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The Inland Revenue Service (IRS) is a department of the Federal Board of Revenue (FBR) in Pakistan. It was established in 2009 and holds the responsibility for overseeing various aspects of domestic taxation, encompassing Sales Tax, Income Tax, and Federal Excise Duty.
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 ...
The most common forms are the 1040 and 1040-SR, but the addresses for form 1040-X, which is used to make edits to your tax return, are also included. Filing Addresses for Form 1040 and 1040-SR
The Federal Tax Ombudsman Ordinance of 2000 [1] and the Federal Ombudsman Institutional Reforms (FOIR) Act of 2013 [2] confer powers, including administrative and financial autonomy. This aligns with the separation of Pakistan's judiciary and executive branches in accordance with the Constitution.
Form 1040-X (officially, the "Amended U.S. Individual Tax Return") is used to make corrections on Form 1040, Form 1040A, and Form 1040EZ tax returns that have been previously filed (note: forms 1040-A and 1040-EZ were discontinued starting with tax year 2018, but a 1040X may still be filed amending one of these tax forms filed for previous years).
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 ...
Taxation, which includes income tax, sales tax, and customs duties, constitutes a substantial portion of revenues, bolstering both federal and provincial government finances. Non-tax revenue sources, such as mark-up from state enterprises, surplus profits from the State Bank of Pakistan , and royalties on oil and gas, further contribute ...