Advance tax on motor vehicles is levied under Section 231B of the Income Tax Ordinance, 2001, as amended by the Federal Board of Revenue (FBR) for the tax year 2024-25.
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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 Asks Banks to Collect 0.6% Tax on Non-ATL Cash Withdrawal
Karachi, November 25, 2024 – The Federal Board of Revenue (FBR) has mandated banks to deduct 0.6% advance tax on cash withdrawals exceeding PKR 50,000 in a single day from individuals not listed on the Active Taxpayers List (ATL).
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FBR Outlines Arrest Protocol for Tax Defaulters
Karachi, November 24, 2024 – The Income Tax Ordinance, 2001, empowers the Federal Board of Revenue (FBR) to arrest individuals involved in income concealment, enhancing its authority to tackle tax evasion effectively. Section 203B of the updated ordinance outlines the powers and procedures that the FBR can exercise in such cases.
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Tax Officials Empowered to Arrest for Income Concealment
Karachi, November 24, 2024 – The Income Tax Ordinance, 2001, grants tax officials of the Federal Board of Revenue (FBR) the authority to arrest individuals accused of concealing income. Section 203B of the updated ordinance outlines the specific powers and procedures tax officials must follow in such cases.
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PHC Rules Against Pay Order Requirement for Tax Exemption
The Peshawar High Court (PHC) has ruled that the requirement of a pay order for the clearance of tax-exempt consignments undermines the exemption regime granted to certain businesses.
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Offences by Companies, AOPs Under Income Tax Ordinance, 2001
Karachi, November 23, 2024 – The Federal Board of Revenue (FBR) has clarified the provisions regarding offences committed by companies and Associations of Persons (AOPs) under the Income Tax Ordinance, 2001. These offences are detailed in Section 200 of the Ordinance, which outlines the responsibilities and liabilities of individuals associated with such entities when a violation occurs.
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How Will Pakistan Banks Escape the ADR Tax?
With tax obligations tied to the advance-to-deposit ratio (ADR) on the horizon, banks in Pakistan are under pressure to lower deposits and boost lending as 2024 draws to a close. Analysts estimate that banks need to issue an additional Rs 1.85 trillion in loans or reduce deposits by Rs 3.6 trillion during the final months of the year to avoid this taxation.
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False Tax Statements Could Lead to Two Years in Jail: FBR
Karachi, November 22, 2024 – The Federal Board of Revenue (FBR) has issued a strong warning that making false statements in tax filings could lead to severe legal consequences, including up to two years in prison. This reminder is based on the provisions of the Income Tax Ordinance, 2001, specifically Section 195.
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FBR Outlines Procedure for Reactivating Mobile Phone SIMs
ISLAMABAD: The Federal Board of Revenue (FBR) will automatically provide telecom companies with a list of taxpayers who have filed their income tax returns to facilitate the unblocking of their mobile SIMs.
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FBR Deploys Monitoring Staff at Punjab and Sindh Sugar Mills
Karachi, November 22, 2024 – The Federal Board of Revenue (FBR) on Thursday deployed tax officials at sugar mills located in the Sindh and Punjab provinces to detect tax evasion.
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