Karachi, November 23, 2023 – The Federal Board of Revenue (FBR) has announced the granting of travel allowances to tax officials deployed at business premises of taxpayers for the purpose of monitoring transactions.
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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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FBR Issues Notification on Windfall Tax Computation for Banks
Islamabad, November 22, 2023 – The Federal Board of Revenue (FBR) has issued a crucial notification on Wednesday, outlining the process for the computation of windfall tax on banks.
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FTO Resolves Advance Income Tax Issue on Mosque Electricity Bill
Karachi, November 22, 2023 – Following the intervention of the Federal Tax Ombudsman (FTO), a matter concerning the improper deduction of advance income tax on the electricity bill of Masjid Al Noor (Trust) has been successfully resolved.
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LTO Karachi Summons Sugar Millers in Tax Fraud Probe
November 22, 2023 – The Large Taxpayers Office (LTO) Karachi, a crucial revenue collection arm of the Federal Board of Revenue (FBR), has intensified its investigation into sales tax fraud, summoning sugar millers to appear before an inquiry regarding the issuance of fake and flying invoices.
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Inland Revenue Officers Granted Powers to Arrest Sales Tax Fraud During Tax Year 2024
Karachi, November 22, 2023 – The Federal Board of Revenue (FBR) has bestowed unprecedented powers upon Inland Revenue officers to arrest individuals involved in sales tax fraud during the tax year 2024.
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FBR Announces Rates of Sales Tax Default Surcharge for Tax Year 2024
Karachi, November 21, 2023 – The Federal Board of Revenue (FBR) has notified the rates of default surcharge under the Sales Tax Act, 1990, for the tax year 2024.
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Pakistan Customs Reveals Startling 330% Surge in Almond Imports under Afghan Transit Trade
Karachi, November 20, 2023 – Pakistan Customs has disclosed a staggering 330% increase in almond imports under the Afghan Transit Trade, while simultaneously reporting a significant 62% decline in direct imports into Pakistan.
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FBR Sets Monetary Penalties for Failure in Sales Tax Return Filing in Tax Year 2024
The Federal Board of Revenue (FBR) has introduced monetary penalties for individuals or entities failing to file their sales tax returns for the Tax Year 2024.
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Tax Evaders Get Chance to Avoid Harsh Action Under Pakistan Laws
Karachi, November 19, 2023 – In a bid to encourage voluntary compliance and streamline tax processes, tax evaders in Pakistan now have the opportunity to avoid severe consequences by paying fines and penalties at the preliminary stage of investigation.
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Pakistan Permits Sales Tax Invoices in English or Urdu Language
Karachi, November 19, 2023 – Pakistan has granted taxpayers the flexibility to issue sales tax invoices in either English or Urdu language for documenting transactions, according to the updated Sales Tax Act of 1990 for the tax year 2024.
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