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No reversal of policy on real estate valuation, says FBR

ISLAMABAD: Federal Board of Revenue (FBR) Friday took strong exception to the news reports appeared in a section of the press, claiming that the downward revision of real estate valuation for some areas has partially reversed the policy decision taken in 2016. The decision taken in 2016 was made for adoption of market value of real…

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FBR extends tax filing date up to December 15

ISLAMABAD: The Federal Board of Revenue (FBR) has extended the date of filing of returns and statements for the tax year 2017 upto December 2017. According to FBR notification issued here, the date of filing of returns of total income and statements of final taxation, which was due on August 31 2017 and extended up…

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FBR launches online verification of exemption certificates

Islamabad: The Federal Board of Revenue (FBR) has launched facility for online verification of exemption certificates to facilitate taxpayers and check certain malpractices. The facility is expected to resolve the long-standing problem faced by the withholding agents and put an end to the practice of using fake exemption certificates to evade genuine tax liability, officials…

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Paradise Leaks: FBR launches probe against 19 Pakistanis

ISLAMABAD: The Federal Board of Revenue (FBR) formally started investigations against 19 out of 135 citizens of Pakistan mentioned in Paradise Papers. Sources privy to the FBR said details of these persons have been sought from the concerned institutions including Securities Exchange Commission of Pakistan (SECP), State Bank of Pakistan (SBP) and National Database Registration…

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Rs1074b collected in four months of current fiscal year: FBR

ISLAMABAD: Federal Board of Revenue has collected 1074 billion rupees during the first four months of the current fiscal year recording an increase of around 20.4 percent over the revenue collected during the corresponding period of the last fiscal year. According to FBR, refunds during this period have been issued to the tune of 42…

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LHC stops FBR to take coercive measures against Rahat Fateh Ali

LAHORE: Lahore High Court (LHC) on Wednesday stopped the Federal Board of Revenue (FBR) from taking any coercive measures against singer Rahat Fateh Ali Khan over alleged tax evasion charges. However, the court directed the petitioner-singer to approach the concerned forum to avail first remedy. Justice Shahid Jamil of the LHC passed the orders while…

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FBR increases vehicle transfer fee

ISLAMABAD: The Federal Board of Revenue (FBR) has announced an increase in vehicle transfer fee for income tax filers, whereas a certain amount of transfer fee will be waived off for those who have filed their tax returns for the fiscal year 2017-18. FBR is aiming to tighten its grip on tax evaders who haven’t…

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FBR freezes Noor’s bank account

LAHORE: Federal Board of Revenue froze the bank account of Pakistani celebrity Noor over tax-evasion.   According to FBR officials, Noor did not pay did not pay taxes worth Rs. 1.4 million for the year 2015. FBR carried out a raid in a branch of a bank, located at defence area, and recovered Rs. 1,60,000…

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Video: Dar arrives in court with tension written all over his face

ISLAMABAD: Federal Finance Minister Ishaq Dar on Monday presented himself before an accountability court, with tension written all over his face.  According to details, Dar showed up at the premises with a tense expression. His gaze never met the reporters’ and media personnel who had gathered at the venue to take his comments. Dar was…

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Karachi violence: Two guards gunned down outside FBR’s office

KARACHI: A firing incident outside the office of Federal Bureau of Revenue (FBR) in Karachi on Monday claimed the lives of two guards. According to details, the firing incident occurred outside FBR’s office located at Gulistan-e-Johar. Two armed guards who were deployed for the FBR’s security were shot to death. Police, so far, do not…

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Tax collection increases 8% to Rs 3.362 trillion in FY 2016-17

ISLAMABAD: The Federal Board of Revenue (FBR) collected Rs 3,362.1 billion revenues during the outgoing fiscal year 2016-17, showing an increase of 8 percent in collection when compared to the tax figures of last fiscal year. During the last fiscal year the revenue collection was recorded at Rs 3,112.7, Chairman FBR, Tariq Pasha said while…

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2700 Pakistanis received Rs 102 bn in gifts: FBR

ISLAMABAD: The Federal Bureau of Revenue (FBR) on Tuesday made a shocking disclosure during a session of the Senate Committee on Finance that 2,700 Pakistanis received Rs 102 billion in gifts.  According to details, the said persons who received hefty amounts have been sent notices as an investigation has been launched to probe the matter….

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Video: FBR Chairman rubbishes allegations of record tampering

PESHAWAR: Chairman Federal Bureau of Revenue (FBR) Dr Muhammad Irshad said on Wednesday that the Joint Investigation Team (JIT) had not blamed the federal institution for tampering with records.  Speaking to media officials in Peshawar, Dr Muhammad Irshad said that whatever record the Joint Investigation Team sought the FBR would hand it over to the…

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All records of Sharif family from 1980 have been provided to JIT: Chairman FBR

ISLAMABAD: Federal Board of Revenue (FBR) Chairman Dr. Muhammad Irshad said on Friday that he had submitted all records pertaining to the Sharif family from 1980 till the present day to the Joint Investigation Team. According to details, Dr. Muhammad Irshad said that he could not understand what record the Joint Investigation Team was referring…

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Building a house going to be more difficult

The federal government believes the prices of estates in big cities are below their original estimate. Hence, it has started planning to increase property valuation rates by about 30 percent in major cities of the country. Common man who is already under myriad burdens, cannot build even a small house for himself if the real…

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Panama Case: Hearing adjourned for two weeks as JIT submits report

ISLAMABAD: Supreme Court of Pakistan has adjourned the hearing of Panama Case for two weeks as the joint investigation team – probing the offshore assets of Prime Minister Nawaz Sharif and his family, submitted its initial report, Samaa reported. According to details, a three-member of the top court headed by Justice Ejaz Afzal is hearing the case….

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PAC recommends blocking NIC, passport of tax defaulters

ISLAMABAD: The Public Accounts Committee recommended on Wednesday that the passport and National Identity Card (NIC) tax defaulters be blocked. According to details, the FBR briefed the Public Accounts Committee (PAC) that there were tax cases amounting to more than Rs 300 billion pending in courts. Chairman FBR requested for assistance through legislation with regard…

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Better to legalize corruption than appoint QZ as NAB boss: SC

In its milestone ruling in Panamagate scandal case, Supreme Court of Pakistan picked apart the performance of Federal Board of Revenue (FBR) and National Accountability Bureau (NAB). The apex court said it is better to legalize corruption than appoint Qamar Zaman Chaudhry as chairman of National Accountability Bureau (NAB). Watch this video report on what…

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FBR issues notices over expensive wedding

Federal Board of Revenue (FBR) issued notices to the bride and groom over conducting expensive wedding in Multan and demanded the details of assets and tax. Watch this video report.

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Panama ruling is likely by Friday: AGP

ISLAMABAD: Attorney General of Pakistan Ashtar Ausaf said the ruling of Panamagate scandal case is likely to be out by Friday. Talking to Samaa, the AGP said, “The ruling of the Panama ruling is expected to be out by Friday.” It should be mentioned here that the Supreme Court of Pakistan reserved ruling of the…

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Economic indicators show positive growth in first half

ISLAMABAD: Despite several challenges, the macroeconomic stability has been achieved and now the economy is on trajectory path as suggested by many economic indicators. According to official sources, foreign reserves is one of the main indicators and the total liquid reserves held by the country stood at US $23,163.6 million as on December 30. The…

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