Karachi, November 23, 2023 – Banks in Pakistan likely to seek legal remedies in response to the recent imposition of a tax on windfall income or profit.
(more…)Author: Shahnawaz Akhter
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FBR Grants Travel Allowance to Tax Officials for Monitoring Duties
Karachi, November 23, 2023 – The Federal Board of Revenue (FBR) has announced the granting of travel allowances to tax officials deployed at business premises of taxpayers for the purpose of monitoring transactions.
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FBR Issues Notification on Windfall Tax Computation for Banks
Islamabad, November 22, 2023 – The Federal Board of Revenue (FBR) has issued a crucial notification on Wednesday, outlining the process for the computation of windfall tax on banks.
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FTO Resolves Advance Income Tax Issue on Mosque Electricity Bill
Karachi, November 22, 2023 – Following the intervention of the Federal Tax Ombudsman (FTO), a matter concerning the improper deduction of advance income tax on the electricity bill of Masjid Al Noor (Trust) has been successfully resolved.
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LTO Karachi Summons Sugar Millers in Tax Fraud Probe
November 22, 2023 – The Large Taxpayers Office (LTO) Karachi, a crucial revenue collection arm of the Federal Board of Revenue (FBR), has intensified its investigation into sales tax fraud, summoning sugar millers to appear before an inquiry regarding the issuance of fake and flying invoices.
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Inland Revenue Officers Granted Powers to Arrest Sales Tax Fraud During Tax Year 2024
Karachi, November 22, 2023 – The Federal Board of Revenue (FBR) has bestowed unprecedented powers upon Inland Revenue officers to arrest individuals involved in sales tax fraud during the tax year 2024.
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Massive Gas Tariff Hike Sparks Industry Threats of ‘No Export Days’ Protest
Karachi, November 21, 2023 – The industrial sector has issued a stern warning, threatening to observe ‘No Export Days’ in vehement protest against the government’s substantial hike in gas tariffs.
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