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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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 Announces Stringent Sales Tax Penalties
Karachi, August 7, 2024 – The Federal Board of Revenue (FBR) has announced the imposition of stringent penalties related to sales tax violations. The new measures were detailed in Sales Tax Circular No. 3, which elaborates on amendments to the sales tax laws introduced through the Finance Act, 2027.
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LTO Karachi Snags Rs 575 Million from High-Profile Builder
Karachi, August 6, 2024 — The Large Taxpayers Office (LTO) Karachi, the Federal Board of Revenue’s (FBR) largest tax collection unit, has achieved a significant victory by attaching bank accounts for recovery of Rs 575 million from a renowned builder.
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FBR Expands Definition of Tax Fraud to Close Loopholes
Karachi, August 5, 2024 – In a decisive move to combat tax evasion and bolster revenue integrity, the Federal Board of Revenue (FBR) has significantly broadened the definition of sales tax fraud.
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FBR Rolls Out Major Reforms for Supply Chain Digitization
Karachi, August 5, 2024 – In a significant move to modernize and streamline the tax system, the Federal Board of Revenue (FBR) has unveiled new provisions aimed at digitizing the supply chain. Announced on Monday, these changes are part of the Sales Tax Act, 1990, and come in the wake of the Finance Act, 2024.
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FBR Announces Surge in Active Taxpayers to 5.23 Million
Karachi, August 5, 2024 – The Federal Board of Revenue (FBR) has announced a significant increase in the number of active taxpayers in Pakistan, reaching 5.23 million for the tax year 2023.
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FBR Outlines Steps for Smooth Income Tax Filing
Karachi, August 4, 2024 – The Federal Board of Revenue (FBR) has released a detailed procedure for taxpayers to seamlessly file their income tax returns for the tax year 2024.
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Deciphering Tax Code: Beginner’s Guide to Income Tax in Pakistan
Understanding the fundamentals of income tax in Pakistan is crucial for individuals and businesses alike before embarking on the process of registration and filing returns. This article provides a basic overview of key concepts to help you navigate the tax landscape.
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Government Mulls Income Tax Relief for Salaried Class
Islamabad, August 4, 2024 — The government is exploring options to provide income tax relief to the salaried class. The move comes as the coalition government faces mounting pressure from the ongoing sit-in by the Jamaat-e-Islami (JI) in Rawalpindi against inflated electricity bills and high taxes.
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Tax Collection on Payments through Credit Cards Surges 492%
Karachi, August 3, 2024 – The Federal Board of Revenue (FBR) has reported a staggering 492% increase in the collection of withholding tax on foreign payments made through debit and credit cards during the fiscal year 2023-24. The Large Taxpayers Office (LTO) Karachi revealed that the collection soared to Rs 4.7 billion, up from Rs 785 million in the preceding fiscal year.
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