Islamabad, November 19, 2024 – Rashid Mahmood, Chairman of the Federal Board of Revenue (FBR), provided an in-depth briefing to the World Bank team on Tuesday regarding the FBR’s comprehensive transformation plan aimed at enhancing revenue collection and tax compliance in Pakistan.
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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 Prosecute Banks for Incomplete Declarations
Karachi, November 19, 2024 – The Federal Board of Revenue (FBR) is preparing to take legal action against banks and other companies for submitting incomplete or inaccurate declarations, a move that underscores the government’s commitment to strengthening compliance within the financial sector.
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FBR Announces Changes in Customs Formation Nomenclature
Islamabad, November 18, 2024 – The Federal Board of Revenue (FBR) has announced a series of changes to the nomenclature of customs formations across Pakistan. These adjustments aim to align the customs framework with modern operational needs, enhancing clarity and efficiency.
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Port Congestion Worsens Amid Green Channel Policy Changes
Karachi, November 18, 2024 – A recent abrupt change in the Green Channel parameters by the Pakistan Customs Department has thrown the nation’s import system into disarray, leaving thousands of containers stranded at ports and causing severe financial repercussions for importers.
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FBR Updates Active Taxpayers List for 2024 to 5.52 Million
The Federal Board of Revenue (FBR) has revised its Active Taxpayers List (ATL) for the tax year 2024, reflecting a significant increase in active taxpayers. As of November 18, 2024, the list includes 5.52 million individuals, a rise from the 5.37 million taxpayers recorded in the initial ATL published on November 1, 2024.
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Non-Filing of Tax Returns a Punishable Offense in Pakistan: FBR
Karachi, November 17, 2024 – The Federal Board of Revenue (FBR) has reiterated that failing to file an income tax return as mandated by the Income Tax Ordinance, 2001, constitutes a punishable offense. The agency emphasized the legal repercussions associated with non-compliance, underscoring its commitment to enforcing tax regulations.
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FBR Highlights Significance of Section 182A for Non-Filers
Karachi, November 17, 2024 – The Federal Board of Revenue (FBR) has clarified the implications of Section 182A of the Income Tax Ordinance, 2001, emphasizing its importance for individuals and entities failing to file their income tax returns within the due date.
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RTO Hyderabad Seizes Non-Duty Paid Cigarettes Cache
Hyderabad, November 17, 2024 – In a significant move to combat tax evasion, the Regional Tax Office (RTO) Hyderabad has confiscated a massive quantity of non-duty paid cigarettes.
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FBR Reshuffles Cluster of 69 Customs Officers in BS-17 and BS-18
Islamabad, November 16, 2024 – The Federal Board of Revenue (FBR) announced a significant reshuffle within Pakistan Customs Service (PCS) on Saturday, transferring 69 officers in grades BS-17 and BS-18 across various regions of the country. The transfer orders, which were issued on a public holiday, highlight the FBR’s urgency to streamline operations and strengthen the enforcement of anti-smuggling measures.
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PTBA Seeks Chief Justice’s Intervention in High-Profile Tax Cases
The Pakistan Tax Bar Association (PTBA) has urged the newly appointed Chief Justice of Pakistan, Justice Yahya Afridi, to address key high-profile tax cases that remain unresolved. These cases include matters related to the super tax, Capital Value Tax, and the Section 7E levy.
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