Section 123 of Pakistan’s Income Tax Ordinance, 2001, provides guidelines for provisional assessment in cases where concealed or undisclosed assets are discovered by the government.
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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 Unveils New Strategy to Break Sales Tax Fraud Networks
Karachi, October 16, 2024 – In a decisive move to dismantle the entrenched practice of sales tax fraud, the Federal Board of Revenue (FBR) has unveiled a robust strategy aimed at curbing the use of fake and flying invoices.
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People Turn Flying Invoices Into a Business: FBR Chairman
Karachi, October 16, 2024 – Federal Board of Revenue (FBR) Chairman, Rashid Mahmood Langrial, has expressed grave concern over the widespread sales tax fraud in Pakistan, particularly highlighting how “flying invoices” have morphed into a full-fledged business.
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FBR Unveils Plan for Detection of Fake and Flying Invoices
Karachi, October 16, 2024 – The Federal Board of Revenue (FBR) has taken a significant step towards combatting tax evasion and enhancing fiscal integrity by directing tax offices to assign senior officers with the crucial responsibility of identifying fake and flying invoices.
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FBR Enforces Strict Policy on Incomplete Tax Returns
Karachi, October 15, 2024 – The Federal Board of Revenue (FBR) has made it clear that incomplete income tax returns will now be treated as invalid, ushering in a stricter regime to ensure compliance. This move aligns with Section 120 of the Income Tax Ordinance, 2001, which outlines the criteria for submitting and accepting tax returns.
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FBR Reveals Alarming Surge in Nil-Filers to 37% of Total Returns
Karachi, October 15, 2024 – The latest figures released by the Federal Board of Revenue (FBR) have brought to light a concerning rise in nil-filers, representing a significant portion of income tax returns filed for the tax year 2024.
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FBR Extends Tax Return Filing Deadline to October 31, 2024
Islamabad, October 15, 2024 – The Federal Board of Revenue (FBR) has announced a further extension for the filing of income tax returns for the tax year 2024, moving the deadline to October 31, 2024.
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FBR Declares War on Sales Tax Fraud, Warns Large Taxpayers
Karachi, October 14, 2024 – The Large Taxpayers Office (LTO) Karachi convened a high-profile conference on Monday with corporate sector leaders, issuing a stern warning that the Federal Board of Revenue (FBR) has officially declared war on fraudulent sales tax practices.
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KTBA Urges FBR to Allow Unconditional Return Filing Extensions
Karachi, October 14, 2024 – The Karachi Tax Bar Association (KTBA) has called on the Federal Board of Revenue (FBR) to accept applications for extensions in return filing deadlines without imposing restrictive conditions. In a formal communication addressed to Badshah Khan Wazir, Member of IR Operations at FBR, KTBA President Syed Zafar Ahmad raised several critical issues regarding the current return filing process and the challenges faced by taxpayers.
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FBR Arrests CFOs in Major Crackdown Against Sales Tax Fraud
Islamabad, October 14, 2024 – In an aggressive push against tax evasion, the Federal Board of Revenue (FBR) has arrested several Chief Financial Officers (CFOs) linked to large-scale sales tax fraud.
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