Karachi, September 24, 2024 – The Pakistan Tax Bar Association (PTBA) has taken a stand for taxpayers by formally requesting Prime Minister Shehbaz Sharif to extend the deadline for filing tax returns. In a letter to the Prime Minister, the PTBA expressed concerns about the challenges faced by taxpayers in meeting the September 30 deadline, citing technical issues with the Federal Board of Revenue’s (FBR) online system and the increasing financial strain on tax filers.
(more…)Author: Shahnawaz Akhter
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FBR Urges Citizens to File Income Tax Returns Before September 30 Deadline
Karachi, September 23, 2024 – The Federal Board of Revenue (FBR) has called on citizens to submit their income tax returns for the tax year 2024 before the approaching deadline of September 30, 2024. In a statement released on Monday, the FBR emphasized that the deadline would not be extended, urging individuals to fulfill their legal obligations promptly.
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SBP Extends Validity of Cash Dollar Imports for Exchange Companies Until June 2025
Karachi, September 23, 2024 – The State Bank of Pakistan (SBP) has announced an extension in the validity period for the import of cash US dollars by exchange companies until June 30, 2025. This decision comes as a continuation of the SBP’s earlier facility, which allowed exchange companies to import up to 50% of the value of their export consignments in cash US dollars.
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FBR Explains Tax Liability for Deceased Individuals
Karachi, September 23, 2024 – The Federal Board of Revenue (FBR) has provided a comprehensive explanation of the tax liabilities of deceased individuals, as outlined under Section 87 of the Income Tax Ordinance, 2001. This clarification is intended to guide the legal heirs and representatives of deceased individuals regarding their tax obligations.
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Taxpayers in Pakistan Rush to Secure Active Status Amid FBR’s Stringent Measures
Karachi, September 23, 2024 – A growing sense of urgency has gripped taxpayers in Pakistan, as individuals and businesses rush to attain “active taxpayer” status to avoid severe repercussions from the Federal Board of Revenue (FBR).
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How AI is Transforming Tax Audits: FBR’s Vision for 2024
The Federal Board of Revenue’s (FBR) decision to integrate Artificial Intelligence (AI) for examining income tax returns and wealth declarations represents a bold move toward modernizing Pakistan’s tax system. In an era where technology is transforming various sectors, it is timely for tax authorities to adopt AI-driven tools to address inefficiencies, improve tax compliance, and minimize the risk of tax evasion. This approach reflects the FBR’s commitment to creating a transparent, data-driven environment for tax administration, which is crucial for the country’s fiscal health.
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FBR to Leverage AI for Examining TY 2024 Income Tax Returns
Karachi, September 22, 2024 – The Federal Board of Revenue (FBR) has announced its decision to utilize Artificial Intelligence (AI) for an in-depth examination of income tax returns and wealth declarations submitted for the tax year 2024.
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BMG Sweeps KCCI Elections 2024-26
Karachi, September 22, 2024 – In a resounding victory, the Businessmen Group (BMG) has once again secured a landmark win in the elections of the Karachi Chamber of Commerce and Industry (KCCI) for the 2024-26 term.
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SRB Conducts Surprise Visits to Karachi Restaurants and Cafes
Karachi, September 22, 2024 – The Sindh Revenue Board (SRB) has initiated unannounced inspections of restaurants and cafes across Karachi to scrutinize their compliance with tax regulations, particularly the deduction and collection of Sindh Sales Tax (SST) on services.
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FBR Defines Resident, Non-Resident Persons for Tax Treatment
Karachi, September 22, 2024 – The Federal Board of Revenue (FBR) has issued clear guidelines categorizing resident and non-resident persons for tax purposes under the Income Tax Ordinance, 2001 for the tax year 2024-25.
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