Karachi, August 12, 2024 – Millat Tractors Limited (MTL) raised a critical red flag on Monday, warning that the ongoing ambiguity in General Sales Tax (GST) regime could compel the company to halt its production activities.
(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.
-
Small Traders Launch Protest Against Advance Income Tax
Karachi, August 12, 2024 – In a bold move signaling rising discontent among Karachi’s small business community, traders have announced a major protest against the imposition of advance income tax on retail operations.
(more…) -
FBR Extends Rs 41 Billion Tax Bonanza to Power Sector
Karachi, August 11, 2024 – In a move that is likely to raise eyebrows, the Federal Board of Revenue (FBR) has extended tax concessions worth a staggering Rs 41 billion to the power sector for the tax year 2024.
(more…) -
FBR Debunks Rumors of Taxing Arshad Nadeem’s Prize Money
Islamabad, August 11, 2024: The Federal Board of Revenue (FBR) has decisively quashed rumors swirling on social media about the alleged taxation of the prize money awarded to Arshad Nadeem, Pakistan’s golden athlete and the gold medalist at the Paris Olympics 2024.
(more…) -
SHC Upholds FBR’s Transfer Orders: IRS Officers’ Plea Rejected
Karachi, August 10, 2024 – The Sindh High Court (SHC) has delivered a significant ruling by dismissing the petition of 12 senior officials from the Inland Revenue Service (IRS), who had challenged their recent transfers to the Federal Board of Revenue’s (FBR) administrative pool.
(more…) -
Pakistan Customs Tightens Green Channel Security
Karachi, August 10, 2024 – Pakistan Customs has announced a significant update regarding the Green Channel facility at airports across the country. Authorities now have the right to randomly select passengers using the Green Channel for additional checks, aiming to prevent the misuse of this facility.
(more…) -
Entrustment Scheme: Pakistan Exempts Sales Tax on Gold Imports
Karachi, August 10, 2024 – Pakistan has granted a sales tax exemption on the import of gold under the entrustment scheme. The Federal Board of Revenue (FBR) announced the tax exemption, which has been introduced through the Finance Act, 2024. The exemption is part of broader changes made to the Sixth Schedule of the Sales Tax Act, 1990.
(more…) -
FBR Doubles Sales Tax on Imported Computers and Laptops
Karachi, August 10, 2024 – The Federal Board of Revenue (FBR) has announced a significant increase in the sales tax rate on imported computers and laptops for the tax year 2024-25.
(more…) -
FBR Mandates Sales Tax Registration for Key Business Sectors
Karachi, August 9, 2024 – In a move aimed at tightening tax compliance, the Federal Board of Revenue (FBR) has announced a mandate requiring several categories of individuals and businesses to obtain mandatory sales tax registration.
(more…) -
KTBA Calls on FBR to Update ITGO Weekly for Return Filers
Karachi, August 8, 2024 – The Karachi Tax Bar Association (KTBA) has urged the Federal Board of Revenue (FBR) to update the Income Tax General Order (ITGO) on a weekly basis to remove the names of individuals who have filed their income tax returns.
(more…)