Islamabad, June 24, 2024 – The Federal Board of Revenue (FBR) issued draft return forms for the tax year 2024 on Monday, ensuring the timely commencement of the return filing season this year.
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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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New Property Tax Rates: FBR Explains Benefits of Filing on Time
Islamabad, June 24, 2024 – The Federal Board of Revenue (FBR) has provided a detailed explanation of the new property tax rates introduced through the Finance Bill 2024.
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FBR Launches Audit of Fertilizer Dealers
Islamabad, June 24, 2024 – The Federal Board of Revenue (FBR) has initiated a nationwide audit of urea and fertilizer dealers to ensure they accurately report their earnings and pay the appropriate amount of income tax. According to an FBR statement issued on Monday, audit notices have been sent out to 437 cases.
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FBR to Tax Late Filers on Property Deals from July 1
Starting July 1, 2024, the Federal Board of Revenue (FBR) will commence the collection of advance tax on property transactions from late filers after the approval from the parliament. This move aims to tighten tax compliance and discourage the trend of filing tax returns only when engaging in property transactions.
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FBR to Conduct Investigative Sales Tax Audit
Karachi, June 23, 2024 – The Federal Board of Revenue (FBR) is set to conduct investigative audits of sales tax cases starting from the next fiscal year, according to official sources.
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FBR Announces Property Valuation Increase to 90% in July 2024
Islamabad, June 23, 2024 – The Federal Board of Revenue (FBR) has announced a significant adjustment to property valuations in major Pakistani cities. This move, aimed at boosting tax collection, will see property values increase from 75% to 90% of their estimated market rates.
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Exporters in Scramble to Avoid Tax Regime Shakeup
Islamabad, June 21, 2024 – Pakistan’s export sector is in a state of flux as exporters scramble to negotiate a way out of the proposed changes to their tax regime outlined in the Finance Bill 2024.
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FBR Officials Authorized Best Judgement Assessment in Sales Tax
ISLAMABAD, June 21, 2024 — In a significant move to streamline tax administration and compliance, the Federal Board of Revenue (FBR) officials have been granted the authority to make best judgement assessments in sales tax cases.
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Salaried Class Up in Arms Over Tax Hike in Finance Bill 2024
Pakistan’s salaried class has erupted in protest against the proposed tax hikes outlined in the recently unveiled Finance Bill 2024. The Salaried Class Alliance, a representative body for salaried workers, has submitted a scathing critique to the newly formed FBR technical anomaly committee.
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Finance Bill 2024 Enlarges Scope of Sales Tax Fraud Definition
Islamabad, Pakistan (June 19, 2024) — The Finance Bill 2024 has proposed significant changes to the definition of sales tax fraud, expanding its scope to encompass a wider array of activities.
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