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Tag: FBR

  • FBR to regulate jewellers, accountants, real estate agents to curb money laundering

    FBR to regulate jewellers, accountants, real estate agents to curb money laundering

    The Federal Board of Revenue (FBR) will regulate and monitor businesses of jewellers, accountants, and real estate agents, and they will be asked to maintain records of their customers to check money laundering transactions.

    The FBR has issued Anti Money Laundering and Countering Financing of Terrorism Regulations for the Designated Non-Financial Businesses and Professions (DNFBRs) 2020.

    The government on Tuesday declared FBR as the AMU/CFT Regulatory Authority.” Every DNFBP shall be registered with the Board. The DNFBP shall provide any information or documentation that may be required by the Board for the purposes of registration or keeping the DNFBP registration up to date, including but not limited to criminal records of the senior management and beneficial owners.

    The record to be maintained and furnished by the Accountants, Real Estate Agents and Jewelers under these rules and as required by AML Act shall be subject to inspection by FBR, as laid down in section 6A(2)(f) of AML Act, who may be assisted by other law enforcement agencies.

    Any violation of any provision of these regulations shall be subject to sanctions issued under the AML Act, FBR added.

  • Imran Khan paid more tax than US President Donald Trump

    In light of a recent New York Times report and the tax details of parliamentarians revealed by Pakistan’s Federal Board of Revenue (FBR), it has emerged that Prime Minister (PM) Imran Khan’s mere Rs0.2 million in taxes was more than business tycoon and United States (US) President Donald Trump’s federal taxes during his first year in office.

    The directory, published on the official website of FBR, contains tax details of elected representatives belonging to six different assemblies; National Assembly of Pakistan, Senate of Pakistan, Balochistan Assembly, Khyber Pakhtunkhwa Assembly, Sindh Assembly and Punjab Assembly. 

    According to the information released, former PM and Pakistan Muslim League-Nawaz (PML-N) leader Shahid Khaqan Abbasi was the highest taxpayer, as he paid a staggering amount of Rs241,329,362 in taxes.

    The premier in 2018 — his first year in office — paid Rs282,449 in taxes whereas President Trump paid just $750 (Rs124,290 as of 2020) in federal income tax during his first year as president.

    Trump, who in 2016 suggested reports of tax avoidance showed he was ‘smart’, denounced the findings as ‘completely fake news’. The New York Times said that of the 18 years its reporters examined, Trump had paid no income tax at all in 11 of them.

    While there is no comparison between the taxes paid by the two leaders from Pakistan and the US, it merits a mention that both were equally criticised for alleged tax evasion.

    As for Abbasi, his paid taxes were twice as much as the entire cabinet of the ruling Pakistan Tehreek-e-Insaf (PTI) paid.

    Industries and Production Minister Hammad Azhar and Petroleum Division Minister Omar Ayub were the top two tax payers in the cabinet, contributing Rs59.4 million and Rs26 million to the exchequer respectively.

  • FBR, NADRA launch web portal for tax profiling, asset inquiry

    FBR, NADRA launch web portal for tax profiling, asset inquiry

    The Federal Board of Revenue (FBR) and National Database and Registration Authority (NADRA) have launched a web portal through which Pakistanis can view the list of declared assets and download information for documentation and record-keeping.

    The portal provides the following services that allow you to check your asset details online:

    a) FBR Tax Profiling System

    b) FBR Assets Inquiry System (FBR Maloomat)

    The web portal created by FBR and NADRA collects your data from official sources in order to calculate your assets. As long as you’re a Pakistani citizen, you can view the information from anywhere in the world.

    ELIGIBILITY CRITERIA TO ACCESS THE INFORMATION:

    • You must be a Pakistani national with a valid CNIC or NICOP
    • You should be above 18 years of age
    • Citizens residing in Pakistan must have a PTA registered mobile number
    • Overseas Pakistanis must have a valid email address
    • You must make a payment of PKR500 through NADRA e-Sahulat or you credit/debit card

    HOW TO USE THE TAX PROFILING SYSTEM:

    1. Visit the official website for FBR Tax Profiling System
    2. Create your account by entering your valid CNIC number in the relevant field followed by the computer-generated verification code and click on ‘Submit’
    3. Pay the application fee via your credit/debit card or through a nearby NADRA e-Sahulat franchise. A city-based drop-down list of e-Sahulat outlets is also there on the portal for your convenience  
    4. Once you have successfully made the payment, here is the information that will be available for viewing:
    • Tax Filer Status
    • NTN number
    • Total Income
    • Tax Paid
    • Net Wealth
    • Withholding Tax
    • SIM card in your name
    • Number of cars
    • Arms License
    • Executive Services
    • Passports
    • Travel information

    6. You can save the information in a PDF format and print it if needed.

    FBR ASSETS INQUIRY SYSTEM

    Here is a step-by-step tutorial on how to carry out an FBR assets check using the board’s web portal.

    1. Visit the official website for FBR Maloomat
    2.  Use your registered mobile number to send your CNIC number to 9966

    OR

    3. Select the ‘Get Login/ Password for Asset Inquiry (It’s Free)’ tab on the top. Then, enter your CNIC number, name, choose an appropriate prefix, pick current service provider and add your mobile number in the relevant fields. Just make sure the phone number you enter into the portal is registered in your name.

    4. Receive the code on your mobile number

    5. Once you login to the FBR Asset Inquiry System, you will be able to see different tabs. From there, select any tab and click on ‘Load Data’ to see your relevant data.

    You can view the following information if you check your assets using FBR:

    • Withholding Tax 
    • Vehicles 
    • Travel Information 
    • Utilities with bill amount
    • The details of properties in your name

    FBR updates assets data on its portal on a regular basis. Therefore, you will be required to visit the portal regularly to view updated data.

  • PTI’s Pakistan: ‘Govt to achieve Rs4,960 billion revenue target’

    PTI’s Pakistan: ‘Govt to achieve Rs4,960 billion revenue target’

    Federal Minister for Industries and Production Hammad Azhar has said that the government is confident of achieving the tax collection target of Rs4,960 billion set in the 2020-21 federal budget through Federal Board Revenue (FBR).

    Concluding discussion on the Finance Bill 2020-21 in the National Assembly, the minister on the floor of the House pointed out that the present government inherited a weak economy, but due to its concerted efforts, the government succeeded in stabilising it.

    He said that all the international financial institutions are praising Pakistan government’s performance on economic front.

    Hammad said that presenting a tax free budget while enhancing allocations for development shows the true leadership of Prime Minister Imran Khan. He said the government is trying to minimize the impact of Covid-19 on the economy by pursuing a prudent strategy.

    The minister categorically stated that the federal government has not withheld any funds of the provinces under the National Finance Commission (NFC). He said that the recommendations of the Senate for the Finance Bill 2020-21 would be given due consideration.

    Earlier, the National Assembly approved 96 demands for grants pertaining to different ministries, divisions and departments for the next fiscal year.

    Presented by Minister for Industries and Production Hammad Azhar, these demands were related to Climate Change, Commerce Division, Communications Division, Pakistan Post, Defense Division, Survey of Pakistan, Economic Affairs Division, Power Division, Petroleum Division,  Geological Survey of Pakistan, Foreign Affairs Division, Housing and Works Division, Human Rights Division, Information and Broadcasting Division, Information Technology and Telecommunication, Inter Provincial Coordination,  Kashmir Affairs and Gilgit-Baltistan Division,  Law and Justice Division, Federal Shariat Court, Council of Islamic Ideology, National Accountability Bureau, District Judiciary Islamabad Capital Territory, Maritime Affairs, Narcotics Control, National Assembly, The Senate, Overseas Pakistanis and Human Resource Development Division, Parliamentary Affairs Division, Planning Development and Special Initiatives Division, CPEC Authority, Privatization Division, Religious Affairs and Inter Faith Harmony Division, Science and Technology Division, States and Frontier Regions and Water Resources.

    No cut motions were moved on these demands for grants.

  • FBR serves Rs13 million notice to popular Pakistani Youtube prankster

    The Federal Board of Revenue (FBR) has sent a Rs13 million tax notice to Pakistani YouTuber Nadir Ali, who runs a channel called “P4 Pakao”, a private media outlet has reported.

    Nadir’s videos show him and his team pulling pranks on unsuspecting people and attract a lot of internet traffic. The combined views of his channel are over 820 million, making his channel one of the largest in the country.

    According to reports, tax authorities suspected him of concealing his income and subsequently launched an investigation against him, and their suspicions were confirmed when they contacted YouTube to learn about his actual income.

    Reportedly, Nadir received more than Rs10 million in foreign exchange during the year on which exemption was claimed without furnishing proof to the tax department and at the same time, he maintained a bank account, which he did not declare in the wealth statement.

    The report also quoted tax officials as saying that the YouTuber was served a number of notices during the course of the investigation but he did not respond to any of them and now he has the option to appeal the order before a commission in Karachi.

    Nadir also spoke to the media outlet through his lawyer and denied having not responded to the FBR. “We received their notice and responded in person. We later applied for an extension in the time to file a response and our application was approved. We are now working to resolve this through all proper ­channels,” he added.

  • FBR to regulate real estate, jewellers trade to comply with FATF agenda

    FBR to regulate real estate, jewellers trade to comply with FATF agenda

    The investigation against money laundering now extends to real estate, gold, gems, and jewellery, as the federal board of revenue is making new rules to stop the financing of terrorism and money laundering in these areas, DAWN reported

    What does this mean?

    Jewellers will have to document and record the value of their sales and the information will be shared with the FBR. Any suspicious transactions such as buying of selling of gold and precious stones will also have to be reported. Jewellers will also submit a ‘special return form’ with their data. 30,000 jewellers will be recorded by the FBR.

    READ MORE: Study reveals: Excessive smartphone usage affects brain like drugs

    Law division and Securities and Exchange Commission of Pakistan (SECP) will also monitor services provided by lawyers and chartered accountants.

    “We have sent these rules to the law division for vetting,” FBR spokesperson and Member Policy Dr Hamid Ateeq confirmed. After vetting, he said, the rules would be notified for implementation.

    These rules will also apply to housing authorities and sub-registrar offices for real estate. Property agents will not be covered under these rules.

    The reason for these new regulations is because Pakistan needs to implement new Financial Action Task Force (FATF) rules.The implementations of these rules will help Pakistan get off the FATF grey list.

    FATF strongly urges Pakistan to swiftly complete its full action plan by June 2020.

    READ MORE: As Delhi burns, Gurdwaras open doors to Muslims fleeing violence

  • Indefinite leave for FBR chief Shabbar Zaidi

    Indefinite leave for FBR chief Shabbar Zaidi

    Federal Board of Revenue (FBR) Chairman Shabbar Zaidi is on indefinite leave and has not joined the office, sending an application in this regard to Advisor on Finance to Prime Minister (PM) Imran Khan, Dr Abdul Hafeez Sheikh, The Express Tribune reported.

    Read more: Imran’s ‘blue-eyed’ Shabbar Zaidi resigns as FBR chairman?

    The FBR chief is sick since January 9, has excused himself from working, and also informed the PM in this regard, reports said.

    Zaidi’s leave had expired on February 14, and he was supposed to join office on Feb 17, but did not. In his absence, FBR Acting Chairman Nausheen Javed Amjad has been handling the affairs of the bureau. 

    Read more: Pakistan has a cure for coronavirus and Chinese can’t stop thanking for it

    According to the report, Zaidi said that his health was not good and he would follow his doctors’ advice.

    On the other hand, the PM’s aide on finance said that if Zaidi could not continue with his work as the FBR chairman owing to ill-health, a new chairman would be appointed after consultations.

  • Inflation: PM seeks ISI, other agencies’ help

    The Pakistan Tehreek-e-Insaf (PTI) government has sought the help of Inter-Services Intelligence (ISI) Intelligence Bureau (IB) and Federal Investigation Agency (FIA) to present monitoring reports regularly, as Prime Minister (PM) Imran Khan directs for a large-scale crackdown on smuggling of edibles and other commodities, The News reported.

    According to reports, the premier has asked the Interior Ministry, law enforcement agencies of the federal and provincial governments, and Federal Board of Revenue (FBR) to collectively take action against the menace of smuggling. He has also directed the Interior Ministry to present a report on related measures and a comprehensive strategy on the matter within 48 hours.

    He emphasised that keeping in view the recommendations of the task force formed to combat smuggling, short-term, medium-term and long-term measures should be initiated.

    The decision was taken at a high-level meeting, presided over by PM Imran and attended by Minister for National Food Security Makhdoom Khusro Bakhtiar, Minister for Planning Asad Umar, Adviser to the PM on Commerce and Trade Abdul Razak Dawood, interior and national food security secretaries, and acting FBR chairman among other senior officials.

    The meeting took stock of the demand and supply of essential commodities and their prices with particular reference to their smuggling. The report on progress so far made on the establishment of markets at the western border was also presented at the meeting. The PM directed accelerating the pace of establishment of markets and observed that because of smuggling of food items, common man was facing difficulties.

    “The menace of smuggling is causing losses worth billions to the national economy. Combating this menace is in national interests,” he contended, adding that prices of food items must be brought down by up to 20 per cent.

    The premier also made it clear that no negligence would be tolerated with regard to smuggling.

  • Here’s what you need to know about wheat smuggling investigation

    According to the report, the committee formed to investigate on exports of wheat and wheat flour during the ban period failed to produce results.

    According to the statistics of Pakistan Revenue Automation Limited (PRAL) and Federal Board of Revenue (FBR) shows 3,947 and 26,206 metric tonnes (Unit of weight equal to 1,000 kilograms) were exported between Aug-Oct 31, 2019.

    READ: Pakistan witnesses increase in remittances inflow: Moody’s

    The committee failed to produce the desired results and was also unable to identify the Customs officers involved in the scam. The only action that was taken is transferring of seven Collectorate officers of Peshawar and Quetta.

    When a senior customs officer was asked to comment on the matter, he said “I don’t want any media reporting on the issue as a lot of damage has already been done to the department”,

    READ: Freelancers payment limit raised to Rs. $25,000: State Bank of Pakistan

    Instead of revising the investigation processes or tracing the culprits behind the scam, the issue was turned into integrity matter of the Customs Department.

    Furthermore, according to the Custom Intelligence Department, they have conveyed to the government that 505 containers were cleared at Torkhan Border without the filing of goods declaration and payment of duty and taxes.

    READ: Reporter, who ‘exposed’ Bilawal’s train march, ‘murdered’

    The figures on clearance of containers without duty and taxes were challenged by Chief Collector North Dr Asif Jah. “I am still doing my investigation,” adding that “he has already reconciled 300 containers.”

    To investigate the matter, a number of committees were formed and Prime Minister’s Secretariat is not happy with the outcome of these reports and has now directed the Federal Investigation Agency (FIA) to conduct a probe.

    READ: PTI’s new social media laws: Are you in some sort of danger?

    The FIA has already compiled one report but it was returned with further directions to probe the issue thoroughly. “We will take action against the Customs officers if found involved,” the officer said.

  • Imran’s ‘blue-eyed’ Shabbar Zaidi resigns as FBR chairman?

    Imran’s ‘blue-eyed’ Shabbar Zaidi resigns as FBR chairman?

    In a rather expected development, Federal Board of Revenue (FBR) Chairman Syed Shabbar Zaidi on Tuesday resigned from the post, a private media outlet claimed.

    A prominent chartered accountant and former caretaker provincial minister for Sindh, Zaidi was named by Prime Minister (PM) Imran Khan in May last year as his choice for the new FBR chief.

    Adviser to the PM on Finance Dr Abdul Hafeez Shaikh had last week hinted that the federal government may change the FBR chief if his health did not improve any time soon.

    Shaikh, in an interview with a private news channel, had shared that the government may decide to change the FBR chairman if he did not recover quickly as the government also planned to introduce a mini-budget.

    “The FBR chairman is ill and we hope he recovers quickly,” Shaikh had said. His statement had come weeks after Zaidi had sought an indefinite period of leave from his official duties on grounds of poor health.

    Earlier, Zaidi had gone on sick leave from January 6 to January 19. This had led to rumours that there was a rift in the government’s economic team. However, those rumours were rejected by the FBR.

    Meanwhile, another media outlet has rubbished the claims regarding Zaidi’s resignation.

    “I am not resigning from my post as chairman FBR. I have just not been performing my duties due to my health,” Zaidi told Geo News.