Karachi, August 10, 2024 – Pakistan has granted a sales tax exemption on the import of gold under the entrustment scheme. The Federal Board of Revenue (FBR) announced the tax exemption, which has been introduced through the Finance Act, 2024. The exemption is part of broader changes made to the Sixth Schedule of the Sales Tax Act, 1990.
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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 Doubles Sales Tax on Imported Computers and Laptops
Karachi, August 10, 2024 – The Federal Board of Revenue (FBR) has announced a significant increase in the sales tax rate on imported computers and laptops for the tax year 2024-25.
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FBR Mandates Sales Tax Registration for Key Business Sectors
Karachi, August 9, 2024 – In a move aimed at tightening tax compliance, the Federal Board of Revenue (FBR) has announced a mandate requiring several categories of individuals and businesses to obtain mandatory sales tax registration.
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KTBA Calls on FBR to Update ITGO Weekly for Return Filers
Karachi, August 8, 2024 – The Karachi Tax Bar Association (KTBA) has urged the Federal Board of Revenue (FBR) to update the Income Tax General Order (ITGO) on a weekly basis to remove the names of individuals who have filed their income tax returns.
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FBR Tightens Screws on Tax Evaders Through Audit Changes
Karachi, August 8, 2024: In a bid to enhance tax compliance, the Federal Board of Revenue (FBR) has introduced significant changes to the sales tax audit process. The new measures, outlined in Sales Tax Circular No. 3, aim to make audits more targeted and effective.
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Rashid Mahmood Appointed as 40th FBR Chairman
Islamabad, August 7, 2024 – The government on Wednesday appointed Rashid Mahmood, a BS-21 officer of the Pakistan Administrative Service, as the chairman of the Federal Board of Revenue (FBR).
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FBR Reduces FED on Air Tickets to Rs 5,000 for Labour Visa
Karachi, August 7, 2024 – The Federal Board of Revenue (FBR) has announced a reduction in the Federal Excise Duty (FED) on air tickets for passengers holding labour visas. Effective immediately, the FED on such tickets will be reduced to a fixed rate of Rs 5,000 per ticket, a substantial relief for those embarking on international journeys from Pakistan to Gulf Cooperation Council (GCC) countries.
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FBR Collects Rs 12 Billion Withholding Tax on Cash Withdrawal
Karachi, August 7, 2024 – The Federal Board of Revenue (FBR) successfully garnered approximately Rs 12 billion through the imposition of withholding tax on cash withdrawals from banks in the fiscal year 2023-24.
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FBR Gets Powers to Fix Value of Third Schedule Items
Karachi, August 7, 2024 – The Federal Board of Revenue (FBR) has been granted significant new powers to fix the value of items listed under the Third Schedule of the Sales Tax Act, 1990.
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Finance Act 2024 Redefines Time of Supply: FBR
Karachi, August 7, 2024 – The Federal Board of Revenue (FBR) has announced a significant redefinition of the “time of supply” under sales tax law, as stipulated in the Finance Act, 2024.
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