- Federal Board of Revenue has taken immediate steps to ensure the simplification of the tax return
- firm investigating tax evasion, suspicious treasure collection and money laundering
- Under the MoU, the Pakistan Tax Bar will share a list of eligible and willing members of the Tax Web site
- FBR plays a role in national tax collection
- Federal Board of Revenue (FBR) completely dismissed speculation
ISLAMABAD: In a landmark development, the Federal Board of Revenue has taken immediate steps to ensure the simplification of the tax return for new Broadening of Tax Base taxpayers by signing a memorandum of understanding with Pakistan Tax Bar at FBR (HQ) on Feb 07, 2022. FBR is ready to launch another digital intervention from the Tax-Based Extension box with specific information obtained about non-files.
The FBR has already collected information about the assets and expenses of non-tax personnel from various sources. This information will be made available to outsiders through the Tax Asaan Portal.
The Federal Board of Revenue (FBR) formerly known as the Central Board of Revenue (CBR), is a Pakistani state law firm investigating tax evasion, suspicious treasure collection and money laundering. FBR works with IR inspectors who keep tax evasion under surveillance, monitor tax revenue, and perform special duties for FBR Headquarters. FBR plays a role in national tax collection The FBR also collects tax evasion tactics and regulates the Tax laws of the Government of Pakistan and serves as the main Pakistani revenue collection center for all people and businesses. FBR operates primarily with its large collection of weapons including Regional Tax Offices (RTOs) and Large Taxpayer Units (LTU) units nationwide.
The Chairman of the FBR is the presiding officer of the board and is responsible for establishing and enforcing national financial policies, determining taxes and duties and ultimately acting as an attorney for the board’s judicial appeals. The chairperson plays an important role in working with the ministers of economics and trade and with the prime minister.
Under the MoU, the Pakistan Tax Bar will share a list of eligible and willing members of the Tax Web site to complete tax returns for new taxpayers. FBR will make this list of tax consultants available to new taxpayers who want to file tax returns and will make this easier by paying the prescribed tax return to the taxpayers. The site will be voluntary only and the taxpayer will be able to choose to use this free facility or hire his or her tax consultant.
Increasing the tax base is a priority for the government and this tax return center is an unprecedented step in assisting new taxpayers and thus increasing tax compliance in the country.
At that time, the Federal Board of Revenue (FBR) completely dismissed speculation made in an article published in Business Recorder on February 8, 2022, entitled “Is there another ‘Finance Bill’ on the way?” FBR has made it clear that the review of tax laws is an ongoing process undertaken by FBR as usual. FBR is currently facing the challenge of compliance with existing tax laws into an IR-Code which could be a milestone because it will not only add to the ease of enforcement of tax laws but will also contribute to the ease of doing business.
It is further added that the 7th Review Objective under the IMF plan is scheduled for March, 2022. Any changes that may be required as a result of ongoing work can be easily implemented during the budget period under the Finance Act, 2022.