Karachi, September 21, 2024 – Prime Minister Shehbaz Sharif has given the green light to the Federal Board of Revenue (FBR) to aggressively target Pakistan’s wealthiest citizens under a transformation plan aimed at addressing tax evasion and increasing revenue collection.
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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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Definition of Person – Section 80 of Income Tax Ordinance 2001
Karachi, September 21, 2024 – The Federal Board of Revenue (FBR) has issued an updated explanation on the definition of a “person” for the purposes of tax treatment under Section 80 of the Income Tax Ordinance, 2001. This revision, updated up to June 30, 2024, clarifies who qualifies as a “person” and is thereby subject to tax under the laws of Pakistan.
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FBR Sticks to No Deadline Extension in Return Filing for TY 2024
Islamabad, September 21, 2024 – The Federal Board of Revenue (FBR) has made it clear that there will be no extension for the deadline to file income tax returns for the tax year 2024, emphasizing the importance of compliance among taxpayers.
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Cabinet Approves Reconstitution of PRAL Board of Directors
Islamabad, September 21, 2024 – The Cabinet Committee on State-Owned Enterprises (CCoSOEs) has approved the reconstitution of the Board of Directors for Pakistan Revenue Automation (Private) Limited (PRAL), a key entity under the Revenue Division.
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FBR Enforces Banking Requirement for Property Deals
Karachi, September 20, 2024 — In a significant move aimed at enhancing transparency and combating tax evasion, the Federal Board of Revenue (FBR) has mandated that all immovable property transactions exceeding Rs 5 million must be conducted through the banking channel.
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FBR Issues Strict Warnings Ahead of Return Filing Deadline
Karachi, September 19, 2024 – The Federal Board of Revenue (FBR) issued a stern reminder to taxpayers on Thursday regarding the upcoming deadline for filing income tax returns for the fiscal year 2024, with warnings of serious consequences for non-compliance.
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FBR Launches Audit of Properties, Vehicles, Banking Transactions
Karachi, September 19, 2024 – The Federal Board of Revenue (FBR) has embarked on an extensive audit of properties, motor vehicles, and banking transactions, marking a significant step toward strengthening tax compliance and enforcement across Pakistan.
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Checklist for Filing Income Tax Return 2024
As the deadline of September 30, 2024, for filing annual income tax returns for the tax year 2024 draws near, taxpayers in Pakistan are advised to gather the necessary documents to ensure smooth compliance with tax regulations.
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Disposal, Acquisition of Assets Under Pakistan Income Tax Laws
Karachi, September 19, 2024 – The Federal Board of Revenue (FBR) has provided a comprehensive clarification regarding the disposal and acquisition of assets under Pakistan’s Income Tax laws. The updated provisions, outlined in Section 75 of the Income Tax Ordinance, 2001 (as of June 30, 2024), aim to ensure transparency and proper tax compliance concerning asset transactions in the country.
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FBR Announces Major Overhaul to Active Taxpayers List Rules
Karachi, September 18, 2024 – In a significant development, the Federal Board of Revenue (FBR) has unveiled comprehensive amendments to the rules governing the Active Taxpayers List (ATL).
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