Islamabad, November 15, 2024 – The Federal Board of Revenue (FBR) has issued new guidelines outlining the functions and jurisdiction of the Directorate General of Intelligence and Investigation (I&I) Customs. The FBR formalized these changes through SRO 1815(I)/2024, released on Friday.
(more…)Category: Taxation
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.
-
Provinces Collect Rs 122 Billion in Services Sales Tax for 1QFY25
Karachi, November 15, 2024 – Pakistan’s provincial governments have collectively gathered Rs 122 billion in sales tax on services during the first quarter (July – September) of fiscal year 2024-25, according to data released by the federal finance ministry.
(more…) -
Motor Vehicle Tax Collection Sees 54% Increase in 1QFY25
Karachi, November 15, 2024 – Pakistan has seen a significant surge in motor vehicle tax collection, with a 54% increase in the first quarter (July – September) of the fiscal year 2024-25. According to recent data released by the federal finance ministry, the total collection for this period reached Rs 13.82 billion, up from Rs 8.98 billion in the same quarter of the previous fiscal year.
(more…) -
Punjab Approves New Agricultural Income Tax Amendments
Lahore, November 15, 2024 – In a significant move, the Punjab Assembly passed the Punjab Agricultural Income Tax (Amendment) Bill 2024 on Thursday, despite opposition protests and a walkout by members of the Pakistan Peoples Party (PPP) and Pakistan Tehreek-e-Insaf (PTI).
(more…) -
FBR Directed to Lower Tax Burden on Salaried Class
Islamabad, November 15, 2024 – Minister of State for Finance and Revenue, Ali Pervaiz Malik, has emphasized the need to alleviate the tax burden on salaried individuals by curbing widespread tax evasion in the tobacco industry. Addressing a roundtable on Thursday, he expressed the government’s commitment to reducing income tax for the salaried class, contingent upon the Federal Board of Revenue (FBR) recovering an estimated Rs 300-350 billion lost to non-duty-paid and smuggled cigarettes.
(more…) -
PTBA Fires Back as New Tax Law Tribunal Issues Escalate
Karachi, November 14, 2024 – The Pakistan Tax Bar Association (PTBA) has expressed significant concerns regarding the Tax Laws (Amendment) Act, 2024, questioning its effectiveness in streamlining tax-related litigation and ensuring taxpayers’ rights.
(more…) -
OGRA Hosts Workshop to Strengthen Oil Sector Monitoring System
Islamabad, November 14, 2024 – The Oil and Gas Regulatory Authority (OGRA) has taken a significant step toward bolstering accountability in Pakistan’s oil sector by organizing a workshop focused on implementing an effective track and trace system.
(more…) -
FBR Shares Collection Strategy with IMF to Sidestep Mini Budget
Islamabad, November 14, 2024 – In a decisive move to meet Pakistan’s ambitious revenue collection target without resorting to a mini budget, the Federal Board of Revenue (FBR) has shared an actionable plan with the International Monetary Fund (IMF). FBR has committed to achieving the 2024-25 revenue target of PKR 12.9 trillion, reinforcing its stance against imposing additional taxation measures.
(more…) -
FBR to Enforce Shop Closures for Tax Defaults
Karachi, November 13, 2024 – The Federal Board of Revenue (FBR) has announced its plan to enforce strict measures on shopkeepers failing to comply with tax registration and payment requirements under the Income Tax Ordinance, 2001.
(more…) -
FBR Unveils ePayment 2.0 for Seamless Taxpayer Experience
Islamabad, November 13, 2024 – In a move towards modernizing Pakistan’s tax infrastructure, the Federal Board of Revenue (FBR) launched its latest digital innovation, ePayment 2.0, on Wednesday.
(more…)