Author: Shahnawaz Akhter
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FBR Sets Rs 50,000 Penalty for Violating Customs Laws in 2024
Karachi, January 13, 2024 – The Federal Board of Revenue (FBR) has introduced a penalty of Rs 50,000 for violations of the Customs Act, 1969, according to the updated provisions outlined for the Tax Year 2024.
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FBR Grants Tax Exemption on First Sale of Property in 2024
Karachi, January 13, 2024 – The Federal Board of Revenue (FBR) has made a significant move by granting income tax exemption on the first sale of immovable property during the tax year 2024.
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FTO Directs Tax Audit of Nil Filer Medical College
Karachi, January 13, 2024 – The Federal Tax Ombudsman (FTO) has taken a significant step towards ensuring tax compliance within the private education sector by directing the Federal Board of Revenue (FBR) to conduct a thorough tax audit of Watim Medical College.
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Unauthorized Access to Customs System Declared Offence in 2024
Karachi, January 12, 2024 – The Federal Board of Revenue (FBR) has officially declared unauthorized access to the Customs Computerized Systems as a criminal offence.
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FBR Issues 2024 Tax Exemption List for Charitable Organizations
Karachi, January 12, 2024 – The Federal Board of Revenue (FBR) has unveiled a detailed list of charitable organizations eligible for tax exemption on their incomes during the tax year 2024.
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IMF Urges Pakistan to Boost Revenue from Non-Filers
Karachi, January 12, 2024 – The International Monetary Fund (IMF) has advised Pakistan to enhance revenue collection from non-filers to support social and development initiatives.
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Navigating Controversial Path: Perils of Separating Two Wings of FBR
Reforming state institutions, particularly those responsible for revenue collection, is a delicate task that demands a nuanced understanding of their functions, challenges, and potential for improvement. In Pakistan, the ongoing changes within the Federal Board of Revenue (FBR) have triggered intense debate, with the proposed separation of the Customs and IRS emerging as a particularly…
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FBR Mandates Digital Invoices for FMCGs from Feb 1
Karachi, January 11, 2024 – The Federal Board of Revenue (FBR) announced on Thursday the mandatory issuance of digital sales tax invoices for sellers dealing in fast-moving consumer goods (FMCGs).
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FBR Greenlights Conditional Sharing of Confidential Trade Data
Karachi, January 11, 2024 – The Federal Board of Revenue (FBR) has granted Customs authorities the authority to share confidential trade data under specific conditions for the tax year 2024.
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FBR Releases List of Income Tax-Exempt Entities for 2024
Karachi, January 11, 2024 – The Federal Board of Revenue (FBR) has unveiled a detailed list of entities entitled to income tax exemption for the tax year 2024.
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