Karachi, December 11, 2024 – Ali A. Rahim has been elected unopposed as the President of the Karachi Tax Bar Association (KTBA) for the tax year 2025.
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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 Directs Customs to Ensure Duty Collection on Saturdays
Karachi, December 11, 2024 – The Federal Board of Revenue (FBR) has issued specific instructions to Pakistan Customs for ensuring the seamless collection and transfer of duties and taxes on Saturdays.
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FBR Updates Definition of Sales Tax Fraud
Islamabad, December 11, 2024 – The Federal Board of Revenue (FBR) has officially updated the definition of sales tax fraud, refining its core language to ensure greater clarity and prevent misinterpretation. This updated definition, which comes as part of the revised Sales Tax Act of 1990, will apply to the tax year 2025 and aims to strengthen the enforcement of sales tax regulations across Pakistan.
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FBR Clarifies Amendments to Baggage Rules
Islamabad, December 11, 2024 – The Federal Board of Revenue (FBR) has issued an official clarification addressing recent confusion regarding proposed amendments to the Baggage Rules, 2006. The clarification comes after the release of draft SRO 2028(I)/2024 dated December 6, 2024, which led to widespread misinterpretation about the valuation limits on personal baggage.
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FBR Designates 34 Banks as SWAPS Withholding Tax Agents
Karachi, December 10, 2024 – The Federal Board of Revenue (FBR) has officially designated 34 banks to act as agents under the Synchronized Withholding Administration and Payment System (SWAPS). This initiative is intended to streamline the deduction and collection of withholding taxes, integrating these functions into the advanced SWAPS portal.
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FBR Launches Faceless Customs Assessment for Trade Ease
Karachi, December 10, 2024 – The Federal Board of Revenue (FBR) has announced a significant modernization of its customs operations with the launch of the Faceless Customs Assessment (FCA) system. This initiative aims to enhance trade facilitation, ensure faster clearance of Goods Declarations (GDs), and promote transparency and uniformity in customs processes.
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FBR Provides Procedure for Claiming Foreign Tax Credit
The Federal Board of Revenue (FBR) has outlined the procedure for resident taxpayers to claim a foreign tax credit under Rule 16 of the Income Tax Rules, 2002. This rule implements Section 103 of the Income Tax Ordinance, 2001, which allows relief for taxes paid abroad, ensuring that resident taxpayers do not face double taxation on their foreign income.
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Relief from Foreign Double Taxation for Resident Persons
The Income Tax Rules, 2002, through Rule 15, provide relief to resident taxpayers from the burden of double taxation on foreign-sourced income. This rule supports Sections 102 and 103 of the Income Tax Ordinance, 2001, which address international double taxation relief for resident individuals.
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FBR Amends Baggage Rules, Issues SRO 2028
Karachi, December 9, 2024 – The Federal Board of Revenue (FBR) has introduced amendments to the Baggage Rules, 2006, through SRO 2028(I)/2024, aiming to tighten regulations and curb misuse of baggage exemptions for commercial purposes.
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FBR Publishes Names of 5.7 Million Active Taxpayers
Karachi, December 9, 2024 – The Federal Board of Revenue (FBR) has announced the inclusion of over 5.7 million individuals and entities in its Active Taxpayers List (ATL) for the tax year 2024. This reflects an addition of approximately 360,000 new taxpayers since the list’s launch on November 1, 2024, underscoring a significant improvement in tax compliance.
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