Karachi, July 13, 2023 – Pakistan has allowed exemption from customs duty on imports by dignitaries of UAE, Qatar, Bahrain and Saudi Arabia during 2023-24 and onwards.
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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 Extends Tax Exemption of Rs12.24 Billion on Civil and Military Pensions
Karachi, July 13, 2023 – The Federal Board of Revenue (FBR) has announced an extension of income tax exemption totaling Rs12.24 billion on pensions disbursed to civil servants and military personnel.
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Hyderabad Customs to Hold Auction of Foreign Origin Motor Vehicles on July 14
Hyderabad Customs Collectorate has announced an upcoming auction of motor vehicles, set to take place on July 14, 2023. The auction will feature a range of foreign origin motor vehicles, offering an opportunity for interested buyers to acquire these vehicles at competitive prices.
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FBR Grants Anti-Smuggling Powers to Law Enforcement Agencies
Islamabad, July 11, 2023 – In a significant move, the Federal Board of Revenue (FBR) has delegated the authority to conduct anti-smuggling operations to various law enforcement agencies (LEAs) in Pakistan.
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FBR Officials Given Deadline for Furnishing Asset Declaration
The Federal Board of Revenue (FBR) has set a deadline of July 15, 2023, for all officers of the Inland Revenue Services (IRS) and Pakistan Customs Services (PCS) to submit their Declaration of Assets and Liabilities for the fiscal year ending on June 30, 2023.
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FBR Introduces Penalty for Non-Filing of Sales Tax Return, Imposes Stricter Guidelines
Karachi, July 9, 2023 – The Federal Board of Revenue (FBR) has taken a decisive step towards ensuring compliance with sales tax regulations by prescribing penalties for individuals and entities failing to furnish their monthly sales tax return.
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Beauty Parlors in Islamabad Required to Pay 15% Sales Tax on Services
In a recent development, beauty parlors and beauty clinics operating within the jurisdiction of Islamabad Capital Territory (ICT) are now obligated to pay a 15 percent sales tax on services, as per updated laws issued by the Federal Board of Revenue (FBR).
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Tax Return Filing for Year 2023 Begins in Pakistan
Islamabad, July 8, 2023 – The filing of annual income tax returns and statements of assets for the tax year 2023 has officially commenced in Pakistan, according to official sources from the Federal Board of Revenue (FBR). The FBR opened its return filing portal, known as IRIS, on July 1, 2023, covering the period from July 1, 2022, to June 30, 2023.
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FBR Apparently Achieves Rs7.2 Trillion Collection Target for FY23
Islamabad, July 8, 2023 – The Federal Board of Revenue (FBR) has reportedly achieved its revenue collection target of Rs7.2 trillion for the fiscal year 2022-23, according to sources.
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Tax Rate on Construction Services in Islamabad Set at 15 Percent
Islamabad, July 7, 2023 – The Federal Board of Revenue (FBR) has recently released the tax rate for construction services rendered within the jurisdiction of Islamabad Capital Territory (ICT).
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