Karachi, January 31, 2025 – The Federal Board of Revenue (FBR) has announced an extension of regulatory duty on steel product imports through a newly issued notification. The FBR released SRO 78(I)/2025 on January 30, 2025, amending SRO 928(I)/2025 dated June 30, 2024, to ensure continued protection for the local steel industry.
(more…)Category: Taxation
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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IRSOA Strongly Rebuts Senator Faisal Vawda’s Allegations
Islamabad, January 30, 2025 – The Inland Revenue Service Officers Association (IRSOA) has categorically and unequivocally rejected the serious yet unsubstantiated allegations made by Senator Faisal Vawda during today’s proceedings of the Senate Standing Committee on Finance.
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New Conditions Make Sales Tax Return Filing Impossible: KCCI
Karachi, January 30, 2025 – The Karachi Chamber of Commerce and Industry (KCCI) has raised serious concerns over the newly introduced conditions by the Federal Board of Revenue (FBR), stating that these measures have made sales tax return filing nearly impossible for traders and small businesses.
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FBR Uncovers Rs 78 Bn Tax Evasion in Withholding of Salary Tax
Islamabad – The Federal Board of Revenue (FBR) has unearthed a colossal tax fraud amounting to Rs 78 billion in the collection and deposit of withholding tax on salary income.
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FBR Achieves 42.56% of Annual Tax Target in First Half of FY25
Islamabad, January 30, 2025 – The Federal Board of Revenue (FBR) has successfully collected 42.56% of its annual tax target during the first six months of the fiscal year 2024-25, marking a significant improvement in revenue generation.
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KTBA Calls for Fixing Anomaly in Sales Tax Return
The Karachi Tax Bar Association (KTBA) has raised an important issue with the Federal Board of Revenue (FBR) regarding a problem in the sales tax return process.
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FBR Updates Rules for Electronic Sales Tax Invoicing, Integration
Karachi, January 29, 2025 – In a move to streamline the tax system, the Federal Board of Revenue (FBR) has issued new procedures concerning the licensing, issuance of electronic sales tax invoices, and the integration of registered persons into the electronic invoicing system.
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FBR Outlines Digital Tax Audit System for Seamless Compliance
Karachi, January 29, 2025 – The Federal Board of Revenue (FBR) has formally explained the procedural framework for conducting electronic audits (e-audits) of taxpayers under the Sales Tax Act, 1990. This initiative aims to streamline the audit process, enhance transparency, and minimize physical interaction between taxpayers and tax authorities.
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Pakistan Customs Revises Valuation for Plastic Raw Materials
Islamabad: Pakistan Customs has issued a new valuation ruling for determining customs duties and taxes on the import of plastic raw materials.
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PBC Recommends Establishment of National Tax Authority
Islamabad: The Pakistan Business Council (PBC) has put forth comprehensive policy recommendations for the upcoming budget 2025-26, emphasizing the need for a fully authorized National Tax Authority (NTA).
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