Karachi, September 6, 2023 – The National Bank of Pakistan (NBP) has disclosed that its total tax contingencies have risen to Rs 29.26 billion, according to official documents released recently.
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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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Lady Customs Officer Penalized for Inefficiency and Misconduct at Islamabad Airport
Islamabad, September 5, 2023 – The Federal Board of Revenue (FBR) has imposed a significant penalty on a lady customs officer Ms. Faiza Naeem, an Appraising Officer stationed at the Air Freight Unit, Islamabad International Airport.
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Pakistan Tightens Checks on Petroleum Levy Collection
Karachi, September 5, 2023 – Pakistan has taken significant steps to enhance oversight and control over the collection of petroleum levy, signaling a move towards more transparent and efficient revenue collection in the petroleum sector.
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FBR Reaffirms Tax Exemption for Agriculture Income under Updated Tax Laws
Karachi, September 5, 2023 – The Federal Board of Revenue (FBR) has affirmed that agriculture income is exempted from federal income tax laws in Pakistan.
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Sindh Revenue Board Advises Taxpayers to Verify Active Status Online
Karachi, September 5, 2023 – The Sindh Revenue Board (SRB) issued a public notice on Tuesday urging taxpayers to utilize the online portal to check their active status.
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Date for Capital Gain Tax Collection on Share Disposal Announced
Karachi, September 5, 2023 – The National Clearing Company of Pakistan Limited (NCCPL) has announced that the collection of capital gain tax (CGT) on the disposal of shares will take place on September 12, 2023.
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Pakistan’s Active Taxpayers List Reaches Record High of 4.54 Million
Karachi, September 5, 2023 – Pakistan’s Active Taxpayers List (ATL) has reached an all-time high, with approximately 4.54 million individuals and businesses now on the list, according to official documents released by the Federal Board of Revenue (FBR), Pakistan’s apex tax agency.
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FBR Provides Explanation for Provision Regarding Consumer Loans
Karachi, September 4, 2023 – The Federal Board of Revenue (FBR) has explained the provision related to consumer loans in the updated Income Tax Ordinance, 2001, effective from July 1, 2023.
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FBR Releases Guidelines for Tax Payment on Immovable Properties Under Section 7E
Karachi, September 4, 2023 – The Federal Board of Revenue (FBR) has issued comprehensive guidelines on the procedure for income tax payment under Section 7E of the Income Tax Ordinance, 2001.
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New Insertion for Section 7E Declaration in Return Form Creates Legal Issues
Karachi, September 4, 2023 – The recent insertion for declaring properties under Section 7E of the Income Tax Ordinance, 2001, in the online return form has given rise to legal issues.
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