Karachi, January 31, 2024 – The Federal Board of Revenue (FBR) has exceeded expectations by collecting a staggering Rs 5.15 trillion in the first seven months (July – January) of the fiscal year 2023-24, surpassing the assigned target of Rs 5,115 billion.
(more…)Category: Taxation
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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Renowned Restaurant Sealed by SRB Over Unpaid Sales Tax
Karachi, January 31, 2024 – In a stern move against non-compliant taxpayers, the Sindh Revenue Board (SRB) sealed the premises of the renowned Voco Café & Restaurant located at Block-4, Clifton, Karachi on Wednesday.
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Tax Offices Extend Working Hours Till 8:00 PM on January 31
Karachi, January 31, 2024 – The Federal Board of Revenue (FBR) has announced the extension of working hours for tax offices, with doors remaining open until 8:00 PM on Wednesday, January 31, 2024.
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KCAA Refutes Allegations, Calls for Regulatory Intervention
Karachi, January 31, 2024 – The Karachi Customs Agents Association (KCAA) has vehemently denied the recent allegations made by Asim Siddiqui, Chairman of the All Pakistan Shipping Association (APSA).
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Federal Cabinet Approves Sweeping Restructuring of FBR
Islamabad, January 30, 2024 – The Federal Cabinet, in a meeting on Tuesday, gave the green light to a comprehensive restructuring of the Federal Board of Revenue (FBR).
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Pakistan Improves Tax-to-GDP Ratio to 4.56% in 1HFY24
Karachi, January 30, 2024 – Pakistan has made significant strides in fiscal management as the tax-to-GDP ratio rose to 4.56 percent during the first half (July – December) of the fiscal year 2023-24, according to recent data released by the Ministry of Finance.
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Customs Official Faces Major Penalty for Duty Absence
Karachi, January 29, 2024 – In a significant development, Anoos Robin, an Inspector Customs (BS-16) at the Collectorate of Customs Appraisement-East, Lahore, has been slapped with a major penalty of dismissal from service due to prolonged unauthorized absence from duty.
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Tax Rates on Property Transfer Services in Sindh for 2024
Karachi, January 29, 2024 – The Sindh Revenue Board (SRB) has issued the prevailing sales tax rates on property transfer services for the tax year 2024, as outlined in the updated Sindh Sales Tax on Services Act, 2011.
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Pakistan Achieves New Record of 5.6 Million Active Taxpayers
Karachi, January 29, 2024 – In a milestone for fiscal governance, official data released on Monday revealed that the number of active taxpayers in Pakistan has soared to a new high of 5.6 million, as per the updated weekly Active Taxpayers List (ATL) for tax year 2022.
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FBR and FMU Workshop on Combating Tax Evasion
Islamabad, January 29, 2024 – In a significant step towards strengthening the fight against tax evasion, the Federal Board of Revenue (FBR) and the Financial Monitoring Unit (FMU) joined forces to organize a two-day workshop on financial intelligence.
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