Karachi, April 23, 2024 – The Federal Board of Revenue (FBR) is contemplating the reintroduction of the prize scheme for invoices issued via Point of Sale (POS) systems to promote better documentation of retail transactions.
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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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NCCPL to Collect Capital Gains Tax on April 30, 2024
Karachi, April 23, 2024 – The National Clearing Company of Pakistan Limited (NCCPL) has confirmed that it will be collecting Capital Gains Tax (CGT) for transactions conducted in March 2024 on the upcoming date of April 30, 2024.
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FBR Gets Proposal to Align Property Valuations with FMV
Karachi, April 23, 2024 – The Federal Board of Revenue (FBR) is reviewing a pivotal proposal from the Pakistan Business Council (PBC) aimed at enhancing property valuations to align closer with the fair market value (FMV).
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FBR Intensifies Crackdown on Illicit Tobacco Trade Nationwide
Islamabad, April 22, 2024 – In a significant move to combat the menace of illegal tobacco trade and to protect the nation’s revenue, the Federal Board of Revenue (FBR) launched a comprehensive crackdown across the country, raiding multiple outlets involved in selling counterfeit and non-stamped cigarettes.
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FBR Intensifies Crackdown on Counterfeit Goods
The Federal Board of Revenue (FBR) has intensified crackdown on counterfeit goods to ensure compliance with digital tax stamp regulations on key commodities, including cigarettes, sugar, and fertilizers.
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Lahore Tax Bar Fights Proposal to Dissolve Primary Tax Appeals
In a recent move that has stirred considerable controversy, the Lahore Tax Bar Association (LTBA) has strongly opposed the government’s proposal to dismantle the primary Appellate Forum of Commissioner Appeals, arguing that such a decision could significantly disrupt the enforcement of critical fiscal laws and unfairly affect taxpayers’ rights across the country.
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FTO and FBR Address Taxpayer Concerns
Federal Tax Ombudsman (FTO), Dr. Asif Mahmood Jah, convened a significant meeting with Member Inland Revenue (Operations) of the Federal Board of Revenue (FBR), Mir Badshah Khan Wazir, and his team to deliberate on issues concerning taxpayers.
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Tajir Dost Scheme – A Potential Missed Opportunity?
The recent unveiling of the Tajir Dost Scheme (TDS) by the Federal Board of Revenue (FBR) has sparked discussions and debates across Pakistan.
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Pakistan Customs Assures LIVE System to Safeguard Trade
In a bid to bolster transparency and efficiency in trade operations, Pakistan Customs has rolled out the LIVE System, a cutting-edge initiative aimed at protecting the interests of the business community and ensuring a conducive environment for economic growth.
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FBR Removes Balance Sheet Requirement for Tax Return Filing
In a move aimed at reducing administrative burdens and facilitating compliant taxpayers, the Federal Board of Revenue (FBR) has eliminated the requirement of submitting balance sheets detailing assets and liabilities alongside monthly sales tax returns for those already enlisted with the sales tax department.
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