Tag: FBR

FBR Expands Single Sales Tax Return to Oil, Gas, and Microfinance Sectors

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ISLAMABAD: The Federal Board of Revenue (FBR) and all Provincial Revenue Authorities/Boards have unanimously agreed to extend the Single Sales Tax Return (SSTR) system to include oil and gas exploration and production companies, as well as microfinance banks. According to details shared by the FBR on Friday, taxpayers from these two sectors must now file their sales tax returns through the SSTR starting with the tax period of November 2024, due in December 2024. Streamlining Tax ComplianceThe SSTR, accessible via the Single Portal at www.iris.fbr.gov.pk, was initially launched for the…

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Refinery Upgrade Plans Face Delays as Agreement Deadline Approaches

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ISLAMABAD: The federal government’s ambitious plan to upgrade domestic refineries has hit a significant roadblock just days before the deadline for finalizing agreements. The issue arises from a sales tax exemption introduced in the 2024-25 national budget by the Federal Board of Revenue (FBR), causing uncertainty among investors. With $6 billion in investment at stake, the Petroleum Division is considering requesting an extension from the Cabinet Committee on Energy (CCoE) to complete agreements with five local refineries. A crucial meeting between refinery representatives, petroleum and finance officials, and the FBR…

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Rashid Mahmood Appointed FBR Chief to Spearhead Digitization

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ISLAMABAD: Prime Minister Shehbaz Sharif has appointed Rashid Mahmood Langrial, a BS-21 officer of the Pakistan Administrative Services, as the new chairman of the Federal Board of Revenue (FBR). This move aims to quell speculations and address the need for end-to-end digitization of the tax process. The FBR chief position became vacant last month after Zubair Tiwana sought early retirement. Rashid Mahmood, who previously served as federal secretary of the power division, now faces the challenge of implementing comprehensive tax reforms. Rashid Mahmood, a Harvard University Kennedy School graduate in…

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100% Tax Credit for Sindh Coal Miners Supplying Power Plants

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ISLAMABAD: The Federal Board of Revenue (FBR) has granted a 100 percent tax credit to coal mining projects in Sindh that exclusively supply coal to power generation projects within the province. This update is part of the amendments introduced in the Finance Act 2024, as detailed in the FBR’s income tax circular number 1 of 2024 issued on Monday. The amendment to Section 65F clarifies that this tax credit applies solely to income derived from coal mining operations in Sindh, intended exclusively for power generation projects. Other income sources are…

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FBR to Clarify Reasons Behind ‘Two Further Taxes’ on Power Bills Today

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ISLAMABAD: The Finance Ministry and the Federal Board of Revenue (FBR) will provide a detailed briefing to the National Assembly Standing Committee on Finance today, explaining the rationale behind imposing two further taxes on electricity bills. Presided over by Syed Naveed Qamar, the finance committee has requested the FBR to clarify the types of further taxes levied on electricity consumers. Qamar noted that sales tax is collected on the sale of all goods, including electricity. When questioned about the additional taxes on electricity bills, the FBR chairman mentioned that two…

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