Karachi, December 23, 2024 – The Federal Board of Revenue (FBR) has reported an impressive 95% increase in tax collection from dividend payouts during the first five months of the current fiscal year 2024-25. This significant surge reflects the FBR’s enhanced efficiency and the impact of recent tax policy changes.
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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 Clarifies Tax Credit Restrictions for Supplies
Karachi, December 23, 2024 – The Federal Board of Revenue (FBR) has clarified that tax credit will not be allowed on supplies of certain goods, following the stipulations set under Section 8 of the Sales Tax Act, 1990. This new directive is part of the government’s effort to regulate the input tax credit system and ensure that only eligible businesses benefit from tax credits.
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ATL Soars to 5.83 Million for Tax Year 2024: FBR
Karachi, December 23, 2024 – The Federal Board of Revenue (FBR) on Monday announced that the Active Taxpayers List (ATL) has grown significantly, reaching 5.83 million for the tax year 2024. The FBR stated that this milestone reflects the number of income tax returns filed by December 22, 2024.
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Sales Tax Registered Persons Allowed Input Deduction
Karachi, December 22, 2024 – Registered persons under the Sales Tax Act, 1990, have been permitted to deduct input tax from output tax on supplies made during a tax period. This provision, governed by Section 7 of the Act, aims to streamline the determination of tax liability for registered taxpayers.
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Constitutional Clash: Tax Bill Amendments Spark Debate
Tax experts at Tola Associates and Tola & Tola have raised concerns regarding numerous amendments introduced through the Tax Laws (Amendments) Bill, 2024. They argue that several provisions within the Bill conflict with fundamental constitutional rights, rendering them problematic from a legal and practical standpoint.
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Committee Formed to Develop Taxation Framework for NMDs
Islamabad, December 21, 2024 – Following directives from Prime Minister Shehbaz Sharif, a high-level committee has been formed to devise a comprehensive taxation regime for the Newly Merged Districts (NMDs).
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PM Shehbaz Directs Stern Action Against Tax Evaders
Islamabad, December 21, 2024 – Prime Minister Muhammad Shehbaz Sharif has issued firm directives to authorities to bring tax defaulters into the tax net and enforce strict measures against non-compliance. Presiding over a high-level meeting on Saturday, the Prime Minister reviewed strategies aimed at enhancing revenue collection and bolstering the performance of the Federal Board of Revenue (FBR).
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FBR to Gain Unprecedented Access to Bank Data
Karachi, December 21, 2024 – In a landmark move aimed at tightening tax compliance, the Federal Board of Revenue (FBR) is set to be granted sweeping powers to obtain and cross-check taxpayers’ bank details with the income and assets declared in their returns.
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Tax Bill Proposes Restrictions on Various Transactions
The Tax Laws (Amendment) Bill, 2024 introduces a series of proposed restrictions targeting non-compliant individuals and entities under Section 114C(1) of the Income Tax Ordinance, 2001. These amendments are aimed at curbing tax evasion and improving tax compliance by restricting certain transactions for individuals and businesses that fail to meet tax obligations. The bill, as outlined by Tola Associates and Tola & Tola, specifies several key restrictions that will come into effect once notifications are issued by the Federal Board of Revenue (FBR).
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Only Eligible Persons to Make Financial Transactions in Pakistan
Karachi, December 21, 2024 – The Government of Pakistan has introduced the concept of “eligible persons” for conducting financial transactions in the country. This proposal is part of the Tax Laws (Amendment) Bill, 2024, aiming to streamline financial activity and ensure compliance with tax regulations.
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