Karachi, July 5, 2023 – The tax authorities have issued a stern warning to retailers, informing them of the possibility of a three-year jail term for selling contraband cigarettes. In a bid to curb the sale of unapproved and smuggled goods in the country, the government has recently amended the Sales Tax Act of 1990, introducing new penalties for offenders.
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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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LTO Karachi Surpasses FY23 Target, Collects Nearly Rs2 Trillion Amid Economic Challenges
Karachi, July 5, 2023 – The Large Taxpayers Office (LTO) Karachi has exceeded its revenue collection target for the fiscal year 2022-23, amassing approximately Rs2 trillion, according to officials on Wednesday.
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Pakistan Retains Higher Sales Tax Rate at 18% for 2023-24 and Onwards
Islamabad, July 5, 2023 – In a move that may impact the economy and burden the masses, Pakistan has decided to retain the higher rate of general sales tax at 18 percent for the fiscal year starting July 1, 2023, and continuing onwards. The decision was announced by the Federal Board of Revenue (FBR) sources today.
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IT Services Face 15% Sales Tax Imposition in Islamabad
Islamabad, July 4, 2023: The Federal Board of Revenue (FBR) has mandated a 15 percent sales tax on IT services and IT-enabled services within the jurisdiction of Islamabad, the capital city of Pakistan. This decision, effective from July 1, 2023, aims to enhance tax revenue collection in the IT sector.
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FBR Enforces 15% Sales Tax on Services Provided by Hotels in Islamabad
Islamabad, July 4, 2023: The Federal Board of Revenue (FBR) has recently implemented a 15 percent sales tax on various services offered by hotels, clubs, and other establishments in Islamabad. This decision aims to enhance revenue collection and streamline taxation procedures within the hospitality sector.
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FBR Takes Action: Principal Appraiser of Karachi Customs Suspended
Karachi, July 3, 2023: The Federal Board of Revenue (FBR) has taken disciplinary action against a principal appraiser of Karachi Customs.
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FBR applies new advance tax rates on car registration from July 1
Karachi, July 2, 2023: FBR, the Federal Board of Revenue, has implemented new advance tax rates on car registration effective from July 1, 2023.
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Progressive Rates of Super Tax with Increased Threshold Implemented from July 2023
Karachi, July 2, 2023: The Finance Act, 2023 has introduced progressive rates of Super Tax with an enhanced threshold, bringing changes to the existing super tax rates previously enacted for the tax year 2022. These new rates will apply from the tax year 2023 and onwards.
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SRB Collects Over Rs185 Billion; Surpasses Target for Second Consecutive Year
Karachi, June 30, 2023 — The Sindh Revenue Board (SRB) has achieved a remarkable milestone by collecting a record-breaking revenue of Rs185.3 billion during the fiscal year 2022-23, surpassing its assigned target for the second consecutive year.
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Pakistan Implements Additional Tax on Unexpected Income
Islamabad, June 29, 2023: Starting from July 1, 2023, Pakistan has introduced an additional tax on unexpected income, profit, and gains. The Federal Board of Revenue (FBR) has been granted the authority to collect this tax.
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