KARACHI: Taxpayers are liable to pay advance tax against their estimated annual income on quarterly basis under Income Tax Ordinance, 2001.
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Pakistan Revenue delivers the latest taxation news, covering income tax, sales tax, and customs duty. Stay updated with insights on tax policies, regulations, and financial developments in Pakistan.
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FBR set to launch Benami law to trace black money
ISLAMABAD: Federal Board of Revenue (FBR) is set to make Benami Law operational with strict action to confiscate property if it was held by a person and payment made by another person.
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FBR notifies major reshuffle in IRS; 42 officers transferred
ISLAMABAD: Federal Board of Revenue (FBR) on Thursday announced major reshuffle in Inland Revenue Service (IRS) as 42 officers of BS-17 to BS-20 transferred with immediate effect.
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FBR withdraws credit card details on sales through POS
KARACHI: Federal Board of Revenue (FBR) has withdrawn requirement of details of credit card holder in case sales made through Point of Sale (POS) of textile and leather sectors under concessionary regime.
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Income Tax Ordinance 2001: taxation on non-resident ship owner, charterer
KARACHI: A ship owned or chartered by a non-resident person before leaving any port in Pakistan is required to furnish a return of income.
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FBR starts receiving real-time sales information from 2,574 outlets of textile, leather sectors
ISLAMABAD: Around 2,574 outlets of 75 units of textile and leather sectors have started real-time information of their sales to Federal Board of Revenue (FBR), a statement said on Wednesday.
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FBR releases 24pc less refunds in seven months amid huge collection shortfall
ISLAMABAD: The issuance of refunds by Federal Board of Revenue (FBR) decline by 24 percent yet the net collection for the first seven months witnessed huge shortfall.
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Suppressed sales tax auditors and challenging revenue collection
KARACHI: Sales Tax / Value Added Tax (VAT) is the most significant source of tax collection in the world. Unlike direct tax it is known as tax on consumption and involves various ways and means to avoid/evade legitimate government revenue.
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Income Tax Ordinance 2001: Tax recovery due by non-resident member of AOP
KARACHI: The Federal Board of Revenue (FBR) has been granted expanded authority to recover outstanding taxes from resident Associations of Persons (AOP) in cases where a non-resident member of the AOP has pending tax liabilities. This development follows a significant amendment to Section 142 of the Income Tax Ordinance, 2001.
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Income Tax Ordinance 2001: Liquidators require to inform commissioner in 14 days of taking possession of assets
KARACHI: A liquidator is required to inform Commissioner of Inland Revenue in 14 days of taking possession of an asset. Federal Board of Revenue (FBR) recently updated Income Tax Ordinance, 2001 which explained liquidators under Section 141 for recovery of tax from taxpayers in default.
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