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The Federal Board of Revenue (FBR) (Urdu: وفاقی بورڈ محصولات), formerly known as Central Board of Revenue (CBR), is a federal law enforcement agency of Pakistan that investigates tax crimes, suspicious accumulation of wealth, money-laundering make regulation of collection of tax. FBR operates through Inspectors-IR that keep tax ...
The tax structure is progressive, aiming to fairly distribute the tax burden across different income groups. Currently, the Corporate Income tax rate is 29% for tax year 2019 and onwards whereas the corporate tax rate is 35% for Banking Industry for TY 2019. Income Tax on Export of Services, in Pakistan is 1%. However, export of IT services is ...
Pakistan’s Federal taxation was originally organised along the lines of Indirect & Direct taxes, resulting in two occupational groups viz. Customs & Excise Group, and Income Tax Group. However, in 2010 the groups were reorganised along the lines of Domestic Duty & Taxes and International Duties & Taxes, which resulted in formation of Pakistan ...
The FTO's legal framework consists of the following acts and reforms: the Establishment of the Office of Federal Tax Ombudsman Ordinance of 2000, the Federal Ombudsmen Institutional Reforms Act of 2013, and the Federal Tax Ombudsman Investigation and Disposal of Complaints Regulations of 2001. [7]
The National Database & Registration Authority (NADRA) (Urdu: قومی مقتدرہِ اندراجات و معطیات) is an independent and autonomous agency under the control of the Interior Secretary of Pakistan that regulates Government Databases and statistically manages the sensitive registration database of all the National Citizens of Pakistan.
In line with its status as a major port and the country's largest metropolis, it accounts for most of Pakistan's revenue generation. According to the Pakistan Federal Board of Revenue's 2006-2007 year-book, tax and customs units in Karachi were responsible for 70.75% of direct taxes, 33.65% of federal excise tax, and 23.38% of domestic sales tax. [3]
According to the Federal Board of Revenue's 2006–2007 year book, tax and customs units in Karachi were responsible for 46.75% of direct taxes, 33.65% of federal excise tax, and 23.38% of domestic sales tax. [175]
In 2023 the Director General of Intelligence and Investigation - Inland Revenue (DG I&I-IR) has initiated a process to segregate cases involving tax evasion from those related to money laundering. This effort aims to prevent the prosecution of individuals within the business community for money laundering when their actions primarily pertain to ...