February 7, 2023
Business

Despite the Iqbal Day holiday, FBR is open

Despite the Iqbal Day holiday, FBR is open

The Federal Board of Revenue (FBR) Operations Wing Inland Revenue was open on Wednesday to monitor the IR revenue collection across Pakistan despite November 9 being a national holiday.Except for the FBR IR Operations Wing, which is led by Amjad Zubair Tiwana, the other parts of the FBR were closed on Wednesday.

The room where the FBR Member IR operations and other pertinent FBR members are located has the dash board of revenue collection, which is the primary method of collecting income. The Wing is in charge of collecting domestic income tax, sales tax, excise duty, and withholding taxes.

It will be difficult for the FBR Operations Wings (IR and Customs) to reach the given target of Rs. 536.53 billion in November 2022. The breakdown of the aim for November 2022 showed that the target for income tax, sales tax, federal excise duty (FED), and customs duty has been forecast at Rs. 184.91 billion, Rs. 221.52 billion, Rs. 34.6 billion, and Rs. 95.5 billion, respectively.

The Federal Excise Act 2005, the Sales Tax Act of 1990, and the Income Tax Ordinance of 2001 all give the Member (Inland Revenue-Operations) broad administrative, enforcement, and recovery authorities.

Under the following provisions of the Federal Excise Act of 2005, Member (Inland Revenue-Operations) would exercise his authority and carry out the Board’s duties: Sections 2(8a),12(4),16(3), 16(5), 21(4), 22(1), 23(1), 29(1AA), 29(3), 30(2), 350), 36, with regard to his order, 38 for operational and implementation purposes, 42D, 43, 45(2), 45(3), 45A,46(1), and 49.

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