Karachi, July 8, 2024 – The Finance Act of 2024 has granted new powers to Inland Revenue (IR) officers in Pakistan, significantly enhancing their authority to recover unpaid or underpaid taxes from individuals and businesses.
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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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Pakistan Customs Vows Speedy Clearance for Businesses
Karachi, July 8, 2024 – Pakistan Customs pledged to expedite customs clearance procedures during a meeting with representatives from the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Monday.
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Finance Act 2024 Unveils Best Judgement Assessment for ST
Karachi, July 7, 2024 – The Finance Act, 2024 has introduced significant changes to the best judgement assessment process under sales tax laws in Pakistan. A new section, 11D, has been added to the Sales Tax (ST) Act, 1990, aiming to streamline and strengthen tax compliance.
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Pakistan Strengthens Oversight of Foreign Gifts and Donations
Karachi, Pakistan – July 7, 2024 – The Pakistan government has implemented stricter regulations governing the receipt of foreign gifts and donations by public officials and organizations.
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Customs Appellate Tribunal Revamped for Faster Case Resolution
Karachi, Pakistan – July 7, 2024 – The Finance Act, 2024 has ushered in a significant change aimed at expediting the resolution of customs-related disputes. The Act amends Section 194 of the Customs Act, 1969, outlining a revised structure for the Customs Appellate Tribunal (CAT).
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Tax Return Filing Season 2024 Begins in Pakistan
Karachi, July 7, 2024 – The commencement of the annual income tax return filing for tax year 2024 marks a pivotal moment for taxpayers in Pakistan as the Federal Board of Revenue (FBR) has officially launched the finalized return forms.
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Aurangzeb Pledges to Enroll All Traders in Tax Net
Finance Minister Senator Muhammad Aurangzeb reaffirmed on Saturday the government’s commitment to bring all traders into the tax net, underscoring that no exceptions would be made.
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Petroleum Dealers Win Tax Dispute with Government
Karachi, July 7, 2024 – Pakistan’s petroleum dealers have successfully convinced the government to reverse a new tax regulation after arguing it amounted to double taxation.
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Pakistan Cracks Down on Nuclear Smuggling with New Laws
Karachi, July 6, 2024 – Pakistan has taken a significant step towards bolstering national and international security by introducing stricter penalties for the smuggling of nuclear and radioactive materials.
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FBR Nets 4.5 Million Potential Tax Evaders in Digital Dragnet
Islamabad, July 6, 2024 – Pakistan’s Federal Board of Revenue (FBR) has made a significant breakthrough in its efforts to combat tax evasion. In a briefing presented to Prime Minister Shehbaz Sharif, the FBR identified a staggering 4.5 million individuals with taxable income who are currently not registered within the national tax system.
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