Islamabad, October 26, 2023 – In a significant development, officials of the Federal Board of Revenue (FBR) have been granted a duty exemption in the forthcoming general elections.
(more…)Category: Taxation
Stay updated on taxation news, tax laws, FBR policies, compliance, audits, income tax, sales tax, and fiscal developments in Pakistan.
-
FBR Declines to Revise Tax Exemption on Salary Threshold
Islamabad, October 25, 2023 – The Federal Board of Revenue (FBR) has officially declared that it has no intentions to revise the current tax exemption threshold for salaried individuals, putting an end to speculation surrounding potential changes in tax policy.
(more…) -
Karachi Tax Bar Highlights Misalignment of Debt and Credit Notes, Urges FBR’s Swift Action
Karachi, October 25, 2023 – The Karachi Tax Bar Association (KTBA) has raised a red flag concerning the misalignment of debt and credit notes within the framework of tax regulations.
(more…) -
KTBA calls for removal of HS codes condition in sales tax returns
The Karachi Tax Bar Association (KTBA) has raised concerns and called for the removal of the condition requiring the reporting of HS codes in sales tax returns.
(more…) -
FBR Achieves Remarkable 41% Growth in Tax Collection from Salaries in FY23
Karachi, October 25, 2023 – The Federal Board of Revenue (FBR), Pakistan’s premier tax collection agency, has achieved a remarkable 41 percent growth in tax collection from salaries during the fiscal year 2022-23, based on official data.
(more…) -
FBR and KTBA Deliberate Return Filing Challenges as Deadline Nears
KARACHI, October 24, 2023 – The Federal Board of Revenue (FBR) and the Karachi Tax Bar Association (KTBA) convened on Tuesday to deliberate on challenges surrounding the filing of tax returns for the tax year 2023.
(more…) -
FBR Unlikely to Extend Deadline for Tax Return Filing Beyond October 31
Islamabad, October 24, 2023 – The Federal Board of Revenue (FBR) is expected to stick to the October 31, 2023, deadline for filing the annual return of income for tax year 2023, with no further extensions in sight. This decision follows the recent one-month extension granted by the FBR.
(more…) -
Pakistan Achieves Record-High Number of Active Taxpayers at 4.93 Million
Karachi, October 24, 2023 – Pakistan has achieved a historic milestone with a record-breaking 4.93 million active taxpayers, as per the latest data released by the Federal Board of Revenue (FBR).
(more…) -
Tax-to-GDP Ratio Falls to 8.5% in FY23 from Previous 9.2%: State Bank
Karachi, October 23, 2023 – The tax-to-GDP ratio in Pakistan has declined to 8.5 percent in the fiscal year 2022-23, down from the previous year’s 9.2 percent, according to official data revealed on Monday.
(more…) -
Conflicting Judgements Complicate Taxation of Properties for Pakistani Residents in UAE
Karachi, October 22, 2023 – As the deadline for filing income tax returns for 2023 approaches in Pakistan, a thorny issue has emerged, causing confusion among Pakistani tax residents who own properties in the United Arab Emirates (UAE).
(more…)