Section 21 of the Sales Tax Act, 1990, provides detailed guidelines for de-registration, blocking, and suspension of taxpayer registration. It is a vital mechanism used by the Federal Board of Revenue (FBR) to address tax evasion and ensure compliance. Here’s an expanded overview:
(more…)Author: Shahnawaz Akhter
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Pakistan Burns Rs 276 Billion on Cigarettes in Nine Months
Karachi, January 2, 2025 – In the midst of unprecedented economic challenges, Pakistanis spent a staggering Rs 276 billion on cigarettes during the first nine months of 2024. This shocking revelation emerges as the nation grapples with soaring inflation and dwindling resources for essential commodities.
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FBR Seals Two Famous Bakeries in Karachi for POS Violation
Karachi, January 1, 2025 – The Regional Tax Office (RTO) – 1 Karachi, an important wing of the Federal Board of Revenue (FBR), has taken decisive action by sealing two prominent bakeries in the city for failing to comply with Point of Sale (POS) regulations.
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FBR Implements Digital Eye for Tax Monitoring in Sugar Sector
Karachi, January 1, 2025 – The Federal Board of Revenue (FBR) has launched a cutting-edge “digital eye” system for real-time monitoring and video surveillance of production in Pakistan’s sugar sector. This initiative aims to enhance tax compliance and streamline the monitoring process.
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Pakistan’s Exports Surge by 10.52% in 1HFY25
Islamabad, January 1, 2025 – Pakistan’s exports witnessed a remarkable growth of 10.52% during the first half (July–December) of the current fiscal year 2024-25, according to trade data released by the Pakistan Bureau of Statistics (PBS) on Wednesday.
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Inflation Eases: Pakistan’s CPI Drops to 80-Month Low
Karachi, January 1, 2025 – Pakistan’s headline inflation, measured by the Consumer Price Index (CPI), dropped to an 80-month low of 4.1% year-on-year (YoY) in December 2024. This marks the lowest level since April 2018, when inflation was recorded at 3.96%.
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New Year Bang: PSX Reaches All-Time High at 117K Points
Karachi, January 1, 2025 – The Pakistan Stock Exchange (PSX) rang in the New Year with a historic milestone as the benchmark KSE-100 index surged to an all-time high of 117,008 points.
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FBR Active Taxpayer List 2024 Reaches 5.89 Million
Karachi, January 1, 2025 – The Federal Board of Revenue (FBR) issued its updated Active Taxpayers List (ATL) for the tax year 2024, showcasing an impressive 5.89 million active taxpayers.
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Pakistan Waives Customs Duty on 261 Items for D-8 Countries
Karachi, December 31, 2024 – Pakistan has announced the exemption of customs duties on 261 tariff lines for imports from D-8 countries, a move effective from January 1, 2025. This initiative is part of Pakistan’s commitment to fostering regional trade under the D-8 Preferential Trade Agreement (PTA).
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Banks Surrender Unclaimed Deposits to SBP
Karachi, December 31, 2024 – The State Bank of Pakistan (SBP) on Tuesday said that banks and Development Financial Institutions (DFIs) have surrendered their unclaimed deposits to the central bank as of December 31, 2023.
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