Karachi, January 3, 2025 – The Pakistan Single Window (PSW) has announced the integration of seven key government authorities into its digital trade platform to streamline customs clearance and enhance trade facilitation.
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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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NTN or CNIC Mandatory for Sales Tax Invoices: FBR
The Federal Board of Revenue (FBR) has mandated that all sales tax invoices for taxable supplies made to unregistered persons must include the National Tax Number (NTN) or Computerized National Identity Card (CNIC) of the buyer.
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Maintenance of Records under the Sales Tax Act, 1990
The Federal Board of Revenue (FBR) has clarified that the Sales Tax Act, 1990, mandates registered persons to maintain specific records of their business activities at their premises for a duration specified by the FBR. This requirement aims to ensure transparency, facilitate tax compliance, and streamline audits.
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PTBA Seeks Resolution of Tax Conflicts on Foreign Properties
The Pakistan Tax Bar Association (PTBA) has called for the formation of a larger bench to address inconsistencies in rulings regarding the taxation of foreign property income. This issue has sparked legal uncertainty for Pakistani tax residents owning properties in the UAE and UK.
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FBR Transfers Pakistan Customs Officers in BS-17 to BS-20
Islamabad, January 2, 2025 – The Federal Board of Revenue (FBR) announced the immediate transfer and posting of senior officers in the Pakistan Customs Service (PCS) in grades BS-17 to BS-20. The reshuffling aims to streamline operations and ensure efficient management within the customs framework. Below is the full list of transfers:
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Sindh Invites Tax Proposals for Budget 2025-26
Karachi, January 2, 2025 – The Sindh Revenue Board (SRB) has invited stakeholders to submit tax proposals for the upcoming Budget 2025-26, signaling its commitment to fostering a collaborative approach to fiscal planning. The SRB aims to incorporate the suggestions of taxpayers and industry representatives into the final budget to ensure a balanced and effective taxation framework.
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Islamabad Extends Vehicle Tax Payment Deadline to January 15
Islamabad, January 2, 2025 – The Islamabad Excise and Taxation Department has extended the deadline for vehicle token tax payments, giving vehicle owners a 15-day grace period.
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KPRA Posts Impressive 45% Tax Collection Growth in 1HFY25
The Khyber Pakhtunkhwa Revenue Authority (KPRA) has achieved remarkable progress in tax collection, amassing Rs 24.2 billion during the first six months (July – December) of the fiscal year 2024-25. This represents an impressive 45% growth compared to the Rs 16.7 billion collected in the same period last year, showcasing an increase of Rs 7.5 billion in revenue.
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Section 21 of the Sales Tax Act, 1990: Suspension of Registration
Section 21 of the Sales Tax Act, 1990, provides detailed guidelines for de-registration, blocking, and suspension of taxpayer registration. It is a vital mechanism used by the Federal Board of Revenue (FBR) to address tax evasion and ensure compliance. Here’s an expanded overview:
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FBR Seals Two Famous Bakeries in Karachi for POS Violation
Karachi, January 1, 2025 – The Regional Tax Office (RTO) – 1 Karachi, an important wing of the Federal Board of Revenue (FBR), has taken decisive action by sealing two prominent bakeries in the city for failing to comply with Point of Sale (POS) regulations.
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