According to SAMAA, With the September 30 deadline fast approaching, the Federal Board of Revenue (FBR) is contemplating an extension for submitting income tax returns due to technical issues affecting its online filing system. The system has experienced a significant slowdown, making it difficult for many taxpayers to complete their submissions. System Delays and Increased Filings As of September 28, …
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In a significant move aimed at bolstering revenue and reducing the tax burden on current taxpayers, Pakistan’s Finance Minister, Muhammad Aurangzeb, announced that the government is abolishing the category of non-filers from its tax laws. Speaking in an interview with Voice of America during his visit to New York, the finance minister emphasized the need for a more streamlined and …
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The Government of Pakistan has initiated an aggressive plan to collect Rs450 billion in taxes through digital enforcement measures to meet this fiscal year’s ambitious Rs12.97 trillion tax target. This plan comes in response to challenges faced in tax collection, including a shortfall in the first quarter and concerns about a weak global economy. The Federal Board of Revenue (FBR) …
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FBR Misses August Tax Collection Target by Rs102 Billion The Federal Board of Revenue (FBR) fell short of its August 2024 tax collection target by Rs102 billion, despite taking advances from major cities. The FBR blamed import compression for the shortfall, increasing the likelihood of a mini-budget. The government had set a collection target of Rs898 billion for August, but …
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Tajir Dost Scheme: Only 277 Retailers Pay Taxes, Despite Over 63,000 Registrations The Tajir Dost Scheme, an initiative aimed at bringing more retailers into the formal tax net in Pakistan, has seen underwhelming participation despite a significant number of registrations. According to the latest data released by the Federal Board of Revenue (FBR), only 277 retailers have contributed a total …
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FBR’s Tax Registration Drive: Progress and Challenges The Federal Board of Revenue (FBR) has been conducting a tax registration drive for nearly five months across 42 cities, successfully bringing thousands of traders onto the tax roll. However, under the Tajir Dost Scheme (TDS), the average income tax collected from an individual trader remains low at just Rs2,432 per month. Tax …
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FBR Appeals to Traders for Dialogue Ahead of Planned Strike Against Tajir Dost Scheme In a bid to avoid an escalating conflict with the trading community, the Federal Board of Revenue (FBR) has reached out to traders, urging them to present their demands before resorting to a nationwide shutter-down strike. The strike, planned for August 28, 2024, is in response …
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The Federal Board of Revenue (FBR) has officially announced September 30 as the deadline for submitting income tax returns for the financial year 2023-24. This deadline is crucial for taxpayers across Pakistan to ensure compliance with national tax regulations and avoid potential penalties. Legal Consequences for Non-Compliance The FBR has issued a stern warning to individuals and businesses who fail …
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The newly appointed chairman of the Federal Board of Revenue (FBR), Rashid Mahmood Langrial, has raised concerns about the feasibility of the FBR’s ambitious target of collecting Rs40 billion from traders for the current fiscal year. During a high-level meeting chaired by Finance Minister Muhammad Aurangzeb at the FBR headquarters, Langrial questioned the practicality of this goal, noting that the …
Read More »The Federal Board of Revenue (FBR) has made a strong start in the new fiscal year by surpassing its first-month target of Rs656 billion. The FBR collected Rs659.5 billion, reflecting a growth rate of just under 22%. This robust performance is crucial as the agency aims for an ambitious annual tax target of nearly Rs13 trillion, which requires a 40% …
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