Karachi, January 1, 2025 – The Federal Board of Revenue (FBR) has launched a cutting-edge “digital eye” system for real-time monitoring and video surveillance of production in Pakistan’s sugar sector. This initiative aims to enhance tax compliance and streamline the monitoring process.
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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 Active Taxpayer List 2024 Reaches 5.89 Million
Karachi, January 1, 2025 – The Federal Board of Revenue (FBR) issued its updated Active Taxpayers List (ATL) for the tax year 2024, showcasing an impressive 5.89 million active taxpayers.
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FBR Faces Rs 380 Billion Tax Shortfall in 1HFY25
The Federal Board of Revenue (FBR) faced a substantial revenue shortfall of Rs 380 billion during the first half of the current fiscal year (July-December 2024). The total tax collection amounted to Rs 5,629 billion, falling short of the projected target of Rs 6,009 billion, raising concerns over Pakistan’s fiscal performance.
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Pakistan Waives Customs Duty on 261 Items for D-8 Countries
Karachi, December 31, 2024 – Pakistan has announced the exemption of customs duties on 261 tariff lines for imports from D-8 countries, a move effective from January 1, 2025. This initiative is part of Pakistan’s commitment to fostering regional trade under the D-8 Preferential Trade Agreement (PTA).
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FBR to Collect Rs 70 Billion from Banks as Tax Laws Promulgated
Karachi, December 31, 2024 – The Federal Board of Revenue (FBR) is poised to collect an estimated Rs 70 billion from the banking sector after the promulgation of the Income Tax (Amendment) Ordinance, 2024, a significant development aimed at bolstering revenue collection.
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FBR to Discontinue Gas and Electricity on Tax Non-Compliance
Karachi, December 31, 2024 – The Federal Board of Revenue (FBR) has issued a stern warning to individuals and businesses failing to comply with sales tax laws. Non-compliant taxpayers may face the disconnection of their gas and electricity connections under strict provisions of the Sales Tax Act, 1990.
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IHC Rules in Favor of PTA, Fines FBR Deputy Commissioner
Islamabad, December 30, 2024 – The Islamabad High Court (IHC) on Monday ruled in favor of the Pakistan Telecommunication Authority (PTA), granting its petition against the Federal Board of Revenue (FBR) for the improper deduction of an additional amount under the pretext of advance tax.
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PTBA Questions ATIR’s Handling of Revised Tax Jurisdiction
Karachi, December 30, 2024 – The Pakistan Tax Bar Association (PTBA) has formally urged the Chairman of the Appellate Tribunal Inland Revenue (ATIR) to disclose performance metrics for cases resolved under the Tax Laws (Amendment) Act, 2024. This demand underscores widespread frustration within the tax community over inefficiencies in the revamped two-tier appeal system.
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FTO’s Urdu Tax Laws Manual to Break Language Barriers
Karachi, December 30, 2024 – The Federal Tax Ombudsman (FTO) has launched an Urdu translation of the Federal Tax Laws Manual. This initiative is expected to eliminate language barriers and empower a larger segment of the population to navigate the complexities of the country’s tax system with ease.
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SRB Launches Prize Scheme to Encourage POS Invoice Reporting
Karachi, December 30, 2024 – In a bid to promote transparency and compliance, the Sindh Revenue Board (SRB) has announced an exciting prize scheme aimed at encouraging individuals to report invoices issued through the Point of Sale (POS) system.
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