In a move to bring clarity to the taxation landscape, the Federal Board of Revenue (FBR) has recently updated the Income Tax Rules for the tax year 2024, shedding light on the definition of e-intermediaries.
(more…)Author: Shahnawaz Akhter
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What Constitutes Fiscal Fraud under Pakistan Customs Law?
In an effort to combat fiscal fraud and uphold transparency, the updated Customs Act of 1969 includes detailed provisions regarding fiscal fraud, primarily outlined in Section 32A.
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Tax Rates on Prize Bond Winnings for 2024
Karachi, January 3, 2024 – As the New Year unfolds, the Federal Board of Revenue (FBR) in Pakistan has provided clarity on the tax rates applicable to prize bond winnings for the year 2024.
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LTO Karachi Surpasses Rs 1 Trillion Milestone in Six Months
Karachi, January 3, 2024 – The Large Taxpayers Office (LTO) Karachi has etched its name in history by surpassing the Rs 1 trillion collection mark within a span of six months.
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Pakistan Witnesses Soaring Petroleum Prices, Up by 24% in 2023
Karachi, January 2, 2024 – Pakistan has experienced a staggering surge in petroleum prices, with an overall increase of up to 24 percent throughout the year 2023.
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Sindh Seals Branches of Fitness Gym for Tax Violation
Karachi, January 2, 2024 – The Sindh Revenue Board (SRB) has sealed branches of a prominent fitness gym, Shadow Fitness Gym, for violating the Sindh Sales Tax on Services Act, 2011.
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Petroleum Levy Collection Projected at Rs 486 Billion in 1HFY24
Karachi, January 2, 2024 – JS Global Research analysts have projected petroleum levy collection to reach Rs 486 billion during the first half (July – December) of the fiscal year 2023-24.
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IMF Includes Pakistan in Executive Board Agenda on Jan 11
Karachi, January 2, 2024 – The International Monetary Fund (IMF) has scheduled Pakistan on its Executive Board agenda for January 11, 2024, as indicated on its updated website.
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Pakistan Witnesses 15% Plunge in Petroleum Sales in 1HFY24
Karachi, January 2, 2024 – Pakistan has reported a significant 15% decline in petroleum sales during the first half (July – December) of the fiscal year 2023-24.
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FBR Empowers Officers to Determine Customs Value
Karachi, January 2, 2024 – Officers of the Federal Board of Revenue (FBR) have been granted enhanced authority to determine the customs value on the import or export of goods.
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