Karachi, December 30, 2024 – The Federal Board of Revenue (FBR) has outlined the categories of individuals and businesses that are mandated to register for sales tax under the Sales Tax Act, 1990. This move is part of the FBR’s ongoing efforts to ensure compliance and expand the tax net.
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Stay updated on taxation news, tax laws, FBR policies, compliance, audits, income tax, sales tax, and fiscal developments in Pakistan.
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FBR Extends Working Hours for December Tax Collection
Karachi, December 30, 2024 – The Federal Board of Revenue (FBR) has announced extended working hours for the collection of duties and taxes for the month of December 2024, in a bid to meet its revenue collection targets.
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Banks Pay Price for ADR Tax Removal: Analysts
Karachi, December 29, 2024 – Pakistan’s banks face a pivotal moment as it navigates the fallout from recent tax reforms. Analysts at Arif Habib Limited highlighted on Sunday that while the removal of the Advance to Deposit Ratio (ADR) tax on income from government securities brings relief, it comes at the cost of a higher corporate tax burden.
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Power of Tax Authorities to Modify Orders Under STA 1990
Karachi, December 29, 2024 – Section 11C of the Sales Tax Act (STA), 1990, empowers tax authorities to adjust or modify assessments and orders based on decisions made by higher judicial bodies.
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FBR Can Recover Short Paid Sales Tax Without Notice
Karachi, December 29, 2024 – The Federal Board of Revenue (FBR) has been granted the authority to recover short-paid sales tax amounts without issuing prior notice to the taxpayer. This authority is enshrined in Section 11A of the Sales Tax Act, 1990, which allows the FBR to act swiftly in cases of underpayment.
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RTO-1 Karachi Seals 19 Retail Outlets for POS Violations
Karachi, December 28, 2024 – The Regional Tax Office (RTO)-1 Karachi has undertaken a stringent crackdown on retail outlets violating Point of Sale (POS) regulations, sealing 19 establishments and recovering approximately Rs 25.5 million in penalties.
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Government Abolishes Additional Tax on Low ADR for Banks
Karachi, December 28, 2024 – The federal government has abolished the additional income tax on banks with low Asset-to-Deposit Ratios (ADR). This decision, approved by the federal cabinet, will be implemented through the promulgation of an Income Tax Ordinance.
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FBR Suspends Four Customs Officials for Rule Violations
Islamabad, December 28, 2024 – The Federal Board of Revenue (FBR) has taken decisive action against four Pakistan Customs officials for violating Civil Servants rules, emphasizing its commitment to ensuring accountability and maintaining discipline within its ranks.
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Finance Ministry Exposes Alarming FBR Revenue Shortfall
Islamabad, December 27, 2024 – The Finance Ministry on Friday disclosed a significant shortfall in revenue collection by the Federal Board of Revenue (FBR) up to November 2024. This revelation came as part of the monthly economic outlook for December 2024.
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FBR, NADRA Identify 4.9M Affluent Individuals for Tax Expansion
Islamabad, December 27, 2024 – In a decisive effort to broaden the tax base, the Federal Board of Revenue (FBR), in collaboration with the National Database and Registration Authority (NADRA), has identified approximately 4.9 million wealthy individuals to be incorporated into the tax net. This joint initiative reflects the government’s firm commitment to addressing tax evasion and ensuring fiscal equity.
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