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FBR extends date for filing of income tax returns

ISLAMABAD: The Federal Board of Revenue (FBR) on Saturday extended the date for filing of income tax returns and statements for tax year 2018 up to December 15. Earlier, the FBR had extended the deadline in September for filing of  annual income tax returns and wealth statements till November 30, which has further been extended now. According to the latest notification issued by the FBR, the date of  income tax returns and statements of final taxation which were due on August 31 and were extended up to November 30 has…

COAS filed tax returns a month before due date, says FBR

ISLAMABAD: The Federal Board Revenue (FBR) on Wednesday said Chief of Army Staff (COAS) Gen Qamar Javed Bajwa filed his tax returns a month before the due date. Dr Hamid Atiq, a member of the FBR, said a total of Rs393 million tax was collected from the Pakistan army. He said the military is the most active institution in terms of filing of tax returns, adding that the trend of submission of tax returns is high in the institution. A day earlier, Minister of State for Revenue Hammad Azhar announced that the…

Govt decides to waive penalty on late filing of tax returns

ISLAMABAD: Minister of State for Revenue Hammad Azhar on Tuesday announced that the government has decided to waive a penalty imposed on late filers of tax returns for years preceding 2017-18. In a tweet, the minister said: “The government has decided to waive the penalty for late filing along with audit for Salaried Group of late filer cases. These cases were selected for audit and penalty was prescribed by the previous government.” He reiterated the government’s resolve to facilitate the people in filing tax returns.…

PTI govt grapples with an old problem: How to get people to pay taxes

ISLAMABAD: Muhammad Hammad Azhar, one of the youngest ministers in Pakistan’s new government, is the latest in a long line of officials to face a problem that undermines his country’s development: getting people to start paying income taxes. Ending a culture of rampant tax evasion is expected to be high on the agenda in negotiations this month with the International Monetary Fund (IMF) as cash-strapped Pakistan seeks a second bailout since 2013. As state minister for revenue, Azhar, 37, says he is planning for…

FBR’s peon deprived of money in latest bank fraud

OKARA: A latest case of deceitful bank transaction was reported on Tuesday (today) from Okara, in which a peon of Federal Board of Revenue (FBR) was deprived of Rs 202,000 from his bank account, ARY NEWS reported. 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 pretended himself to be calling from the concerned bank. Detailing the media about the scam, the peon of FBR complained that, Federal Investigation Agency…

Policy-level talks: IMF presses for higher tax collection in Pakistan

ISLAMABAD: As the policy-level discussion kicks off for a possible bailout package, the International Monetary Fund (IMF) appeared discontended with the current state of tax collection in Pakistan.  A team representing the body, led by Harald Finger, stressed that the country's ongoing financial crunch requires effective measures and a need to increase tax collection. The Pakistani delegation included secretary finance, chairman federal board of revenue (FBR) and State Bank of Pakistan (SBP) Governor Tariq Bajwa among…

FBR advises central bank to pay sales tax refunds to exporters

ISLAMABAD: The Federal Board of Revenue (FBR) has issued an advice to the State Bank of Pakistan for making payment of sales tax refunds amounting to 8,741 million rupees to facilitate the exports. According to the FBR, the payment will benefit 739 claimants from five export-oriented zero-rated sectors which included textiles, carpets, leather, sports goods and surgical instruments. The refund has been paid against 4,117 payment orders issued up to November 8. It said those refund claimants who have not provided…

Pakistan improves its ranking in World Bank’s Doing Business Report 2019

ISLAMABAD: Pakistan has improved its ranking by 11 points and moved from 147 to 136 in World Bank's Doing Business Report 2019, Board of Investment announced on Wednesday. Board of Investment, being the secretariat of 'Prime Minister's Steering Committee on Doing Business Reforms', briefed the press on the reforms behind improvements made in Pakistan’s ranking and reforms being introduced to improve it further. Talking to the media, Mrs. Fareena Mazhar, Executive Director General BOI, explained that in addition to…

FBR registers 55% increase in tax returns

ISLAMABAD: Federal Board of Revenue (FBR) on Thursday said that it has registered a landmark 55 percent increase in the number of income tax returns filed until October 10, 2018 as compared to the corresponding period last year. "FBR has until 10.10.2018 received 482,275 Income Tax returns for the Tax Year 2018, which are 170,208 more than the 312,067 Income Tax returns received for Tax Year 2017 by the same date, registering an impressive increase of 55%," reads a statement issued by FBR The FBR statement said that…

FBR receives list of 41 individuals involved in money laundering

KARACHI: The Financial Monitoring Unit (FMU) has sent a list of forty-one individuals allegedly involved in money laundering and tax evasion to the Federal Board of Revenue (FBR). In a letter the FMU directed the FBR's Intelligence and Investigation unit to take action against these individuals who are non-filers and are not registered with the tax authorities. The regional unit of the FBR has also been tasked to provide complete details of the assets and properties of the individuals. The list includes one…