Karachi, September 23, 2024 – A growing sense of urgency has gripped taxpayers in Pakistan, as individuals and businesses rush to attain “active taxpayer” status to avoid severe repercussions from the Federal Board of Revenue (FBR).
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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 to Leverage AI for Examining TY 2024 Income Tax Returns
Karachi, September 22, 2024 – The Federal Board of Revenue (FBR) has announced its decision to utilize Artificial Intelligence (AI) for an in-depth examination of income tax returns and wealth declarations submitted for the tax year 2024.
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SRB Conducts Surprise Visits to Karachi Restaurants and Cafes
Karachi, September 22, 2024 – The Sindh Revenue Board (SRB) has initiated unannounced inspections of restaurants and cafes across Karachi to scrutinize their compliance with tax regulations, particularly the deduction and collection of Sindh Sales Tax (SST) on services.
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FBR Defines Resident, Non-Resident Persons for Tax Treatment
Karachi, September 22, 2024 – The Federal Board of Revenue (FBR) has issued clear guidelines categorizing resident and non-resident persons for tax purposes under the Income Tax Ordinance, 2001 for the tax year 2024-25.
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IRSOA Rejects FBR’s Transformation Plan, Raises Concerns
Islamabad, September 21, 2024 – The Inland Revenue Service Officers Association (IRSOA) has voiced strong opposition to the Federal Board of Revenue’s (FBR) new transformation plan, expressing grave concerns over its content and execution.
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PM Shehbaz Approves Bold FBR Crackdown on Wealthy Tax Evaders
Karachi, September 21, 2024 – Prime Minister Shehbaz Sharif has given the green light to the Federal Board of Revenue (FBR) to aggressively target Pakistan’s wealthiest citizens under a transformation plan aimed at addressing tax evasion and increasing revenue collection.
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Definition of Person – Section 80 of Income Tax Ordinance 2001
Karachi, September 21, 2024 – The Federal Board of Revenue (FBR) has issued an updated explanation on the definition of a “person” for the purposes of tax treatment under Section 80 of the Income Tax Ordinance, 2001. This revision, updated up to June 30, 2024, clarifies who qualifies as a “person” and is thereby subject to tax under the laws of Pakistan.
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FBR Sticks to No Deadline Extension in Return Filing for TY 2024
Islamabad, September 21, 2024 – The Federal Board of Revenue (FBR) has made it clear that there will be no extension for the deadline to file income tax returns for the tax year 2024, emphasizing the importance of compliance among taxpayers.
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Cabinet Approves Reconstitution of PRAL Board of Directors
Islamabad, September 21, 2024 – The Cabinet Committee on State-Owned Enterprises (CCoSOEs) has approved the reconstitution of the Board of Directors for Pakistan Revenue Automation (Private) Limited (PRAL), a key entity under the Revenue Division.
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FBR Enforces Banking Requirement for Property Deals
Karachi, September 20, 2024 — In a significant move aimed at enhancing transparency and combating tax evasion, the Federal Board of Revenue (FBR) has mandated that all immovable property transactions exceeding Rs 5 million must be conducted through the banking channel.
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