Karachi, December 24, 2024 – The Sindh Revenue Board (SRB) has issued a directive advising Exploration and Production (E&P) companies in the oil and gas sector and Microfinance Banks (MFBs) to file their monthly returns using the Single Sales Tax Return (SSTR) system for the tax period of November 2024.
(more…)Author: Shahnawaz Akhter
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PRA Broadens Single Sales Tax Return to Two Sectors
The Punjab Revenue Authority (PRA) has expanded the reach of its single sales tax return (SSTR) system to two additional sectors: the oil and gas sector and the microfinance banking sector. This initiative is part of PRA’s ongoing efforts to streamline tax compliance and facilitate ease of doing business in Punjab.
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FBR Mandates IRIS Password Changes Every Two Months
The Federal Board of Revenue (FBR) has introduced a mandatory policy requiring taxpayers to frequently change their passwords on the online tax portal, IRIS, as part of enhanced security measures.
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FBR Establishes Welfare Cell for Families of Deceased Officers
Karachi, December 23, 2024 – The Federal Board of Revenue (FBR) has unveiled a dedicated welfare cell at field office levels nationwide, aiming to provide comprehensive support to the families of Inland Revenue Service (IRS) and Pakistan Customs Service (PCS) officers who have passed away during active service.
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FBR Records 95% Surge in Tax Collection on Dividend Payouts
Karachi, December 23, 2024 – The Federal Board of Revenue (FBR) has reported an impressive 95% increase in tax collection from dividend payouts during the first five months of the current fiscal year 2024-25. This significant surge reflects the FBR’s enhanced efficiency and the impact of recent tax policy changes.
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KSE-100 Index Soars 4.03% Amid PTI-Government Talks
Karachi, December 23, 2024 – The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) experienced a significant surge on Monday, climbing by 4.03% or 4,411 points, driven by the initiation of talks between the Pakistan Tehreek-i-Insaaf (PTI) party and the government. The KSE-100 index closed at 113,924 points, a notable increase from last Friday’s closing of 109,513 points.
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FBR Clarifies Tax Credit Restrictions for Supplies
Karachi, December 23, 2024 – The Federal Board of Revenue (FBR) has clarified that tax credit will not be allowed on supplies of certain goods, following the stipulations set under Section 8 of the Sales Tax Act, 1990. This new directive is part of the government’s effort to regulate the input tax credit system and ensure that only eligible businesses benefit from tax credits.
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ATL Soars to 5.83 Million for Tax Year 2024: FBR
Karachi, December 23, 2024 – The Federal Board of Revenue (FBR) on Monday announced that the Active Taxpayers List (ATL) has grown significantly, reaching 5.83 million for the tax year 2024. The FBR stated that this milestone reflects the number of income tax returns filed by December 22, 2024.
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Banks Push Rs 1.35 Trillion Loans Amid ADR Crisis
Karachi, December 22, 2024 – Banks have extended loans to private sector amounting Rs 1.35 trillion during the period between July 1, 2024 to December 6, 2024 in desperation to meet Asset to Deposit Ratio (ADR).
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Sales Tax Registered Persons Allowed Input Deduction
Karachi, December 22, 2024 – Registered persons under the Sales Tax Act, 1990, have been permitted to deduct input tax from output tax on supplies made during a tax period. This provision, governed by Section 7 of the Act, aims to streamline the determination of tax liability for registered taxpayers.
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