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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 ...
Complaints that cannot be lodged include those that are subjudice before a court or tribunal or authority on the date of receipt of the complaint; relate to assessment of income, determination of liability of tax or duty, classification or valuation of goods, interpretation of law in respect of which legal remedies of appeal are available ...
Wafaqi Mohtasib, (Urdu: وفاقی محتسب), also known as the Federal Ombudsman, is a governmental institution established by Presidential Order I of 1983, during the tenure of President General Zia ul Haq.
Income tax isn’t imposed on Americans as some sort of draconian, punitive measure. Rather, taxes are used to fund the government, providing everything from military defense to health insurance ...
Taxes not paid by the first due date in March are considered "delinquent," and interest begins to accrue. If the second installment is due in mid-summer and remains unpaid, the property can be ...
Back taxes are taxes that remain unpaid after the original due date, typically resulting from underreporting income, omitting earnings from a tax return, underpayment or making errors in a tax filing.
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 ...
In its announcement, the IRS said its latest efforts have been concentrated on taxpayers with more than $1 million in income and more than $250,000 in tax debt.