PkRevenue.com – The Karachi Tax Bar Association (KTBA) has voiced serious concerns over the Federal Board of Revenue’s (FBR) recent decision to prevent taxpayers from claiming input tax paid to the Sindh Revenue Board (SRB).
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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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Tax to GDP Ratio Projected at 8.9% for FY24: Economic Survey
PkRevenue.com — The Economic Survey of Pakistan 2023-24 has projected a tax to GDP ratio of 8.9 percent for the upcoming fiscal year, reflecting a modest increase from the 8.5 percent recorded in FY 2023. This projection is based on the Federal Board of Revenue’s (FBR) collection performance during the outgoing fiscal year.
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Pakistan Tax Exemptions Surge 73% to Rs 3.88 Trillion in FY24
In a notable fiscal shift, the cost of tax exemptions and concessions in Pakistan surged by 73% to reach Rs 3.88 trillion during the fiscal year 2023-24, as highlighted in the Pakistan Economic Survey 2023-24 released on Tuesday.
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Citizens Rush to File Tax Returns as ATL Grows to 4.54 Million
PkRevenue.com – The number of active taxpayers in Pakistan has surged to 4.54 million for the tax year 2023, driven by concerns over stringent measures by the Federal Board of Revenue (FBR). This significant increase is reflected in the FBR’s weekly Active Taxpayers List (ATL), which accounts for returns filed up to June 9, 2024.
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KTBA Alerts: IRS Portal Glitch Halts Reference Numbers
PkRevenue.com – The Karachi Tax Bar Association (KTBA) has recently spotlighted a significant glitch in the IRS Portal, causing the cessation of displaying reference order numbers. This technical issue has created considerable inconvenience for taxpayers attempting to revise their sales tax returns.
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ICAP Suggests Tax Exemption on Annual Salary up to Rs 1 Million
PkRevenue.com – The Institute of Chartered Accountants of Pakistan (ICAP) has put forth a significant proposal for the upcoming budget of 2024-25, suggesting an increase in the income threshold for tax exemption on salaries.
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FPCCI Estimates Rs 50 Trillion Untaxed Money in Pakistan
PkRevenue.com – Pakistan’s top trade body, the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), has unearthed a colossal amount of untaxed money circulating within the country – a staggering Rs 50 trillion.
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FPCCI Strongly Opposes Section 7E, Demands Deletion in Budget
PkRevenue.com – The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has vehemently criticized the deemed income tax imposed under Section 7E of the Income Tax Ordinance, 2001, and called for its removal in the upcoming 2024-25 budget.
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FPCCI Proposes Elimination of CVT on Foreign Assets
PkRevenue.com – The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has put forth a significant proposal advocating for the elimination of the Capital Value Tax (CVT) on foreign assets of residents in the upcoming budget for 2024-25.
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FPCCI Demands SRO 350 Withdrawal to Ease Compliance Costs
PkRevenue.com — The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has called on tax authorities to withdraw SRO 350(I)/2024, citing increased compliance costs and bureaucratic hurdles for registered taxpayers.
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