Karachi, October 23, 2024 – The Federal Board of Revenue (FBR) has issued a detailed procedure outlining the tax assessment for individuals planning to leave Pakistan, ensuring compliance with Section 145 of the Income Tax Ordinance, 2001. This move seeks to address the tax liabilities of those departing the country with no intention of returning.
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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 Targets High Net Worth Non-Filers in Intensified Tax Audit for 2023
Karachi, October 23, 2024 – The Federal Board of Revenue (FBR) has launched a rigorous crackdown on high net worth individuals who have failed to file their income tax returns for the tax year 2023.
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RTO Lahore Records 162% Surge in Tax Return Filings for 2024
Lahore, October 22, 2024 – The Regional Tax Office (RTO) Lahore has recorded a remarkable 162% increase in income tax return filings for the tax year 2024.
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FBR Launches Power Cut Drive Against Unregistered Taxpayers
Karachi, October 22, 2024 – The Federal Board of Revenue (FBR) has initiated the disconnection of electricity connections for individuals and businesses who have failed to obtain mandatory sales tax registration. This decisive action is part of a broader effort to tighten compliance and curtail revenue losses.
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FBR to Terminate Active Status of 6.1 Million Taxpayers Under New Amendments
Karachi, October 21, 2024 — The Federal Board of Revenue (FBR) is poised to terminate the active status of approximately 6.1 million taxpayers as a result of recent amendments introduced to the Income Tax Rules, 2002. These changes will impact taxpayers who fail to meet the deadline for filing income tax returns for the tax year 2024.
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FBR Enforces Mechanism for Tax Recovery via Third Parties
Karachi, October 21, 2024 – The Federal Board of Revenue (FBR) has issued a new mechanism enabling the recovery of unpaid taxes through third parties. This procedure, codified under Section 140 of the Income Tax Ordinance, 2001, empowers the government to recover outstanding taxes by requiring entities or individuals holding money on behalf of the taxpayer to make direct payments to the government, according to the FBR.
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Government Moves to Abolish Non-Filers Category: Aurangzeb
Islamabad, October 21, 2024 – In a bold move aimed at streamlining tax compliance and broadening the tax net, Finance Minister Mohammad Aurangzeb has announced that the government is drafting legislation to eliminate the category of non-filers from the Income Tax Ordinance, 2001.
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Provincial Tax Revenue-to-GDP Ratio Dips to 0.7%: SBP Report
Karachi, October 20, 2024 — In a recent report, the State Bank of Pakistan (SBP) revealed a concerning decline in the provincial tax revenue-to-GDP ratio, which fell to 0.7% during the fiscal year 2023-24, down from 0.8% in the previous year.
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High Interest Rates Bolster FBR Tax Collection in FY24: SBP
Karachi, October 20, 2024 — The State Bank of Pakistan (SBP) has attributed a significant surge in Federal Board of Revenue (FBR) tax collection for the fiscal year 2023-24 to elevated interest rates.
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FBR Issues Guidelines for Tax Recovery via Property Auctions
Karachi, October 20, 2024 – The Federal Board of Revenue (FBR) has introduced updated guidelines for tax officials outlining procedures for recovering unpaid taxes through property auctions or, in certain cases, arrest of defaulters. These measures are intended to strengthen enforcement and ensure efficient tax collection from those failing to meet their obligations.
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