FBR further clarified that it had been publicizing periodically that Iris module launches and upgradation were in progress. National holidays provided appropriate time for IT Wing to upgrade systems, migrate and cleanse data. Thus, the return filing system was taken off-line at 22:00 hours on 13th August, 2022. However, all revenue generating services were not taken off-line and those remained fully functional. Therefore, Weboc, Pakistan Single Window(PSW) and Point of Sale services remained operational.
It is pertinent to mention that around 9000 new GDs were filed from August 13 to 15 noon time while over 11000 GDs were cleared during the same period, resulting in collection of over 12 Billion of duties and taxes at import stage. Likewise, during these two days, over 3.2 million invoices were issued by Tier-1 Retailers integrated with FBR POS System across the country, charging around 1 Billion Sales Tax. These numbers sufficiently testify to the fact that all revenue collection related services remained actively operational in these two days, as against the false assertions made in the subject news item.
FBR has issued draft of certain further amendments in the Income Tax Rules, 2002 vide S.R.O. 1612(1)/2022. This SRO. Federal Board of Revenue proposes to make in exercise of the powers conferred by sub-section (1) of section 237 of the Income Tax Ordinance, 2001 (XLIX of 2001), is hereby published for information of all persons likely to be affected thereby and, as required by sub-section (3) of the said section 237, notice is hereby given that objections or suggestions thereon, if any, may for consideration of the Federal Board of Revenue be sent within seven days of publication of the draft in the official Gazette.
The Securities and Exchange Commission of Pakistan (SECP) has published a concept paper titled “Review of Landscape & Revamping Framework-REITs” for soliciting public comments. It provides a glance at Real Estate Investment Trusts (REITs) Industry and covers proposed amendment(s) in the REITs regulatory framework.
The Securities and Exchange Commission of Pakistan (SECP) has approved amendments to the Modaraba Regulations, 2021. The amendments have refined the regulatory framework for Modarabas in Pakistan while improving doing business climate in the country.
Federal Board of Revenue(FBR) has categorically rebutted the above captioned news item, FBR reels under a major 'cyber attack' published in eExpress Tribune today as on August 15, 2022. The instant news item sought to create a misleading impression that FBR had shut down its website in anticipation of a possible hacking attack. The scribe of subject news item rather went on to term it 'national emergency situation.' Unfortunately, the said story is based on far-fetched imagination and is obviously miles away from facts.
FBR Online Return filing system will be temporarily unavailable from 10 PM on 6th August to 10 AM on 7th August 2022 due to system maintenance.