Tax collection Archives

FBR creates history by exceeding revised revenue target of Rs 6.1 trillion

The Federal Board of Revenue (FBR) gathered Rs 6.125 trillion against the upward revised target of Rs 6.100 trillion, an increase of...

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Govt to collect Rs 80 billion from super tax and Rs 120 billion from poverty alleviation tax

Prime Minister Shehbaz Sharif has announced that the coalition government looks forward to imposing a 10% super tax on large-scale industries, and...

582

Property tax imposed in budget to hinder growth of construction sector

Islamabad Chamber of Commerce and Industry (ICCI) President Muhammad Shakeel Munir said the government imposed new property tax through Budget 2022-23 on...

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Non-resident Pakistani businessmen will now have to file tax returns

The criteria for non-resident Pakistani businessmen have been changed as they would now be required to file their income tax returns to...

854

New tax on non-productive immovable properties cannot be challenged in courts

Asim Ahmad, Chairman of the Federal Board of Revenue (FBR), said that the ‘deemed income’ tax proposed in Finance Bill 2022 on non-productive...

694

Federal Board of Revenue collected Rs 5.349 trillion tax in 11 months

The Federal Board of Revenue (FBR) has raised a record Rs 5.349 trillion tax during the first 11 months of 2021-22. But,...

762

FBR exceeds nine-month tax collection target by Rs 247 billion

The Federal Board of Revenue (FBR) succeeded to exceed its collection target by Rs 247 billion from July to March during the...

820

IMF proposes to tax wealthy people at uniform rate of 30%

The International Monetary Fund (IMF) has suggested to tax upper middle class and well-off people having revenue in the bandwidth of Rs...

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How to verify FBR Active Taxpayer Status in Pakistan

All people with a source of income in Pakistan are required to register with the Federal Bureau of Revenue (FBR). Someone who...

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Rs 3.79 trillion revenue collected in eight months against target of Rs 3.53 trillion

The Federal Board of Revenue (FBR) has collected Rs 3.79 trillion in the first eight months of the current fiscal year (8MFY22)....

699

Pakistan to negotiate with IMF regarding personal income tax

The government would hold tough negotiations with the IMF for withdrawal of Personal Income Tax exemptions and bringing changes in its existing...

811

IT ministry proposes tax exemption for freelancers for the next 10 years

To enhance ease of doing business and boost exports, the Ministry of Information Technology and Telecommunication has recommended a 10-year tax exemption...

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FBR collection jumps 32% to Rs 2.92 trillion in six months

The Federal Board of Revenue (FBR) has collected Rs 2.920 trillion in the first half of the current fiscal year (6MFY22), surpassing...

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Proposed 17% sales tax on number of items to further fuel inflation rate

Supplementary Finance 2021 has been presented in the National Assembly by the Federal Minister of Finance on Thursday. In the bill, the...

912

Track and trace system helps FBR collect 11% more tax from sugar sector

The federal tax collecting body has been successful in achieving 11 percent growth in revenue from the sugar sector during the period...

863

NADRA to use artificial intelligence to compute income, tax liability of non-filers

Before the end of the year, the National Database and Registration Authority (NADRA) will use advanced technology to evaluate the income and tax...

796

Govt to impose advance tax on foreign drama serials

The federal government has decided to apply an advance tax on drama serials produced in other countries. According to sources in the...

783

FBR beats five-month tax target by Rs 298 billion, an increase by 36.5%

Federal Board of Revenue (FBR) has exceeded the five-month (July-Nov) tax collection target by Rs 298 billion and collected Rs 2.314 trillion...

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Befiler secures grant from Karandaaz to promote tax compliance

Befiler, an online tax filing portal, has obtained grant for a digital experiment from Karandaaz Pakistan, a not-for-profit company stimulating approach to...

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FBR warns sugar traders of action for failing to comply with new track & trace system

Prime Minister Imran Khan initiated a track and trace system (TTS) of the Federal Board of Revenue (FBR) which will be helpful...

792

Fiscal deficit drops to 0.8 percent of GDP in first quarter due to high tax collection

The overall fiscal deficit of Pakistan in the first quarter (July-September) of the current fiscal year has dropped to 0.8 percent of Gross Domestic Product (GDP) or...

788

Govt will raise tax-to-GDP ratio from the existing 9% to 20% in five years

The present tax-to-Gross Domestic Product (GDP) ratio in Pakistan was 9 percent which was very low and required to be doubled to...

663

IMF asks Pakistan to raise tax collection target from Rs 5.8 trillion to Rs 6.3 trillion

The International Monetary Fund (IMF) has recommended Pakistan to increase its annual tax collection target from Rs 5.8 trillion to Rs 6.3...

691

FBR surpassed first quarter tax collection target by Rs 186 billion

According to the provisional information, FBR has collected net revenue of Rs 1,395 billion during the first quarter of the current Financial...

567

Govt to collect taxes directly from social media giants

According to the proposed framework, social media powerhouses such as Facebook, Google, YouTube, and Twitter would be compelled to open offices in...

919

Corporate sector to opt for digital payments by November: FBR

Companies would be required to make payments on expenditures over Rs 250,000 through digital channel alone starting November 1, according to spokesperson...

495

Revenue collection for August touches Rs 434 billion, up by 45 percent

The revenue collection in August rose to Rs 434 billion, an increase of 45 percent from last year’s figure of Rs 300...

727

Federal govt collected Rs 9,000 billion from Karachi in three years

The federal government collection from Karachi during the last three years comes to Rs 9,000 billion but only a meager amount of...

570

Govt to take necessary steps to increase tax on cigarettes: Minister

The government has decided to take all necessary measures to ensure the implementation of relevant laws to increase tax on cigarettes. On...

532

Out of 139 countries 130 countries signed global tax reform

According to the Organisation for Economic Co-operation and Development (OECD), 130 nations have committed to implement a global tax reform for multinational...

685

FBR collects Rs 4,732 billion tax revenue during outgoing financial year 2020-21

FBR collected Rs 4,732 billion tax revenue in the outgoing fiscal year exceeding the revised target of Rs 4,691 billion by Rs...

757

Telecom operators reject proposed tax on calls exceeding five-minute duration

Telecom operators rejected the proposed tax of Re 0.75 on voice calls exceeding five minutes, calling it technically difficult to implement and...

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FBR planning to tax digital platforms to generate Rs 10 billion

Federal Board of Revenue (FBR) predicted that the taxation on the digital platforms including Google, Facebook, and Youtube will generate Rs 10...

864

Customs duty collection from 13 major sectors rise by 26.58%

The Federal Board of Revenue (FBR) raised nearly 70 percent of the total customs duty collection from 13 major sectors. An amount of...

598

No leniency for tax defaulters from next fiscal year, warns Shaukat Tarin

Finance Minister Shaukat Tarin has stressed that the government will not be lenient towards wilful tax defaulters in the coming fiscal year. The minister was addressing...

660

KPRA shows over 580% growth in Infrastructure Development Cess collection

Khyber Pakhtunkhwa Revenue Authority (KPRA) has witnessed a whopping 580% growth in the Infrastructure Development Cess (IDC) collection in the current fiscal year. The Authority...

782

No fresh tax amnesty for construction sector, says FBR

The Federal Board of Revenue (FBR) has strongly denied that it will offer any new amnesty to construction contractors, claiming that the...

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Analysis: Budget 2022 and its impact

After the announcement of budget 2022, there has been a mixed public reaction to the budget’s presentation. People are divided as some are...

626

Direct, indirect tax collection targets likely to increase in FY22 budget

International Monetary Fund has asked the government of Pakistan to propose a more than Rs 5.8 trillion tax collection target for the fiscal year 2022 in...

824

Pakistan plans to impose additional tax on cigarette industry

Health ministry of Pakistan wants to increase 30 percent of the tax rates for the cigarette industry, federal government considering the proposal. ...

834

FBR sets Rs 5,829 billion tax collection target for FY 2021-22

According to government sources, the Federal Board of Revenue (FBR) has set a Rs 5,829 billion tax collection target for the fiscal year 2021-22. ...

732

No new taxes to be included in budget 2021-22 on salaried person

The federal budget for 2021-22, with a total budget of Rs. 8.4 trillion, will be submitted to the National Assembly on June 11. ...

818

Inland Revenue collection by FBR up 22 percent

The Federal Board of Revenue (FBR) announced about 51% of the total Inland Revenue has been increased from 14 main sectors including...

591

FBR surpasses May collection target by around 8 percent

The Federal Board of Revenue (FBR) has surpassed its collection target in May by 7.82 percent to hit Rs 386 billion against...

468

Pakistan asks IMF to reduce tax collection target to Rs 5.5 trillion

Pakistan has requested that the IMF reduce the FBR’s tax collection target for the upcoming budget from Rs 5.9 trillion to Rs...

624

Tarin rules out IMF directed new taxes, hike in tariffs

Pakistan had informed the International Monitory Fund (IMF) that increasing taxes or tariffs was currently not feasible under the IMF programme, said...

523

KP govt to introduce Alternative Delivery Channels to facilitate tax payers

KPK government, State Bank of Pakistan (SBP) and 1-Link have signed a tripartite agreement for the collection of government taxes through Alternative...

892

FBR collection hits Rs475bn in March

Federal Board of Revenues successfully collected Rs.475 billion against a target of Rs.439 billion during the month of March, this year. This is the...

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FBR surpasses 7-month tax collection target by Rs 20 billion

In the very first seven months (July-January) of the current fiscal year, the Federal Board of Revenue (FBR) tax collection stood at...

758

‘Half of revenue collection being used for debt repayment’

According to Prime Minister Imran Khan, half of Pakistan’s revenue collections are being used for debt repayment, leaving “very little” to spend...

729

FBR warns 300,000 late tax filers of massive fine

The last date for income tax return submission was 8th of December however, Federal Board of Revenue (FBR) granted an extension of...

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Govt mulls imposing 15 percent income tax on online earnings

The Government of Pakistan (GoP) is considering implementing income tax on earnings made online such as from freelancing and YouTube content creation....

740

FBR exceeds tax target by Rs 16 billion from July to November

The Federal Board of Revenue (FBR) exceeded its tax collection target by Rs 16 billion for a period from July to November...

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World Bank okays $304 million for reforms in Punjab

Approval of $304 million loan has been granted by the World Bank for reforms in the taxation system of Punjab which was...

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DIRBS Fetches Whopping Rs 45.4bn Tax from Mobile Phones – FBR

Device Identification Registration and Blocking System (DIRBS) developed by Pakistan Telecommunication Authority (PTA) has assisted in generating an enormous Rs 45.4 billion...