Explanation

FBR was Founded on July 1, 1950

The Federal Board of Revenue, formerly known as the Central Board of Revenue,

All properties, assets and records of the Central Board of Revenue were transferred to FBR by the enactment of FBR Act 2007.

In the FBR Act 2007, “fiscal laws” means laws relating to taxation

Explanation

The Central Board of Revenue became the Federal Board of Revenue by the enactment of FBR Act 2007

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

After independence, this arrangement continued up to 31st August 1960 when on the recommendations of the Administrative Re-organization Committee,

FBR was made an attached department of the Ministry of Finance.

Explanation

FBR primarily operates through its main collection arms comprising 

• Regional Tax Offices (RTOs) and
• Large Taxpayer Units (LTUs)

across the country.

Explanation

In order to safeguard the government's interests,

FBR has established a central risk-based and automated “Tax Audit Management System” (TAMS),

which is constantly reviewed and improved.

In order to achieve the aforementioned goals, Taxpayers Audit wing was established in January 2003.

Explanation

The Revenue Division was abolished in January 1995, and

FBR reverted back to the pre-1991 position.

Explanation

Most of the revenue the government collects comes from contributions from individual taxpayers, small businesses, and corporations through taxes that get collected on a yearly or quarterly basis.

The remaining sources of federal revenue consist of excise, estate, and other taxes and fees.