Karachi, August 25, 2023 – The Federal Board of Revenue (FBR) has taken legal action against Faysal Bank Limited concerning a tax dispute related to the taxability of gains on a bargain purchase.
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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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Three Customs Officials Dismissed Over Involvement in Mega Clearance Scam
Karachi, August 25, 2023 – In a significant development, the Federal Board of Revenue (FBR) has taken decisive action against corruption within its ranks by dismissing three customs officials for their involvement in a major clearance scam.
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FBR to Treat Speculation Business Separately for Tax Imposition
Karachi, August 24, 2023 – In a significant development, the Federal Board of Revenue (FBR) has announced that it will now treat speculation business as a distinct entity for tax purposes.
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FBR Affirms Profits and Gains as Constituent of Business Income for Taxation
Karachi, August 23, 2023 – The Federal Board of Revenue (FBR) has confirmed that profits and gains arising from any business activity will be considered a component of an individual’s income for tax purposes.
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Understanding Income from Property and Taxation in Pakistan
Karachi, August 23, 2023 – The Federal Board of Revenue (FBR) in Pakistan has recently issued an updated version of the Income Tax Ordinance, 2001, shedding light on how to determine income from property in the country.
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FBR Seizes Large Quantity of Cigarettes from Leading Manufacturer for Tax Violations
Islamabad, August 22, 2023 – In a significant crackdown on tax law violations, the Federal Board of Revenue (FBR) has seized a substantial quantity of cigarettes from a prominent manufacturer.
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FPCCI Demands Immediate Withdrawal of Section 7E Across Pakistan
Karachi, August 22, 2023 – The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has issued a stern demand to tax authorities for the immediate withdrawal of Section 7E across the entire country.
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SBP Implements DIRBS Payments for AJK and Gilgit-Baltistan
Karachi, August 22, 2023 – The State Bank of Pakistan (SBP) has taken a significant step in enhancing the convenience of mobile device registration in Azad Jammu and Kashmir (AJK) and Gilgit-Baltistan (GB) by implementing the Device Identification Registration & Blocking System (DIRBS) in these regions.
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FBR Notifies Rules to Fully Implement Pakistan Single Window
Islamabad, August 22, 2023 – In a significant move towards streamlining trade processes and enhancing compliance, the Federal Board of Revenue (FBR) has issued a notification to enforce the Pakistan Single Window (PSW) system for all government agencies.
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Pakistan Collects Rs 417 Billion as Sales Tax on Services During FY23
Karachi, August 22, 2023 – Pakistan has achieved a significant milestone by collecting a total of Rs 417 billion as sales tax on services during the fiscal year 2022-23, as disclosed by official documents on Tuesday.
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