Islamabad, November 30, 2023 – The Federal Board of Revenue (FBR) has delivered a stern warning to sugar millers, cautioning them against sales tax evasion and emphasizing the potential consequences, including a three-year jail sentence.
(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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Inland Revenue Offices Extend Working Hours Today for Tax Collection
Karachi, November 30, 2023 – The Federal Board of Revenue (FBR) has announced extended working hours for Inland Revenue offices on Thursday.
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Islamabad High Court Grants Stay on Windfall Tax for Banks
Islamabad, November 30, 2023 – The Islamabad High Court (IHC) has issued a stay order on Wednesday, suspending the implementation of a one-off 40 percent tax recently imposed by the government on bank profits derived from foreign exchange transactions over the past two years.
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FBR Officials Granted Amnesty for Return Filing: A Stark Mockery of Pakistan’s Taxation System
Karachi, November 29, 2023 – The Federal Board of Revenue (FBR) officials, entrusted with upholding Pakistan’s taxation integrity, have been afforded an extraordinary amnesty for filing their income tax returns, a move that is being denounced as a blatant mockery of the nation’s tax structure.
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Pakistan’s Tax Authorities Introduce Stringent Measures in Pursuit of New Taxpayers
Karachi, November 29, 2023 – In a concerted effort to expand the national tax base, tax authorities in Pakistan, led by the Federal Board of Revenue (FBR), have implemented a series of measures aimed at identifying and registering new taxpayers.
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FBR Freezes Bank Accounts of National Flag Carrier for Rs 2.76 Billion Recovery
Karachi, November 29, 2023 – The Federal Board of Revenue (FBR) took stringent action on Wednesday by freezing all bank accounts of Pakistan International Airlines (PIA), the national flag carrier, in an effort to recover an outstanding tax amount of Rs 2.76 billion.
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FBR Plans Harsh Action for Windfall Tax Recovery from Banks
Karachi, November 29, 2023 – The Federal Board of Revenue (FBR) is gearing up for stringent measures to recover windfall tax from banks as the payment deadline looms.
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FBR Identifies Challenges in Achieving Rs 9.415 Trillion Target for 2023-24
Karachi, November 28, 2023 – The Federal Board of Revenue (FBR) has acknowledged the formidable challenges ahead in achieving the ambitious tax collection target of Rs 9.415 trillion for the fiscal year 2023-24.
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Customs Duty Collection Drops by 7.8% in FY23 on Falling Imports
Karachi, November 28, 2023 – The Federal Board of Revenue (FBR) has reported a 7.8 percent drop in customs duty collection during fiscal year 2022-23, attributing the decline to challenges arising from falling imports.
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Sales Tax Collection Grows Marginally by 2.3% Despite Uniform Rate Increase in FY23
Karachi, November 28, 2023 – The collection of sales tax during the fiscal year 2022-23 exhibited marginal growth of 2.3 percent, reaching Rs. 2,591 billion, despite an increase in the uniform sales tax rate to 18 percent.
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