The Revenue and Reform Mobilization Commission (RRMC) has proposed a simplified sales tax return system to bolster compliance among taxpayers.
(more…)Category: Taxation
Stay updated on taxation news, tax laws, FBR policies, compliance, audits, income tax, sales tax, and fiscal developments in Pakistan.
-
Commission Raises Concerns Over Verification of Freight Charges and Valuation in Import Sector
Islamabad, June 5, 2023: A high-powered commission, appointed by the finance minister of Pakistan, has expressed concerns regarding the verification of freight charges in CFR/CNF (Cost and Freight/Cost, Insurance, and Freight) invoices, which has led to potential underdeclaration of CNF values and the exclusion of freight charges on the Bill of Lading.
(more…) -
Karachi Tax Bar Association Proposes Sales Tax Relief for Non-Profit Organizations
The Karachi Tax Bar Association (KTBA) has presented a tax proposal aimed at providing relief to charitable and non-profit organizations engaged in charitable activities.
(more…) -
KTBA Raises Concerns Over Undescribed Timelines under Sales Tax Law
The Karachi Tax Bar Association (KTBA) has recently highlighted the issue of undescribed timelines under the Sales Tax Law in Pakistan.
(more…) -
Customs Launches Crackdown on Smuggled Cigarettes, Seizes Rs 33.6 Million Worth
In response to a surge in cigarette smuggling following the increase in Federal Excise Duty (FED), Pakistan Customs has taken decisive action by launching a countrywide crackdown.
(more…) -
Anticipated Tax Measures in the Federal Budget 2023-24
The upcoming federal budget for 2023-24 is expected to include a range of tax measures aimed at achieving a tax revenue target of Rs9-9.2 trillion.
(more…) -
ICAP Urges Tax Authorities to Revise Tax Rates and Regimes in Budget 2023-2024
Institute of Chartered Accountants of Pakistan (ICAP) has raised concerns over the current tax rates and tax regimes in the country, urging the tax authorities to revisit them in the upcoming budget for the fiscal year 2023-2024.
(more…) -
KTBA President highlights key tax proposals for budget 2023-2024
Syed Zafar Ahmed, President of the Karachi Tax Bar Association (KTBA), has recently submitted a series of important tax proposals for inclusion in the upcoming Finance Bill 2023.
(more…) -
KTBA Proposes Amendments for Fairer Tax Recoveries via Frozen Bank Accounts
Karachi Tax Bar Association (KTBA) has proposed significant amendments to the existing laws concerning tax recoveries through the freezing of bank accounts.
(more…) -
FBR Falls Short of Tax Collection Target for May 2023
The Federal Board of Revenue (FBR) in Pakistan faced a setback in May 2023 as it failed to meet the tax collection target by Rs49 billion. Despite achieving growth in certain areas, a combination of reduced imports, a sluggish economy, and revised GDP growth rates posed challenges for the FBR.
(more…)