Green industry in Pakistan has been defined for Tax Year 2024 under updated Sales Tax Act, 1990 released by Federal Board of Revenue (FBR).
(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.
-
Tax Collection from Profit on Debt Surges by 103% Amid Soaring Interest Rates
Karachi, November 11, 2023 – The fiscal landscape of Pakistan has witnessed a remarkable surge, with tax collection from profit on debt skyrocketing by an impressive 103 percent, propelled by the prevailing high-interest rates, according to an official report.
(more…) -
State Bank of Pakistan Sheds Light on Key Tax Measures Introduced in FY23
Karachi, November 11, 2023 – The State Bank of Pakistan (SBP) has shed light on pivotal tax measures unveiled in the fiscal year 2022-23, emphasizing the transformative impact of these initiatives on the economic landscape.
(more…) -
FBR Introduces Electronic Sales Tax Invoice Rules to Modernize Transaction Recording
Islamabad, November 10, 2023 – The Federal Board of Revenue (FBR) has taken a significant step toward modernizing tax documentation with the issuance of rules for electronic sales tax invoices.
(more…) -
Tax Rates on Foreign Transactions via Credit or Debit Cards Unveiled for Tax Year 2024
Tax rates on foreign transactions through credit or debit cards have been unveiled for tax year 2024 by the Federal Board of Revenue (FBR).
(more…) -
FBR Directs 52 IRS Officers to Submit Asset Declaration and Performance Reports
Islamabad, November 7, 2023 – The Federal Board of Revenue (FBR) has taken a significant step to ensure transparency and compliance within its ranks. In an official communication issued today, the FBR directed 52 officers from the Inland Revenue Service (IRS) to promptly submit their asset declaration and performance reports.
(more…) -
FBR Sends Acknowledgement of Return Filing for Tax Year 2023
Islamabad, November 7, 2023 – The Federal Board of Revenue (FBR) is taking a proactive step in acknowledging taxpayers for their compliance with income tax return filing for the tax year 2023, boosting trust and confidence in the tax system.
(more…) -
Pakistan Customs to Sell Confiscated Goods at 50% Discount to Utility Stores
Karachi, November 6, 2023 – Pakistan Customs has received authorization to offer confiscated and seized goods at a substantial 50 percent discount to the Utility Stores Corporation (USC).
(more…) -
Number of Active Taxpayers in Pakistan Crosses First-Time 5-Million Mark
Karachi, November 6, 2023 – Pakistan has achieved a historic milestone as the number of active taxpayers in the country surpassed the 5-million mark for the first time.
(more…) -
FTO Directs FBR to Operationalize Directorate of Immovable Property Valuation
Islamabad, November 6, 2023 – The Federal Tax Ombudsman (FTO) has issued a directive to the Federal Board of Revenue (FBR) to operationalize the ‘Directorate General of Immovable Property,’ established under section 230F through the Finance Act of 2018.
(more…)