In a significant directive, the Prime Minister has instructed the formulation of a comprehensive strategy aimed at cutting government expenditure and modernizing the Federal Board of Revenue (FBR). This move underscores the government’s commitment to fiscal responsibility and enhancing the efficiency of revenue-generating entities. Key Points: Strategic Imperative: The Prime Minister’s directive emphasizes the strategic…
In a decisive move, the Federal Board of Revenue (FBR) has established a deadline for the submission of tax proposals for the fiscal year 2025 (FY25) from investors and companies. This step is part of FBR’s proactive approach to engaging stakeholders in the budgetary process, seeking input and suggestions to formulate a comprehensive and inclusive…
In a significant announcement, the Chairman of the Federal Board of Revenue (FBR) has stated that the anticipated reforms within the FBR will be implemented under the auspices of the incoming government. This revelation outlines the strategic approach and commitment of the FBR in reshaping tax-related policies and administration to foster a more efficient and…
In a proactive move, the Federal Board of Revenue (FBR) has extended an invitation for proposals pertaining to customs-related budget considerations for the fiscal year 2025 (FY25). This initiative underscores FBR’s commitment to engaging stakeholders and incorporating diverse perspectives in the formulation of customs policies that align with the economic landscape of the country. The…
In a notable development, the government has submitted a formal request seeking a one-year extension for the World Bank-funded project dedicated to the Federal Board of Revenue (FBR). This request signals a strategic move to address potential challenges or delays in the implementation of the project and underscores the government’s commitment to leveraging external support…
In a significant development, the Lahore High Court (LHC) orders directives to the Federal Board of Revenue (FBR) to amend the Sales Tax Act. The court’s ruling emphasizes the need for amendments aimed at safeguarding the rights of taxpayers within the framework of sales tax regulations. The LHC’s decision comes as a response to petitions…
In a significant development, the FBR commits to the International Monetary Fund (IMF) that it will undertake measures to raise taxes on digital markets during the fiscal year 2024. This commitment is part of Pakistan’s broader efforts to align its fiscal policies with international standards, address economic challenges, and fulfill the conditions outlined in the…
In a significant development, the Pakistan Business Council (PBC) has expressed its support for the caretaker government’s decision to bifurcate the Federal Board of Revenue (FBR) and the Customs Department. This move, aimed at enhancing efficiency and streamlining operations, has garnered approval from the business community. The PBC, a prominent voice for the business sector,…
In a strategic move, the FBR has finalized a groundbreaking scheme to impose sales tax on retailers in prominent cities like Islamabad, Karachi, Lahore, Peshawar, and Quetta. FBR finalized this initiative in anticipation to significantly boost revenue, with FBR sources projecting an initial yield of Rs. 100 billion from retailers in major cities. This figure…
In a concerning development, hackers have successfully infiltrated FBR’s sales tax system, manipulating sales tax returns of legitimate taxpayers to claim false sales/purchases and illicitly obtain tax credits and refunds amounting to billions. The Federal Tax Ombudsman (FTO) has taken swift action, directing the FBR to address the issue and take stringent measures against the…
