Islamabad, April 26, 2024 – In a pivotal move towards modernizing Pakistan’s taxation framework, Finance Minister Senator Muhammad Aurangzeb presided over a meeting of the Steering Committee on the Digitalization of the Federal Board of Revenue (FBR) on Friday.
(more…)Author: Shahnawaz Akhter
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FBR Removes Twelve Senior Officials from Key Positions
Islamabad, April 26, 2024 – In a significant shake-up within the Federal Board of Revenue (FBR), twelve of its most senior officers have been removed from critical posts across both the Pakistan Customs Service (PCS) and the Inland Revenue Service (IRS).
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Pakistan State Oil Reports 30% Profit Surge Over Nine Months
Pakistan State Oil (PSO), the nation’s leading fuel supplier, has reported a robust 30 percent year-on-year increase in after-tax profits for the first nine months of the fiscal year 2023-24, signaling strong financial health amidst challenging economic conditions.
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PBC Urges Reforms in FASTER System to Support All Exporters
Karachi, April 25, 2024 – The Pakistan Business Council (PBC) has called for significant modifications to the FASTER system, aiming to extend sales tax refund benefits to all exporters and facilitate the adjustment of provincial input tax on services.
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FBR Clarifies Tax Amendments with SRO 350 to Address Queries
Karachi, April 25, 2024 – The Federal Board of Revenue (FBR) has recently elucidated several key amendments to the Sales Tax Rules, 2005, through SRO 350 (I)/2024, aiming to clear up the prevalent ambiguities surrounding these changes.
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Pakistan’s Total Forex Reserves Dip to $13.28 Billion
Karachi, April 25, 2024 – Pakistan’s total foreign exchange reserves have experienced a notable decline, settling at $13.28 billion, as revealed by the latest figures from the State Bank of Pakistan (SBP).
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SRB Seals Restaurant and Event Management for Tax Violations
Karachi, April 25, 2024 – The Sindh Revenue Board (SRB) has taken decisive action against tax evasion by sealing a prominent restaurant and an event management company in Karachi for violations of the Sindh Sales Tax on Services Act, 2011.
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FPCCI Flags SRO 350 as Anti-Business, Claims to Halt Industry
Karachi, April 25, 2024 – The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has voiced significant concerns over the Federal Board of Revenue’s (FBR) recent regulatory changes, labeling the Statutory Regulatory Order (SRO) 350 as anti-business and a potential threat to the ongoing viability of trade and industry sectors across Pakistan.
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Section 7E Creates Discrepancy Among Property Owners
In a surprising turn of events, the implementation of Section 7E of Income Tax Ordinance, 2001, which levies a tax on deemed rental income from land and property, has revealed a stark discrepancy in how tax obligations are being applied to filers and non-filers of tax returns.
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PM Shehbaz Sharif Orders FBR to Postpone SRO 350
Karachi, April 24, 2024 – In a significant move aimed at alleviating the concerns of the business sector, Prime Minister Shehbaz Sharif has directed the Federal Board of Revenue (FBR) to defer the implementation of the controversial Statutory Regulatory Order (SRO) 350.
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