Karachi, July 9, 2024 – The Karachi Chamber of Commerce and Industry (KCCI) has urged the Federal Board of Revenue (FBR) to promptly resolve the ongoing issues related to SRO 350 (I)/2004, which have been a source of significant concern for the business community.
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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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Finance Act 2024 Limits FBR in Issuing Assessment Notices
Karachi, July 9, 2024 – The Finance Act 2024 has introduced significant changes, imposing limitations on the Federal Board of Revenue (FBR) regarding the issuance of assessment notices. This move aims to streamline tax processes and provide clarity to taxpayers.
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FBR Predicts Significant Tax Revenue Growth for 2024-25
Islamabad, July 9, 2024 – Pakistan’s Federal Board of Revenue (FBR) reported a slight improvement in the country’s tax-to-GDP ratio, which reached 9% in the fiscal year 2023-24, up from 8.5% the previous year.
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FBR Records Nearly 5 Million Active Taxpayers for Tax Year 2023
Islamabad, July 8, 2024 – The Federal Board of Revenue (FBR) has reported a significant milestone, with nearly 5 million active taxpayers recorded for the tax year 2023 as of July 7, 2024.
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IR Officers Gain Authority to Recover Unpaid Taxes in Pakistan
Karachi, July 8, 2024 – The Finance Act of 2024 has granted new powers to Inland Revenue (IR) officers in Pakistan, significantly enhancing their authority to recover unpaid or underpaid taxes from individuals and businesses.
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Pakistan Customs Vows Speedy Clearance for Businesses
Karachi, July 8, 2024 – Pakistan Customs pledged to expedite customs clearance procedures during a meeting with representatives from the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Monday.
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Finance Act 2024 Unveils Best Judgement Assessment for ST
Karachi, July 7, 2024 – The Finance Act, 2024 has introduced significant changes to the best judgement assessment process under sales tax laws in Pakistan. A new section, 11D, has been added to the Sales Tax (ST) Act, 1990, aiming to streamline and strengthen tax compliance.
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Pakistan Strengthens Oversight of Foreign Gifts and Donations
Karachi, Pakistan – July 7, 2024 – The Pakistan government has implemented stricter regulations governing the receipt of foreign gifts and donations by public officials and organizations.
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Customs Appellate Tribunal Revamped for Faster Case Resolution
Karachi, Pakistan – July 7, 2024 – The Finance Act, 2024 has ushered in a significant change aimed at expediting the resolution of customs-related disputes. The Act amends Section 194 of the Customs Act, 1969, outlining a revised structure for the Customs Appellate Tribunal (CAT).
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Tax Return Filing Season 2024 Begins in Pakistan
Karachi, July 7, 2024 – The commencement of the annual income tax return filing for tax year 2024 marks a pivotal moment for taxpayers in Pakistan as the Federal Board of Revenue (FBR) has officially launched the finalized return forms.
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