Karachi, December 21, 2023 – The Federal Board of Revenue (FBR) has introduced a requirement for foreign diplomats in Pakistan to obtain explicit permission for zero-rating of sales tax supplies.
(more…)Author: Shahnawaz Akhter
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Tax Officers Barred from Entering Homes After Sunset for Arrests
Karachi, December 21, 2023 – Tax officers across the country are now prohibited from entering dwelling houses to make arrests after sunset, according to the recently updated Income Tax Rules, 2002 for the tax year 2024.
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Pakistan Sharply Cuts Interest Rates on Saving Schemes
Karachi, December 20, 2023 – Pakistan has implemented substantial cuts to the interest rates on saving schemes, despite maintaining a higher benchmark policy rate.
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FBR Streamlines e-Audit Procedures for Tax Year 2024
Karachi, December 20, 2023 – The Federal Board of Revenue (FBR) has introduced a streamlined procedure for the electronic audit (e-audit) of taxpayers during the tax year 2024.
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FBR Commissioner Authorized to Issue Arrest Warrants
Karachi, December 20, 2023 – A commissioner of the Federal Board of Revenue (FBR) is now empowered to issue arrest warrants for tax defaulters.
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Pakistan Achieves Highest-Ever 5.32 Million Active Taxpayers
Karachi, December 19, 2023 – Pakistan has etched its name in history by achieving an unprecedented milestone of 5.32 million active taxpayers, as disclosed by the Federal Board of Revenue (FBR).
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Special Procedure Unveiled for Sales Tax Refund in Pharma Sector
Karachi, December 19, 2023 – In a significant move to streamline processes and facilitate the pharmaceutical sector, the Federal Board of Revenue (FBR) has unveiled a special procedure for the issuance of sales tax refunds during the tax year 2024.
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FBR Lists Items Exempted from Confiscation Against Tax Recovery
Karachi, December 19, 2023 – The Federal Board of Revenue (FBR) has taken a significant step towards refining the tax recovery process by issuing a comprehensive list of items exempted from confiscation.
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SBP Allows Banks for Third-Party Customer Verification Platform
Karachi, December 18, 2023 – The State Bank of Pakistan (SBP) has granted approval for banks to leverage a shared platform for Know Your Customer (KYC) and Customer Due Diligence (CDD).
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Sindh Invites Tax Proposals for Budget 2024-25
Karachi, December 18, 2023 – The Sindh government has formally invited tax proposals for the upcoming budget for the fiscal year 2024-25. The call for proposals comes from the Sindh Revenue Board (SRB), the provincial tax agency, which has set a deadline of January 29, 2024, for submissions.
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