Tag: FBR

FBR Uncovers Massive Under-Invoicing in Sindh Solar Imports, Senate Panel Raises Alarm

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Islamabad: The Federal Board of Revenue (FBR) has flagged large-scale under-invoicing, tax evasion and suspected trade-based money laundering in the import of solar home system kits under the Sindh Solar Energy Project (SSEP), revelations that triggered strong concern in a Senate standing committee. According to selected operational findings of a report presented by the FBR to the Senate Standing Committee on Economic Affairs, solar kits were declared for tax purposes at $16 to $23.4 per unit, while the World Bank paid up to $112.44 per unit for the same equipment…

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FBR Collects Rs. 490 Billion in Taxes via Electricity Bills in FY25

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ISLAMABAD: The Federal Board of Revenue (FBR) collected nearly Rs. 490 billion in taxes through electricity bills in FY2024-25, a drop from Rs. 600 billion in the previous fiscal year. The revenue comprised Withholding Tax (WHT) and General Sales Tax (GST), primarily passed on to consumers via monthly power bills. This decline coincided with a 3.6% reduction in overall electricity consumption, which fell to 80,111 GWh during July–March FY25 from 83,109 GWh in the same period last year. Industrial power usage saw a sharp drop, plummeting from 28,830 GWh in…

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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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