What does FBR Stand for? 

(FBR) Stand for Federal Board of Revenue

About FBR?

 The Federal Board of Revenue is the institution that aims to apply the law of the federal government. this institution deals with crimes related to tax collection and other suspicious transactions like money laundering, smuggling, and other suspicious tax crimes. 

The (FBR) Federal Board of Revenue has two parts.

  • Inland revenue services 
  • Custom wing

1. Inland revenue services wing

Inland revenue services are also known as the income tax department. it deals with the collection of taxes like sales tax, income tax, and federal excise duties. Inland revenue services are the main part of the Federal board of revenue.

2. Custom Wing

Custom wing always deals with the revenues related to customs duties on the imported goods and other taxes collected at the time of import stage and deals with the collection of Revenues related to customs duties.

fbr- federal board of revenue

History of FBR?

 the British government has established (CBR) Central board of revenue For the first time to collect tax from the peoples before the establishment of Pakistan in 1924. at that time the name utilized in place of tax is named (Lagan)

The British government establishes (CBR) Central board of revenue and after the establishment of Pakistan and India from the British Government, the same tax laws were adopted by the Pakistan and Indian governments, and in 2002 (FBR) was formed. and therefore the income tax ordinance which is approved by the Pervaiz Musharraf in 13-sept 2001 and which is effectively utilized in 1-July 2002. In 2007.

 the (FBR) Act was passed and therefore the old name (CBR) Central Board of Revenue was was FBR Federal Board of Revenue.

FBR- federal board of revenue

Major Functions of FBR?

The FBR is a statutory body and it performs many functions such major functions are,

  • FBR federal board of revenue regulates the laws and implement those laws which are made by the federal government.
  • The Federal board of revenue is responsible for the formulation and administration of fiscal policy in the country.
  • FBR performs the main function of a collection of taxes, Levy, import Duties, and other kinds of duties.
  • FBR has authority from the government to decide cases related to tax crimes and appeals.