Karachi, August 8, 2024: In a bid to enhance tax compliance, the Federal Board of Revenue (FBR) has introduced significant changes to the sales tax audit process. The new measures, outlined in Sales Tax Circular No. 3, aim to make audits more targeted and effective.
(more…)Author: Shahnawaz Akhter
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FTO Announces Setting Up Help Desk at KATI
Karachi, August 7, 2024 – Federal Tax Ombudsman (FTO) Dr. Asif Mahmood Jah has announced the establishment of a help desk at the Korangi Association of Trade and Industry (KATI) to address the tax issues faced by industrialists.
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Rashid Mahmood Appointed as 40th FBR Chairman
Islamabad, August 7, 2024 – The government on Wednesday appointed Rashid Mahmood, a BS-21 officer of the Pakistan Administrative Service, as the chairman of the Federal Board of Revenue (FBR).
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MCB Bank Posts Highest Ever First Half Profit Before Tax
Karachi, August 7, 2024 – MCB Bank has announced a record-breaking profit before tax (PBT) for the first half of 2024, reaching Rs 62.7 billion, a 16% increase from the previous year.
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FBR Reduces FED on Air Tickets to Rs 5,000 for Labour Visa
Karachi, August 7, 2024 – The Federal Board of Revenue (FBR) has announced a reduction in the Federal Excise Duty (FED) on air tickets for passengers holding labour visas. Effective immediately, the FED on such tickets will be reduced to a fixed rate of Rs 5,000 per ticket, a substantial relief for those embarking on international journeys from Pakistan to Gulf Cooperation Council (GCC) countries.
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FBR Collects Rs 12 Billion Withholding Tax on Cash Withdrawal
Karachi, August 7, 2024 – The Federal Board of Revenue (FBR) successfully garnered approximately Rs 12 billion through the imposition of withholding tax on cash withdrawals from banks in the fiscal year 2023-24.
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FBR Gets Powers to Fix Value of Third Schedule Items
Karachi, August 7, 2024 – The Federal Board of Revenue (FBR) has been granted significant new powers to fix the value of items listed under the Third Schedule of the Sales Tax Act, 1990.
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Finance Act 2024 Redefines Time of Supply: FBR
Karachi, August 7, 2024 – The Federal Board of Revenue (FBR) has announced a significant redefinition of the “time of supply” under sales tax law, as stipulated in the Finance Act, 2024.
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FBR Announces Stringent Sales Tax Penalties
Karachi, August 7, 2024 – The Federal Board of Revenue (FBR) has announced the imposition of stringent penalties related to sales tax violations. The new measures were detailed in Sales Tax Circular No. 3, which elaborates on amendments to the sales tax laws introduced through the Finance Act, 2027.
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OGDCL Announces Major Gas Discovery in Pakistan
Karachi, August 6, 2024 – The Oil and Gas Development Company Limited (OGDCL), a prominent player in Pakistan’s energy sector, has announced a significant new gas discovery in the country.
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