okara, in which a peon of Federal Board of Revenue (FBR) was deprived of Rs 202,000 from his bank account. The peon of the country’s supreme tax collection body was deprived of his cash deposited in banks as he shared confidential details over a phone call, who ... Read More »

Parliament Secretariat seeks details of 0.5m zero taxpayers

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ISLAMABAD: Parliament Secretariat has asked Federal Board of Revenue to provide details and income tax returns of those 0.5 million of taxpayers who paid zero tax during tax year 2017-18, it is learnt here. According to official sources, at least 1.6 million of taxpayers submitted income tax returns during tax year 2017-18 where around 0.534 million of taxpayers paid zero ... Read More »

FBR starts ARMS software to trace tax evaders

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ISLAMABAD: Federal Board of Revenue (FBR), in collaboration with World Bank, has launched pilot project of Automatic Risk Management System (ARMS) with the aim to trace the tax evaders, it is learnt here. According to official sources, the project named Automatic Risk Management System was delayed since one-and-half-year; however, during recent visit of World Bank delegation and meeting with FBR high-ups, the project ... Read More »

FBR submits report of seized goods during 15 months in Supreme Court

Chief Justice Saqib Nisar

ISLAMABAD: Federal Board of Revenue (FBR) has submitted a report in the Supreme Court of Pakistan in which it confirmed to the court that the customs authorities have seized illegal goods and contraband goods worth Rs36.4 billion during last 15 months. Sources told Customs Today that in the Supreme Court of Pakistan, the board has stated that it has enhanced ... Read More »

FBR decides to resolve 31,000 pending tax cases through third party

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ISLAMABAD: Federal Board of Revenue (FBR) has decided to resolve all the 31,000 of pending tax cases through third party committees, the board will establish alternative resolution committees under the leadership of retired session judge it is learnt here. Official sources told Customs Today that FBR has planned to resolve the pending tax cases in different forums which is at ... Read More »

IHC issues notices to FBR, finance ministry over plea regarding purchase of new cars

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ISLAMABAD: Islamabad High Court (IHC) issued notices on 6.11.2018 to Federal Board of Revenue (FBR) and finance ministry over plea seeking declaration of an amendment of Income Tax Ordinance 2001 illegal that stopped non-filers from purchasing new car. The government had made amendment in the Income Tax Ordinance 2001 during May 2018 while inserting Section 227 C in the Ordinance for ... Read More »

Govt bars FBR to get details of dubious & currency transactions

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ISLAMABAD: Government has abolished the authority of Federal Board of Revenue (FBR)  pertaining to getting details of dubious transactions, currency transactions repot and details of individuals who write-off the loans taken from banks it is learnt here. Official sources told Customs Today that FBR will now only has the power to get the details and information regarding interest on loan ... Read More »

FBR to hire 20 experts to expand IT department

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ISLAMABAD: Federal Board of Revenue (FBR) has decided to further expand the Information Communication Technology department and given approval of hiring 20 Information Communication Technology experts’ sources told Customs Today. According to sources that the board with the aim to effectively monitor international transactions, tax returns, tax and withholding tax data to convert on the computerized system, has decided the ... Read More »

Chairman Jahanzaib Khan to brief PM Imran on restructuring of FBR tomorrow

FBR chairman Jahanzeb

ISLAMABAD: Prime Minister Imran Khan has called review meeting of Federal Board of Revenue (FBR) on November 7, official sources told Customs Today. According to sources, FBR high-ups will extensively brief the Prime Minister on proposed restructuring of the Board while steps taken for curbing money laundering, details of overseas Pakistanis’ assets and action taken in this regard will also ... Read More »

FBR to prepare draft of action plan against underground & black money

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ISLAMABAD: Federal Board of Revenue (FBR) has prepared the draft of action plan against the trillion rupees of underground, illegal and black money in the country while the draft will be presented to the finance minister in the next meeting to be held in coming days. Official sources told that the action plan has been prepared with consultation of Tax ... Read More »

FBR issues notices to around 100 asset holders involved in tax evasion

taxevasion

ISLAMABAD: Federal Board of Revenue (FBR) has issues notices to more than 100 assets holders who generated Payment Slip ID (PSID) however, these people didn’t paid these taxes till closing date of  government announced Tax Amnesty Scheme it is learnt here. Official sources told Customs Today that FBR has decided to issue notices to those 3,661 asset holders who have ... Read More »

FBR tyring hard to expand tax net by extending maximum facilities to taxpayers: Chairman Jahanzaib Khan

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ISLAMABAD: Punjab Minister for Finance, Makhdoom Hashim Jawan Bakhat called on Chairman Federal Board of Revenue Jahanzaib Khan at FBR House on Thursday. Official sources told Customs Today that matters pertaining to maintain financial disciplines and streamlining taxation system came under discussion. Makhdoom Hashim appraised about the measures being adopted by the provincial government for evolving effective strategy to improve ... Read More »

FBR records Rs40b shortfall in October

tax revenue

ISLAMABAD: Federal Board of Revenue (FBR) recorded a shortfall of Rs40 billion against the assigned target of Rs300 billion for the month of October, 2018, it is learnt here. Official sources told Customs Today that FBR had assigned Rs300 billion revenue target for October, 2018 to field formations, while the field formations have provisionally collected Rs260 billion till October 31 posting shortfall ... Read More »

FBR I&I-IR starts recovery procedures from tax evaders

FBR indirect tax collection up by 20 1pc copy

ISLAMABAD: Federal Board of Revenue’s (FBR) Directorate General of Intelligence and Investigation-Inland Revenue (I&I-IR) has been announced functional which will effectively start recovery from the tax evaders and pursue due cases pending due to its inactive role . According to official sources, the board is going issue an SRO in this regard. Earlier, the I&I-IR has sent a letter to ... Read More »

FBR collects Rs12,240m from taxpayers through online banking

Online-Payment-Systems-Choices

ISLAMABAD: Federal Board of Revenue (FBR) recorded 14,904 transactions and received Rs2,240 million from taxpayers opting to use always-on alternate delivery channels, i.e. ATM, online banking, phone banking and contact centers, for payment of federal taxes, including income tax, sales tax, customs duty and federal excise duty. Sources told Customs Today that the facility was launched in March this year ... Read More »

FBR Chairman Jehanzeb calls for aligning ways to broaden tax net through data integration

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ISLAMABAD: Federal Board of Revenue (FBR) Chairman Mohammad Jehanzeb Khan called for aligning ways to broaden tax net through data integration, big data and data sciences that can help identify tax evaders. He expressed these views while addressing an inaugural session of the 1st Information & Communication Technology Workshop organized by the World Bank in collaboration with the FBR. Objective of ... Read More »

FBR to take action against 300 govt employees involved in hiding assets & properties

tax evasion

ISLAMABAD: Federal Board of Revenue (FBR) decided to take stern action against those government employees who didn’t declared their assets and properties in their tax returns, it is learnt here. Official sources told Customs Today that FBR has sent notices to at least 300 government employees in the first phase and directed them to provide complete details of their assets ... Read More »

Around 100 MPs fails to submit income tax returns for FY 2017-18

File Tax Return

ISLAMABAD:  At least 100 members of the parliaments failed to submit their income tax returns for the tax year 2017 ended on June 2018 it is learnt here. Official sources told Customs Today that Federal Board of Revenue (FBR) has prepared the draft for the Fifth Tax Directory for Parliamentarians’ and after the approval of Ministry of Finance the board ... Read More »

200 overseas Pakistanis seeking refunds from FBR

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ISLAMABAD: At least 200 overseas Pakistanis have demanded refunds from Federal Board of Revenue for extra taxes submitted during assets declaration through Amnesty Scheme 2018 while a summary has been put up to the FBR chairman in this regard, it is learnt here. Official sources told Customs Today that during the government-announced Amnesty Scheme 2018, around 200 foreign-based Pakistanis submitted ... Read More »

FBR provides tax details of Hamza & Salman Shahbaz to NAB

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ISLAMABAD: Federal Board of Revenue (FBR) has provided tax-related details of Opposition Leader in Punjab Assembly Hamza Shahbaz and his brother Salman Shahbaz to National Accountability Bureau (NAB), it is learnt here. According to official sources, FBR has provided the assets and tax details of last 20 years of both the sons of former Punjab chief minister Shahbaz Sharif which ... Read More »