Islamabad, January 7, 2025 – The Federal Board of Revenue (FBR) on Tuesday called upon stakeholders to submit their tax proposals for the upcoming Budget 2025-26. This initiative aims to enhance inclusivity and transparency in the budget-making process.
(more…)Author: Shahnawaz Akhter
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FBR Completes 100% Automation of Key Processes
The Federal Board of Revenue (FBR) has made remarkable advancements in the automation of its operations, marking a transformative shift in how the agency manages tax and customs processes in Pakistan.
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LTO Karachi Maintains Top Spot as FBR’s Leading Tax Collector
Karachi, January 7, 2025 – The Large Taxpayers Office (LTO) Karachi has retained its position as the highest tax-collecting office within the Federal Board of Revenue (FBR), contributing a significant 31% to the total inland tax collection for the fiscal year 2023-24.
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Stock Brokers Raise Concerns Over Proposed Section 114C
Karachi, January 6, 2025 – The Pakistan Stock Brokers Association has voiced concerns regarding the proposed Section 114C of the Income Tax Ordinance, 2001, introduced as part of the Tax Law (Amendment) Act, 2024.
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ATIR Dismisses Non-Resident’s Tax Appeal on Technical Grounds
Islamabad, January 6, 2025 – The Appellate Tribunal Inland Revenue (ATIR), Division Bench-I, Islamabad, has rejected an appeal filed by a non-resident taxpayer, citing strict procedural non-compliance. This decision highlights the challenges faced by taxpayers living abroad, particularly under a legal framework that does not accommodate digital or proxy submissions.
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SHC Directs FBR to Disclose NAB Cases Against Tax Officers
Karachi, January 6, 2025 – The Sindh High Court (SHC) has instructed the Federal Board of Revenue (FBR) to provide detailed information regarding tax officials implicated in cases initiated by the National Accountability Bureau (NAB). This directive highlights the need for transparency and accountability within the FBR.
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Pakistan Stock Market Drops 1.13% Amid Bearish Sentiment
Karachi, January 6, 2025 – The Pakistan Stock Exchange (PSX) witnessed a sharp decline on Monday, with the benchmark KSE-100 index plunging by 1,332 points or 1.13%. The index closed at 116,255 points, a significant drop from last Friday’s closing of 117,587 points, reflecting the dominance of bearish trading.
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PPL Announces Settlement with Midland Oil Company in Iraq
Karachi, January 6, 2025 – Pakistan Petroleum Limited (PPL) has officially announced the successful settlement with Midland Oil Company (MdOC) regarding Block-8 in Iraq, marking a key achievement in the company’s international operations. This announcement was made through a communication sent to the Pakistan Stock Exchange (PSX) on Monday.
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Monetary Penalty Prescribed for Falsifying Sales Tax Records
Karachi, January 6, 2025 – The Federal Board of Revenue (FBR) has outlined specific penalties for individuals found guilty of falsifying sales tax records, as per the provisions of the Sales Tax Act, 1990.
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FBR Imposes Penalty for Failure to Register for Sales Tax
Karachi, January 6, 2025 – The Federal Board of Revenue (FBR) has announced a specific monetary penalty for individuals who fail to obtain sales tax registration before making taxable supplies. This penalty is part of the enforcement of the Sales Tax Act, 1990, which governs the registration and taxation of goods and services in Pakistan.
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