Karachi, December 18, 2024 – In a development aimed at tightening tax compliance, the federal government has proposed a key amendment to the Sales Tax Act of 1990. The government tabled the Tax Laws (Amendment) Bill, 2024 in the National Assembly on Wednesday, which introduces Section 14AC to the Sales Tax Act. The proposed section grants the Commissioner the authority to bar the operations of bank accounts for individuals or entities that fail to register for tax purposes.
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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 Set to Ban Cash Withdrawals by Non-Filers
Karachi, December 18, 2024 – The Federal Board of Revenue (FBR) is poised to introduce a significant change in the banking sector with the potential imposition of a ban on cash withdrawals by individuals who are non-filers of income tax returns.
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FBR Halts Issuance of NOC for Specialized Trusts
Karachi, December 18, 2024 – The Federal Board of Revenue (FBR) has officially ceased the issuance of No Objection Certificates (NOCs) for the registration of specialized trusts, including Employees Provident Funds, Gratuity Funds, and Superannuation Funds.
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FBR Clarifies Sales Tax Treatment in Case of Rate Change
Karachi, December 17, 2024 – The Federal Board of Revenue (FBR) has issued a detailed clarification on the treatment of sales tax when there is a change in the applicable tax rate. This clarification is designed to provide clear guidance to taxpayers and ensure uniform compliance.
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FBR Integrates FMCG Sector with Digital Invoicing System
Islamabad, December 17, 2024 – The Federal Board of Revenue (FBR) has taken a significant step toward enhancing transparency and compliance by integrating the Fast-Moving Consumer Goods (FMCG) sector with its digital invoicing system. This initiative aims to streamline tax collection and improve documentation within the sector.
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Aurangzeb Lauds Formal Sector for Bearing Tax Burden
Islamabad, December 16, 2024 – Finance Minister Muhammad Aurangzeb has commended the formal sector for shouldering the brunt of front-loaded tax measures introduced under the government’s economic stabilization program.
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FBR Lists Goods for Zero Rating of Sales Tax for TY 2025
Karachi, December 16, 2024 – The Federal Board of Revenue (FBR) has issued a detailed list of goods eligible for zero-rating of sales tax for the tax year 2025.
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FBR Confirms Dec 31 as Return Filing Deadline for Companies
Karachi, December 16, 2024 – The Federal Board of Revenue (FBR) has reaffirmed December 31, 2024, as the final deadline for corporate entities to file their income tax returns for the tax year 2024.
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LTO Karachi Hits Record Rs 1.11 Trillion Milestone in 5MFY25
Karachi, December 16, 2024 – The Large Taxpayers Office (LTO) Karachi achieved a groundbreaking milestone, collecting a record Rs 1.11 trillion in the first five months of the fiscal year 2024-25 (July–November). This marks a remarkable 20% growth compared to the Rs 924 billion collected during the same period in the previous fiscal year.
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FBR Imposes 24% Tax on Brokerage Commission for Non-ATL
Karachi, December 15, 2024 – The Federal Board of Revenue (FBR) has announced a significant tax policy revision, imposing a 24% advance income tax on brokerage commissions earned by individuals not included in the Active Taxpayers List (ATL) for the tax year 2025. This move aims to ensure compliance and widen the tax net.
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