Karachi, September 27, 2024 – The Pakistan Tax Bar Association (PTBA) has urged the government to extend the deadline for filing income tax returns for the current fiscal year, offering a crucial opportunity for non-filers to comply and become active taxpayers. In a statement released on Friday, the PTBA lauded the government’s recent decision to abolish the non-filer category but emphasized the need for an extension to facilitate this transition.
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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 Notifies Working Groups for Ambitious Transformation Plan
Islamabad, September 27, 2024 – The Federal Board of Revenue (FBR) has announced the formation of multiple working groups to develop and implement the FBR’s ambitious Transformation Plan.
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Taxpayers Await FBR Decision on Deadline Extension for Income Tax Returns
Karachi, September 27, 2024 – As the Federal Board of Revenue (FBR) approaches the September 30 deadline for the filing of income tax returns for the fiscal year 2024, taxpayers and tax professionals across the country are increasingly voicing concerns over the feasibility of meeting this target.
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FBR Elaborates CGT on Asset Disposal Outside Pakistan
Karachi, September 27, 2024 – The Federal Board of Revenue (FBR) has recently provided detailed guidelines regarding the imposition of Capital Gain Tax (CGT) on the disposal of assets located outside Pakistan during the tax year 2024-25.
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FBR Overhauls POS Prize Scheme, Targets Unverified Invoices
Karachi, September 27, 2024 – In a significant move aimed at promoting tax compliance and transparency, the Federal Board of Revenue (FBR) has made sweeping changes to the Point of Sale (POS) Prize Scheme, as announced through SRO 1513(I)/2024 issued on September 26, 2024. The revised scheme primarily targets customers reporting unverified invoices issued by Tier-1 retailers.
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FBR Forms Committee for Single Sales Tax Return for All Sectors
Islamabad, September 26, 2024 – In a significant move aimed at simplifying the tax filing process and improving ease of business in Pakistan, the Federal Board of Revenue (FBR) has formed a new committee to oversee the design, development, and implementation of a single sales tax return (SSTR) system for all sectors. This initiative is part of the FBR’s ongoing reforms to streamline tax procedures across multiple jurisdictions.
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FBR Dismisses IR Inspector Over Inefficiency and Misconduct
Islamabad, September 26, 2024 – The Federal Board of Revenue (FBR) has imposed a major penalty of dismissal from service on Muhammad Furquan Baig, Inspector-IR (BS-16), for inefficiency and misconduct. The disciplinary action was initiated after Baig’s extended and unexplained absence from duty since January 1, 2024.
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RITBA Identifies IRIS Glitches, Seeks Return Filing Date Extension
Islamabad, September 26, 2024 – The Rawalpindi-Islamabad Tax Bar Association (RITBA) has raised concerns over technical issues in the Federal Board of Revenue’s (FBR) online tax filing system, IRIS, and called for an extension of the income tax return filing deadline for the tax year 2024.
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FBR to Launch Tax Campaign Before Penalty Enforcement
Islamabad, September 26, 2024 – The Federal Board of Revenue (FBR) announced on Thursday that it will initiate a nationwide awareness campaign to promote tax compliance before introducing strict penalties for tax evaders. The campaign is part of the government’s broader efforts to improve Pakistan’s tax compliance culture and ensure that all eligible taxpayers fulfill their legal obligations.
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Taxation of Geographical Sources of Income in Pakistan
Karachi, September 26, 2024 — The Federal Board of Revenue (FBR) has released comprehensive guidelines regarding the taxation of income based on its geographical source within Pakistan for the 2024-25 tax year.
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