PkRevenue.com – The Institute of Chartered Accountants of Pakistan (ICAP) has called on tax authorities to address the existing glitches in the process of adding or amending business bank accounts.
(more…)Category: Taxation
Stay updated on taxation news, tax laws, FBR policies, compliance, audits, income tax, sales tax, and fiscal developments in Pakistan.
-
What Tax Measures Are on the Cards in Pakistan 2024-25 Budget?
PkRevenue.com – Pakistan is gearing up to announce its budget for the fiscal year 2024-25 next week, but the tax measures remain unresolved. These decisions are critical for generating additional tax revenue to support the country’s economic framework.
(more…) -
ICAP Proposes Anti-Smuggling Measures for Afghan Transit Trade
PkRevenue.com – The Institute of Chartered Accountants of Pakistan (ICAP) has called for stricter measures to address rampant smuggling plaguing the Afghan Transit Trade (ATT).
(more…) -
Pakistan Stock Braces for Potential Tax Hike in 2024-25 Budget
PkRevenue.com – Pakistan stock market is jittery over rumors of an increase in capital gains tax (CGT) and dividend tax in the upcoming budget.
(more…) -
FBR Proposes Reduction of Sales Tax Exemptions in Budget
PkRevenue.com – In a significant development ahead of the federal budget for 2024-25, Tax Managers from the Federal Board of Revenue (FBR) have put forward a recommendation to curtail sales tax exemptions.
(more…) -
IRS Officers Association Elects Office Bearers for Term 2024-26
PkRevenue.com – The Association of Inland Revenue Service (IRS) Officers has elected new office bearers for the term 2024-26. The election, held on Wednesday, saw a robust participation from members, resulting in the election of a dynamic leadership team to steer the association forward.
(more…) -
FTO Directs FBR to Streamline WHT Collection from Banks
PkRevenue.com – The Federal Tax Ombudsman (FTO) has issued a directive to the Federal Board of Revenue (FBR) to overhaul and streamline the withholding tax collection system from commercial banks. This order comes after numerous studies and internal investigations highlighted significant inefficiencies in the current regime.
(more…) -
LHC Rules Against Retrospective Super Tax for Tax Year 2022
PkRevenue.com – The Lahore High Court (LHC) has declared that the super tax under Section 4C of the Income Tax Ordinance, 2001, cannot be imposed retrospectively on companies and individuals for the tax year 2022.
(more…) -
FBR Intelligence Unearths Rs 22 Billion Sales Tax Fraud
PkRevenue.com – The Federal Board of Revenue (FBR) has uncovered a massive sales tax fraud amounting to approximately Rs 22 billion. A statement released on Tuesday revealed that the Directorate General of Intelligence and Investigation-Inland Revenue in Hyderabad and Karachi has dismantled a network of tax fraudsters responsible for inflicting significant financial losses on the National Exchequer.
(more…) -
FBR Portal Glitches Hamper Sales Tax Registration: KTBA
PkRevenue.com — The Karachi Tax Bar Association (KTBA) has raised concerns about technical issues on the Federal Board of Revenue (FBR) portal that are hindering the sales tax registration process.
(more…)