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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Stay updated on taxation news, tax laws, FBR policies, compliance, audits, income tax, sales tax, and fiscal developments in Pakistan.
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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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FPCCI Advocates Revoking Section 8B of Sales Tax Act
PkRevenue.com — The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has called for the revocation of Section 8B of the Sales Tax Act, 1990 in the forthcoming budget for the fiscal year 2024-25.
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FPCCI Calls for Abolishment of Further Tax in 2024-25 Budget
PkRevenue.com – The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has proposed the elimination of the further tax in the forthcoming 2024-25 budget, aiming to alleviate the burden on the business community.
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