In Pakistan, taxpayers are entitled to a refund of excess income tax paid to the government. To claim a refund, the taxpayer must file an income tax return for the relevant tax year and provide evidence of the excess tax paid. The refund process can take several weeks or months to complete. Here are the …
The Federal Board of Revenue (FBR) and Securities and Exchange Commission of Pakistan (SECP) are two important regulatory bodies in Pakistan’s financial sector. Here’s a brief history of their establishment and development: Federal Board of Revenue (FBR): The FBR was created on April 1, 1974, as part of the Pakistan Revenue Automation Limited (PRAL) initiative. …
Tax Collection: The FBR is responsible for collecting various types of taxes, including income tax, sales tax, customs duties, and excise taxes. It has the authority to collect taxes from individuals, corporations, and other entities operating in Pakistan. The collected revenue is then used to fund public expenditures such as infrastructure development, education, healthcare, and …
Obtaining a National Tax Number (NTN): The National Tax Number is a unique identification number assigned to taxpayers by the Federal Board of Revenue (FBR). It is a requirement for anyone who wants to file an income tax return in Pakistan. To obtain an NTN, individuals can apply online through the FBR portal or visit …
