The Federal Tax Ombudsman (FTO) has taken a significant step by instructing the Federal Board of Revenue (FBR) to expedite the processing of a substantial sales tax refund. The refund, amounting to…
Tag: FBR
FBR Sets New Customs Rates: Rising Costs for LCD Monitors
The importation of old and used LCD/LED computer monitors is set to become more expensive following a recent decision by the Directorate General of Customs Valuation in Karachi. This move aims to…
FBR Overhaul Progress: 8-Member Team Set for Asset Redistribution Guidance
In a pivotal move, Pakistan’s caretaker government has established an eight-member committee dedicated to spearheading the Federal Board of Revenue’s (FBR) restructuring, focusing on asset distribution and implementation strategies. Led by the…
FBR Introduces Unified Sales Tax Return System for Telecom Companies
The Federal Board of Revenue (FBR) has rolled out a single sales tax return system for the telecom sector, effective for the tax period of January 2024. Telcos, including M/S CMPak Limited,…
FTO Urges FBR and SBP Collaboration to Tackle Exporters’ Valuation and Transaction Issues
The FTO has ordered the Federal Board of Revenue (FBR) to team up with the State Bank of Pakistan (SBP) and tackle two major hurdles you’ve been facing: Remember how open-account transactions…
FBR’s Customs Committee Ruling on Tax Exemption for Carbon Alloy Wire Rods
The Federal Board of Revenue’s (FBR) Customs Classification Committee has issued a judgement on tax exemption for carbon alloy wire rods. Small and medium carbon alloy wire rods would not be free…
FBR Nearing Rs. 705 Billion Tax Collection Target for October 2023
The Federal Board of Revenue (FBR) is making good progress towards its October 2023 objective of collecting Rs. 705 billion in taxes. In this essay, we’ll lay down what’s going on in…
FBR Establishes Special Working Groups with the Purpose of Restructuring PRAL
The Federal Board of Revenue (FBR) in Pakistan has formed special groups comprised of top tax officials in a major step aimed at simplifying operations and limiting unnecessary expenditure. What is their…
FBR Takes Action to Unfreeze Utility Stores Corporation’s Bank Accounts
The Federal Board of Revenue (FBR) has recently issued a substantial directive to financial institutions, requiring them to de-attach the bank accounts associated with the Utility Stores Corporation (USC). This ruling was…
FBR’s Struggle with Property Valuation: A Concern Addressed by FTO
Proper property assessment is crucial for taxes and money. An urgent problem was raised by the Federal Tax Ombudsman (FTO). Pakistan’s Federal Board of Revenue (FBR) has struggled to unify property appraisal…