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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Stay updated on taxation news, tax laws, FBR policies, compliance, audits, income tax, sales tax, and fiscal developments in Pakistan.
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FBR Advises Taxpayers to Maintain Detailed Records for Tax Year 2024
Karachi, November 19, 2023 – The Federal Board of Revenue (FBR) has issued a directive advising taxpayers to maintain comprehensive records of purchases and supplies throughout the tax year 2024.
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FBR Launches Sweeping Crackdown Against Non-Filers by Cutting Mobile Phones and Electricity Connections
Karachi, November 18, 2023 – In a major move to enhance tax compliance, the Federal Board of Revenue (FBR) has initiated a significant crackdown against non-filers of tax returns by employing stringent measures, including the disabling of mobile phone and electricity connections, according to official sources on Saturday.
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FBR Targets Two Million New Taxpayers with Inauguration of 145 District Tax Offices
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FBR Illuminates Ramifications of Fake Invoices for Registered Taxpayers
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Government Empowered to Impose Windfall Tax Across Sectors with Section 99D
Karachi, November 16, 2023 –Section 99D of the Income Tax Ordinance, 2001, has granted the federal government the authority to levy an additional tax on windfall profits across various sectors of the economy, according to sources within the Federal Board of Revenue (FBR).
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Citizens Rejoice as Government Extends Sales Tax Holiday on Petroleum Products
Karachi, November 16, 2023 –The citizens in Pakistan are set to continue enjoying a sales tax holiday on the purchase of petroleum products throughout the second half of November 2023 in a move of the government aimed at providing relief to the masses amidst a global economic downturn.
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Banks to Contribute Rs 58 Billion in Windfall Tax Boosting Government Revenue
Karachi, November 16, 2023 – Banks in Pakistan are set to pay an additional Rs 58 billion in income tax following the federal cabinet’s approval of a 40 percent tax on windfall profits derived from foreign exchange transactions in 2021 and 2022.
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Pakistan Imposes 40% Tax on Banks’ Windfall Profits, Adding to Financial Burden
Karachi, November 16, 2023 –Pakistan has placed additional tax burdens on banks, introducing a 40% levy on windfall income profits from foreign exchange transactions.
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KTBA Urges Availability of Missing ‘Record of Beneficial Owners’ Form on FBR Portal
Karachi, November 15, 2023 – In a letter addressed to Malik Amjad Zubair Tiwana, Chairman of the Federal Board of Revenue (FBR), Syed Zafar Ahmed, President of the Karachi Tax Bar Association (KTBA), voiced serious concerns regarding the non-availability of the prescribed form for the submission of the ‘record of beneficial owners.’
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