FBR | MCQs

Explanation

Explanation

Prime Minister Imran Khan on 23.11.2021 inaugurated a track and trace system (TTS) of the Federal Board of Revenue (FBR).

The track and trace system (TTS) will help the government monitor the movement of sugar from factories in order to check tax evasion.

Explanation

Explanation

CBR stands for Central Board of Revenue.

The Central Board of Revenue was created on April 01, 1924.

through the enactment of the Central Board of Revenue Act, 1924

In 1944, a full-fledged Revenue Division was created under the Ministry of Finance until 1960.

 In 1974, further changes were made to streamline the organization and its functions.

In 1991, the CBR once again reverted to its original status under the Revenue Division,

however, in January 1995, the Revenue Division was abolished and the CBR was once again reverted to a division of the Ministry of Finance.

In 2007, the "FBR Act" was passed in July 2007,

whereby the Central Board of Revenue was renamed to the present-day Federal Board of Revenue (FBR) and for a third time placed again under the Revenue Division of the Ministry of Finance

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Explanation

The Federal Board of Revenue (FBR) is responsible for collecting various types of taxes in Pakistan, including:

Income Tax: FBR collects income tax from individuals and businesses.

Federal Excise Duty (FED): FBR collects FED on certain goods and services.

Sales Tax: FBR collects sales tax on goods and services.

Additionally, FBR also collects other types of taxes, such as:

• Customs duty
• Property tax
• Wealth tax
• Gift tax
• Inheritance tax

Explanation

The Federal Board of Revenue (FBR) on 23 06 2022 imposed a 10% regulatory duty on the import of motor spirit — a transparent, petroleum-derived liquid that is used primarily as a fuel in internal combustion engines — from June 30, 2022.