Karachi, July 17, 2023 – The Sales Tax Act in Pakistan has recently provided a clear definition for the term “cottage industry.” The Federal Board of Revenue (FBR) has issued an updated version of the Sales Tax Act, 1990, effective from July 1, 2023.
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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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Pakistan ATL Surges to 4.15 Million Following Cash Withdrawal Conditions Implementation
Islamabad, July 17, 2023 – The Pakistan Active Taxpayers List (ATL) has experienced a substantial growth, reaching a record high of 4.15 million individuals, after the introduction of cash withdrawal conditions on July 1, 2023. The Federal Board of Revenue (FBR) recently released an updated ATL for the tax year 2022, based on returns filed until July 16, 2023.
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FBR Invites Applications for Appointment of Advocates to Strengthen Legal Team
Karachi, July 17, 2023 – The Federal Board of Revenue (FBR) has announced an open invitation for applications for the appointment of advocates, aiming to assemble a smart and proficient legal team to support its tax department.
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High-level transfers rattle Pakistan Customs; FBR issues notification on Sunday
Islamabad, July 16, 2023 – High-level transfers have sent shockwaves through Pakistan Customs as the organization grapples with recent reports of bribery and corruption.
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Updated Definition of Company Under Sales Tax Laws
The Federal Board of Revenue (FBR) has recently issued an updated definition of a company under the Sales Tax Act, 1990, effective from July 1, 2023.
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Understanding Definition of Active Taxpayer Under Sales Tax Act, 1990
In an effort to streamline tax administration and promote compliance, the Federal Board of Revenue (FBR) has recently released an updated definition of an active taxpayer under the Sales Tax Act, 1990.
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FBR Bars Section 7E Defaulters from Selling Properties
Karachi, July 15, 2023 – The Federal Board of Revenue (FBR) has taken decisive action against individuals who default on tax liability under Section 7E of the Income Tax Ordinance, 2001, by prohibiting them from selling immovable properties.
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FBR Chairman Urges Taxpayers to Fulfill National Duty by Filing Tax Returns
Islamabad, July 14, 2023 – Asim Ahmad, the Chairman of the Federal Board of Revenue (FBR), emphasized the importance of taxpayers fulfilling their national duty by filing annual tax returns.
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Banks Initiate Withholding Tax on Cash Withdrawal
Karachi, July 14, 2023 – In compliance with the recently implemented amendment in the Income Tax Ordinance, 2001, through the Finance Act, 2023, banks have commenced deducting withholding tax on cash withdrawals exceeding Rs50,000 in a single day.
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Peshawar Customs Intelligence to Auction Confiscated Vehicles on July 18
Peshawar, July 14, 2023 – The Directorate of Customs Intelligence and Investigation (I&I), Peshawar, has announced an upcoming auction of confiscated motor vehicles scheduled to take place on July 18, 2023.
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