Karachi, November 5, 2024 – In a bid to bolster its tax-to-GDP ratio, Pakistan is set to introduce surcharges on fossil fuels as part of an aggressive revenue collection strategy outlined in the latest annual report by the Federal Board of Revenue (FBR), released on Tuesday. This initiative is in response to commitments made to the International Monetary Fund (IMF) under a new financial arrangement aimed at stabilizing the country’s economy.
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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 Reports 36.5% Surge in Withholding Tax Collection in FY24
Karachi, November 5, 2024 – The Federal Board of Revenue (FBR) has recorded a remarkable 36.5% increase in withholding tax (WHT) collection for the fiscal year 2023-24, according to its annual report released on Tuesday.
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FBR Struggles to Raise Tax-to-GDP Ratio Amid Revenue Surge
Karachi, November 5, 2024 – Despite substantial increases in revenue collection, Pakistan’s Federal Board of Revenue (FBR) has struggled to elevate the tax-to-GDP ratio, a critical indicator of fiscal health, over the past decade.
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FBR Needs to Collect Additional Rs 3.61 Trillion to Meet FY25 Goal
Karachi, November 5, 2024 – The Federal Board of Revenue (FBR) has announced that it must collect an additional Rs 3.61 trillion to achieve its ambitious revenue target of Rs 12.91 trillion for the fiscal year 2024-25. This goal represents a 38.9% increase from last year’s collection of Rs 9.31 trillion, posing a substantial challenge for the revenue authority.
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Taxpayers Obligated to Retain Tax Records for Six Years: FBR
Karachi, November 5, 2024 – The Federal Board of Revenue (FBR) has reiterated that all taxpayers in Pakistan must retain their tax records for a minimum of six years, as stipulated under Section 174 of the Income Tax Ordinance, 2001. This directive serves to ensure transparency and accountability, with specific record-keeping requirements set to facilitate audit and compliance procedures.
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FBR Acquires Details of Account Holders from Banks
Karachi, November 4, 2024 – In a move aimed at reinforcing transparency and broadening the tax net, the Federal Board of Revenue (FBR) has instructed banks to provide detailed information on account holders involved in transactions subject to withholding tax deductions.
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Falling Corporate Profitability Undermines FBR Tax Projections
Karachi, November 4, 2024 – The Federal Board of Revenue (FBR) finds itself grappling with a widening gap in tax targets, exacerbated by a sharp decline in corporate profitability for the first quarter of the fiscal year 2024-25. This financial shortfall underscores the mounting difficulties the FBR faces in achieving its ambitious revenue goals amid a complex economic landscape.
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FTO Directs FBR to Define SOPs for Reactivating Blocked SIMs
Islamabad, November 3, 2024 – The Federal Tax Ombudsman (FTO) has formally directed the Federal Board of Revenue (FBR) to establish a standardized operating procedure (SOP) for taxpayers affected by blocked mobile phone SIMs, ensuring clear guidelines for their reactivation.
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PRA Expands to 12 More Punjab Districts to Boost Tax Collection
Lahore, November 3, 2024 – The Punjab Revenue Authority (PRA) is expanding its footprint to enhance accessibility and streamline tax collection across Punjab.
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FBR Introduces Simplified Procedure for Income Tax Refunds
Karachi, November 3, 2024 – The Federal Board of Revenue (FBR) has issued a streamlined procedure for taxpayers seeking income tax refunds under the Income Tax Ordinance, 2001. In a detailed announcement, the FBR outlined the steps required to apply for refunds under Section 170 of the ordinance, providing clarity for taxpayers who have paid more tax than what they owe.
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