Islamabad, December 26, 2024 – The Senate Standing Committee on Finance has approved the Tax Laws (Amendment) Bill, 2024, marking a significant step toward tightening tax compliance measures.
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Pakistan Revenue delivers the latest taxation news, covering income tax, sales tax, and customs duty. Stay updated with insights on tax policies, regulations, and financial developments in Pakistan.
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FBR Dismisses Customs Inspector in Misconduct Case
Islamabad, December 26, 2024 – The Federal Board of Revenue (FBR) has dismissed Muhammad Ali Ijaz Malik, an Inspector of Pakistan Customs (BS-16), for misconduct following an extensive inquiry under the Civil Servants (Efficiency & Discipline) Rules, 2020. This decision comes as part of FBR’s commitment to uphold integrity and discipline within its ranks.
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FBR Uncovers 190,000 Tax Evaders, Rs 60 Bn at Risk: Aurangzeb
Islamabad, December 26, 2024 – Finance Minister Mohammad Aurangzeb revealed on Thursday that the Federal Board of Revenue (FBR) had identified approximately 190,000 individuals who have evaded taxes totaling around Rs 60 billion. This was part of the government’s ongoing efforts to improve tax compliance and expand the tax base through digitization and data analytics.
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FBR Introduces Point Scoring System for Customs Agents
Karachi, December 26, 2024 – The Federal Board of Revenue (FBR) has announced the implementation of a new point-scoring mechanism for customs agents, aimed at enhancing efficiency and accountability in the consignment declaration process. The initiative was formalized through SRO 2071(I)/2024, issued on December 24, 2024.
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PTBA Recommends 2FA for Taxpayers Login Security on IRIS
Karachi, December 26, 2024 – The Pakistan Tax Bar Association (PTBA), the premier tax advisory body in the country, has strongly recommended that the Federal Board of Revenue (FBR) adopt Two-Factor Authentication (2FA) for securing taxpayer accounts on the IRIS portal.
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Citizens Face Tax Penalty on Non-Banking Property Deals
Citizens involved in property transactions outside the banking system are now facing a tax penalty, according to tax experts. This development follows heightened taxation measures on buying and selling immovable properties and an increase in property valuation rates by the Federal Board of Revenue (FBR).
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FBR Allows Refunds of Input Tax under Sales Tax Act
Karachi, December 26, 2024 – The Federal Board of Revenue (FBR) has authorized refunds of input tax under Section 10 of the Sales Tax Act, 1990, bringing relief to registered persons who face an excess of input tax over output tax during a tax period. This provision, as clarified by the FBR, aims to streamline the refund process and ensure smoother tax compliance for businesses.
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FBR Explains Joint and Several Liability on Unpaid Tax
Karachi, December 26, 2024 – The Federal Board of Revenue (FBR) has issued a detailed explanation regarding the joint and several liability of registered persons within the supply chain when taxes remain unpaid. This clarification is provided under Section 8A of the Sales Tax Act, 1990.
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FBR Announces Special Year-End Tax Collection Measures
Karachi, December 25, 2024 – The Federal Board of Revenue (FBR) has taken an unprecedented step by deciding to keep its collection windows open on the last Saturday and Sunday of December 2024.
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FBR Achieves 135% Growth in Capital Gains Tax Collection
Karachi, December 25, 2024 – The Federal Board of Revenue (FBR) has recorded an impressive 135% increase in the collection of capital gains tax (CGT) during the first five months of the fiscal year 2024-25 (5MFY25).
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