Karachi, October 2, 2023 – The Federal Board of Revenue (FBR) has granted taxpayers the ability to offset losses against capital gains, providing relief and flexibility in income tax matters. Official sources confirmed this change on Monday, shedding light on the new provisions.
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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 Updates Income Tax Rates on Brokerage and Commission for FY24
Karachi, October 1, 2023 – The Federal Board of Revenue (FBR) has released updated income tax rates for brokerage and commission, which will be applicable for the tax year 2024. These revised rates, effective from July 1, 2023, have been introduced through amendments to the Income Tax Ordinance, 2001.
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FBR Extends Income Tax Return Filing Deadline to October 31, 2023
Islamabad, September 30, 2023 – Responding to pleas from trade bodies and various tax bar associations, the Federal Board of Revenue (FBR) announced on Saturday that it is extending the deadline for filing income tax returns for Tax Year 2023 by one month.
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High-Powered Task Force Formed to Propose Tax Reforms in Pakistan
Islamabad, September 30, 2023 – Pakistan has established a high-powered task force with the aim of formulating substantial tax reforms in the country. A notification issued by the Federal Board of Revenue (FBR) on Saturday detailed the composition and objectives of this task force.
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Pakistan Surpasses Tax Collection Q1 Target with FBR Collecting Rs 2.04 Trillion
Islamabad, September 30, 2023 – Pakistan has exceeded its tax collection target for the first quarter of fiscal year 2023-24, with the Federal Board of Revenue (FBR) successfully collecting Rs 2.04 trillion during this period.
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New Managing Committee Takes Charge at KCAA
Karachi, September 30, 2023 – The newly elected members of the managing committee of the Karachi Customs Agents Association (KCAA) have officially assumed their roles for the term 2023-24.
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SRB Registers Unprecedented 44% Revenue Collection Growth in First Quarter of FY24
Karachi, September 30, 2023 – The Sindh Revenue Board (SRB) has reported an extraordinary 44 percent surge in the collection of sales tax on services during the first quarter of fiscal year 2023-24.
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FBR Addresses Concerns on IRIS 2.0 Functionality, Responds to KTBA
Islamabad, September 30, 2023 – The Federal Board of Revenue (FBR) responded on Saturday to objections raised concerning the performance of the online return filing portal, IRIS 2.0, effectively dispelling doubts raised by the Karachi Tax Bar Association (KTBA).
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KTBA Sheds Light on Tax Return Challenges Amid Online Portal Woes
Karachi, September 30, 2023 – The Karachi Tax Bar Association (KTBA) has issued a formal statement addressing the significant challenges faced by taxpayers attempting to file their annual income tax returns due to multiple issues within the Federal Board of Revenue’s (FBR) online portal.
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Pakistan to Announce Important Tax Return Filing Extension on September 30
Islamabad, September 29, 2023 – Pakistan is gearing up for a significant announcement set to be made on Saturday, September 30, 2023, pertaining to the last date for tax return filing for the tax year 2023.
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