Karachi, October 30, 2024 – In a recent appeal to Prime Minister Shehbaz Sharif, the Pakistan Tax Bar Association (PTBA) has called for urgent intervention to resolve the ongoing federal-provincial tax disputes that have created significant uncertainty and administrative burdens for compliant taxpayers.
(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.
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FBR Directs Setting Up Day Care Centers by November 1
Islamabad, October 30, 2024 – In a landmark step towards promoting a more inclusive and supportive work environment for women, the Federal Board of Revenue (FBR) has issued directives to establish day care centers across all its field formations by November 1, 2024.
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FBR Raises Objections to Khyber Pakhtunkhwa’s 2% Export Cess
Islamabad, October 30, 2024 – The Federal Board of Revenue (FBR) has raised significant concerns over the Khyber Pakhtunkhwa (KP) government’s recent imposition of a 2% Infrastructure Development Cess (IDC) on exports.
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FBR Increases Valuation of Immovable Properties Nationwide
Islamabad, October 30, 2024 – In a move aimed at aligning property values with actual market rates, the Federal Board of Revenue (FBR) has revised the valuations of immovable properties across Pakistan, significantly impacting withholding tax collection.
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Tax Collection on Cash Withdrawals Drops 15% in Q1 FY2025
Karachi, October 29, 2024 — The Federal Board of Revenue (FBR) reported a 15% decline in tax collection on cash withdrawals in the first quarter (Q1) of the fiscal year 2024-25, highlighting the effects of an aggressive return-filing drive.
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Pakistan Honors Dedicated Service of Sajidullah Siddiqui
Karachi, October 29, 2024 — The Government of Pakistan has formally recognized the remarkable contributions of Sajidullah Siddiqui, a BS-21 officer of the Inland Revenue Service (IRS), who is set to retire in March 2025.
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FBR Transfers 14 Senior Customs Officials in Major Shake-Up
Islamabad, October 29, 2024 — The Federal Board of Revenue (FBR) has issued a significant reshuffle of top Pakistan Customs Service (PCS) officials, transferring and posting 14 senior officers across key positions.
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Tax Deduction on Salary Income under Section 149 of ITO
Karachi, October 28, 2024 – The Federal Board of Revenue (FBR) has explained the deduction of tax at source from salary payments, as stipulated under Section 149 of the Income Tax Ordinance, 2001.
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Meezan Bank Anticipates Victory in Complex HSBC Tax Dispute
Karachi, October 28, 2024 — Meezan Bank has expressed strong confidence in winning its ongoing tax dispute with the Federal Board of Revenue (FBR), which involves the disallowance of expenses tied to the now-defunct HSBC Bank Middle East – Pakistan Branch.
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Tax Revenue from Electricity Consumption Soars 176% in 1QFY25
Karachi, October 28, 2024 – In a record-breaking surge, Pakistan’s tax authorities reported a 176% increase in revenue collection from advance tax on electricity consumption during the first quarter of fiscal year 2024-25, spanning July to September. The dramatic rise, attributed to escalating power tariffs, underscores the financial strain on consumers while offering the Federal Board of Revenue (FBR) a substantial revenue boost.
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