PkRevenue.com – In a significant development ahead of the federal budget for 2024-25, Tax Managers from the Federal Board of Revenue (FBR) have put forward a recommendation to curtail sales tax exemptions.
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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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IRS Officers Association Elects Office Bearers for Term 2024-26
PkRevenue.com – The Association of Inland Revenue Service (IRS) Officers has elected new office bearers for the term 2024-26. The election, held on Wednesday, saw a robust participation from members, resulting in the election of a dynamic leadership team to steer the association forward.
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FTO Directs FBR to Streamline WHT Collection from Banks
PkRevenue.com – The Federal Tax Ombudsman (FTO) has issued a directive to the Federal Board of Revenue (FBR) to overhaul and streamline the withholding tax collection system from commercial banks. This order comes after numerous studies and internal investigations highlighted significant inefficiencies in the current regime.
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LHC Rules Against Retrospective Super Tax for Tax Year 2022
PkRevenue.com – The Lahore High Court (LHC) has declared that the super tax under Section 4C of the Income Tax Ordinance, 2001, cannot be imposed retrospectively on companies and individuals for the tax year 2022.
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FBR Intelligence Unearths Rs 22 Billion Sales Tax Fraud
PkRevenue.com – The Federal Board of Revenue (FBR) has uncovered a massive sales tax fraud amounting to approximately Rs 22 billion. A statement released on Tuesday revealed that the Directorate General of Intelligence and Investigation-Inland Revenue in Hyderabad and Karachi has dismantled a network of tax fraudsters responsible for inflicting significant financial losses on the National Exchequer.
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FBR Portal Glitches Hamper Sales Tax Registration: KTBA
PkRevenue.com — The Karachi Tax Bar Association (KTBA) has raised concerns about technical issues on the Federal Board of Revenue (FBR) portal that are hindering the sales tax registration process.
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FBR Proposes Sales Tax on Mobile Phones in Budget 2024-25
PkRevenue.com – The Federal Board of Revenue (FBR) has proposed levying a sales tax on mobile phones assembled in Pakistan within the upcoming budget for 2024-25.
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ICAP Proposes Tax Relief Measures for Salaried Individuals
PkRevenue.com – The Institute of Chartered Accountants of Pakistan (ICAP) has proposed a series of tax relief measures aimed at easing the tax burden on salaried individuals in the country.
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ICAP Suggests Replacing WHT Regime for Listed Companies
PkRevenue.com – The Institute of Chartered Accountants of Pakistan (ICAP) has proposed a major shakeup in the tax regime for listed companies. In its recommendations for the 2023-24 budget, ICAP suggests replacing the current withholding tax (WHT) system with an adjustable advance tax regime.
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ICAP Recommends Penalty on Stop-Filers
The Institute of Chartered Accountants of Pakistan (ICAP) has put forward a strong recommendation to impose penalties on individuals and entities known as stop-filers of income tax returns.
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