Karachi, January 22, 2024 – In a significant development, Customs Laws in Pakistan have explicitly outlined a three-year jail term for those found guilty of falsifying declarations.
(more…)Category: Taxation
Stay updated on taxation news, tax laws, FBR policies, compliance, audits, income tax, sales tax, and fiscal developments in Pakistan.
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Tax Rates on Telephone and Internet Usage Notified for 2024
Karachi, January 22, 2024 – The tax rates for telephone and internet usage in Pakistan for the tax year 2024 have been officially notified through amendments to the Income Tax Ordinance, 2001.
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FBR Discovers Non-Filer Retailers in Door-to-Door Campaign
Karachi, January 20, 2024 – The Federal Board of Revenue (FBR) has unveiled plans to launch a door-to-door campaign targeting non-filer retailers.
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Pakistan Set to Enhance Tax Rates for Additional Revenue
Karachi, January 20, 2024 – In a bid to generate additional tax revenue, Pakistan is gearing up to implement increased tax rates, as outlined in the country report on Pakistan issued by the International Monetary Fund (IMF) on Friday.
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Pakistan Customs Implements Penalties for Illegal Goods Removal
Karachi, January 19, 2024 – In a bid to curb illicit activities related to goods landing on Pakistani soil, Pakistan Customs has introduced strict penalties for the unauthorized removal or concealment of goods before customs clearance.
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FBR Unveils Tax Rules on Insurance in Pakistan for 2024
Karachi, January 19, 2024 – The Federal Board of Revenue (FBR) in Pakistan has recently released the updated Income Tax Ordinance for the tax year 2024, shedding light on the tax rules applicable to the insurance industry.
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SRB Unveils Sales Tax Rates for Hotel Services in 2024
Karachi, January 18, 2024 – The Sindh Revenue Board (SRB) has taken a significant step in providing clarity to businesses and consumers by releasing the sales tax rates for services offered by hotels, restaurants, and similar establishments for the tax year 2024.
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Pakistan Customs to Immediately Confiscate Smuggled Currency
Karachi, January 18, 2024 – Pakistan Customs has ramped up its efforts to combat smuggling by announcing that it will now instantly confiscate currency, gold, or precious stones upon their discovery during anti-smuggling operations.
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FBR Announces Depreciation Rates for Tax Year 2024
Karachi, January 18, 2024 – In a move aimed at facilitating businesses and promoting transparency, the Federal Board of Revenue (FBR) has officially notified the depreciation rates for the Tax Year 2024.
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LHC Directs FBR to Halt Forceful Tax Recovery
Islamabad, January 18, 2024 – The Lahore High Court (LHC) has issued a landmark directive to the Federal Board of Revenue (FBR), instructing them to caution taxation officers against forceful tax recovery measures that infringe upon the fundamental rights of taxpayers.
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