Islamabad, October 11, 2024 – The Federal Board of Revenue (FBR) is poised to release revised valuation tables for immovable properties across 42 major cities in Pakistan, a move expected to reshape the property market landscape and increase tax revenues from real estate transactions.
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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 Halts Recruitment Process for BS-1 to BS-4 Posts
Islamabad, October 10, 2024 – The Federal Board of Revenue (FBR) has issued a directive on Thursday halting the recruitment process for positions under Basic Scale (BS) grades 1 to 4 in both the Pakistan Customs and Inland Revenue Service (IRS). This suspension of recruitment applies with immediate effect, as outlined in a circular issued to the heads of Customs and IRS field formations across the country.
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Pakistan Launches Grand Operation Against Sales Tax Fraud
Islamabad, October 10, 2024 – In a bold move to address rampant tax evasion and boost revenue collection, Pakistan has launched a large-scale operation targeting sales tax fraud across various sectors of the economy. Finance Minister Mohammad Aurangzeb and Federal Board of Revenue (FBR) Chairman Rashid Mahmood Langrial made the announcement in a press conference, revealing that the country faces a staggering tax gap of Rs 3.4 trillion due to widespread fraud.
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FBR Imposes Major Penalty on Customs Appraiser for Facilitating Tax Evasion
Islamabad, October 10, 2024 — The Federal Board of Revenue (FBR) has taken decisive action by imposing a major penalty on Shahzad Ameen Ahmed Babar, an appraising officer of Pakistan Customs, for facilitating the evasion of duties and taxes.
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No Further Deadline Extensions for Return Filing: FBR Chairman
Islamabad, October 10, 2024 — The Chairman of the Federal Board of Revenue (FBR), Rashid Mahmood Langrial, has unequivocally declared that there will be no further extension for the income tax return filing deadline for the tax year 2024.
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Pakistan to Implement Agriculture Tax by July 2025: Aurangzeb
ISLAMABAD: Pakistan is set to introduce a long-anticipated tax on the agriculture sector, with legislation expected to be finalized by January 2025 and tax collection commencing on July 1, 2025, Finance Minister Muhammad Aurangzeb announced a day earlier.
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FBR Shuts Down Redemption Fine for Smuggled Goods
Islamabad, October 9, 2024 – The Federal Board of Revenue (FBR) has announced the complete elimination of the redemption fine for smuggled goods, intensifying the government’s crackdown on illegal trade activities.
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FBR Suspends Top IRS Official Amidst Accountability Measures
Islamabad, October 9, 2024 – In a move reflecting ongoing accountability efforts, the Federal Board of Revenue (FBR) has suspended a senior official from the Inland Revenue Service (IRS) for a period of 120 days.
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LHC Rules Against Retrospective Application of Tax Hike
Lahore – The Lahore High Court (LHC) has declared that the enhanced rates of withholding tax on late filers of income tax returns, introduced by the Finance Act 2024, will not apply to transactions, returns, or assessments that were finalized before the enactment of the new law. This verdict represents a major development in tax legislation, providing clarity for taxpayers on the scope of the amendments.
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FBR Enforces Stringent Rules for Customs Agents Licensing
Karachi, October 8, 2024 – The Federal Board of Revenue (FBR) has introduced stringent new regulations for the grant of customs agents licenses in an effort to bolster compliance and integrity within Pakistan’s customs processes.
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