Karachi, July 15, 2024 – In a significant move, the Federal Board of Revenue (FBR) has rolled out new tax changes affecting royalty payments, as introduced through 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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Overseas Pakistanis Can Import Vehicles After 2 Years: FTO
Lahore, July 15, 2024 – In a significant move, the Federal Tax Ombudsman (FTO) has clarified the regulations for overseas Pakistanis regarding vehicle importation. The ruling specifies that expatriates can import vehicles under the baggage scheme, transfer of residence scheme, and gift scheme, provided they adhere to a newly enforced two-year interval.
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Finance Act 2024 Sets Significant Fines for Tax Filing Delays
Karachi, July 14, 2024 – The recently enacted Finance Act 2024 has introduced significant penalties for failing to file income tax returns on time. This stringent measure aims to enforce compliance and boost revenue collection.
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Pakistan Targets Foreign Entities with New Tax Rules
Karachi, July 14, 2024 – Pakistan has introduced measures through the Finance Act 2024 to capture significant economic presence by non-resident entities in Pakistan, aiming to close tax avoidance loopholes and broaden the tax base.
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Finance Act 2024 Cracks Down on Late Tax Return Filings
Karachi, July 14, 2024 – The Finance Act 2024 introduces stringent measures to curb the practice of filing income tax returns after the due date, signaling a significant shift in Pakistan’s tax compliance landscape.
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Final Tax Regime Continues for Service Exports in Pakistan
Karachi, July 14, 2024 – Officials of the Federal Board of Revenue (FBR) has said that the export of services will continue to be subject to the final tax regime in Pakistan.
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FTO Exposes Tax Credit Problems in Leased Vehicles
Karachi, July 14, 2024 – The Federal Tax Ombudsman (FTO) has uncovered a significant problem with the withholding tax system for leased vehicles in Pakistan. This issue can lead to double taxation and denial of rightful tax credit for individuals and businesses leasing cars.
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PM Shehbaz Directs FBR to Grid Up Loins for Revenue Generation
Islamabad, July 13, 2024 – Prime Minister Muhammad Shehbaz Sharif on Saturday directed the Federal Board of Revenue (FBR) authorities to tighten their belts and serve the nation by formulating a strategy and mechanism, coupled with the usage of the latest technology, to broaden the tax net without further burdening the honest taxpayers.
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FBR Directs BS-21 Officers to Submit Asset Declaration
Islamabad, July 12, 2024 – The Federal Board of Revenue (FBR) has directed all BS-21 officers to submit their asset declarations and performance evaluation reports (PERs). This directive applies to officers in the Inland Revenue Service (IRS) and Pakistan Customs Service (PCS).
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FBR to Unveil Fixed Tax Rates for Traders and Retailers
Islamabad: The Federal Board of Revenue (FBR) is set to announce a new, simplified tax system tailored for traders, shopkeepers, and retailers in 42 Pakistani cities. This initiative aims to replace the existing complex square-footage based tax system with a more straightforward flat tax rate determined by shop location and category.
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