Islamabad, August 11, 2024: The Federal Board of Revenue (FBR) has decisively quashed rumors swirling on social media about the alleged taxation of the prize money awarded to Arshad Nadeem, Pakistan’s golden athlete and the gold medalist at the Paris Olympics 2024.
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Find top stories in this section. Pakistan Revenue brings you the latest and most important news from Pakistan and around the world, keeping you informed with key updates and insights.
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SHC Upholds FBR’s Transfer Orders: IRS Officers’ Plea Rejected
Karachi, August 10, 2024 – The Sindh High Court (SHC) has delivered a significant ruling by dismissing the petition of 12 senior officials from the Inland Revenue Service (IRS), who had challenged their recent transfers to the Federal Board of Revenue’s (FBR) administrative pool.
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Entrustment Scheme: Pakistan Exempts Sales Tax on Gold Imports
Karachi, August 10, 2024 – Pakistan has granted a sales tax exemption on the import of gold under the entrustment scheme. The Federal Board of Revenue (FBR) announced the tax exemption, which has been introduced through the Finance Act, 2024. The exemption is part of broader changes made to the Sixth Schedule of the Sales Tax Act, 1990.
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FBR Doubles Sales Tax on Imported Computers and Laptops
Karachi, August 10, 2024 – The Federal Board of Revenue (FBR) has announced a significant increase in the sales tax rate on imported computers and laptops for the tax year 2024-25.
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CCP Slaps Rs60M Fine on Unilever Pakistan for Misleading Ads
KARACHI: August 10, 2024 — The Competition Commission of Pakistan (CCP) has imposed a substantial fine of PKR 60 million on Unilever Pakistan for broadcasting deceptive claims in television commercials for its hygiene and cleansing products, namely ‘Lifebuoy (Care and Protect) Soap’ and ‘Lifebuoy Hand Wash.’
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FBR Mandates Sales Tax Registration for Key Business Sectors
Karachi, August 9, 2024 – In a move aimed at tightening tax compliance, the Federal Board of Revenue (FBR) has announced a mandate requiring several categories of individuals and businesses to obtain mandatory sales tax registration.
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Remittances Soar by 48% YoY in July 2024, Reaching $3 Billion
Karachi, August 9, 2024 – Pakistan witnessed a significant surge in workers’ remittances, with inflows rising by 48% Year on Year (YoY) in July 2024, according to data released by the State Bank of Pakistan (SBP) on Friday.
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Rs 4.22 Billion in Prize Bonds Unclaimed as Deadline Passes
Karachi, August 9, 2024 – A staggering amount of Rs 4.22 billion in bearer prize bonds remains unclaimed following the expiration of the deadline for conversion or exchange on June 30, 2024. According to data released by the State Bank of Pakistan (SBP), many holders of these unregistered prize bonds failed to take action despite multiple extensions provided by the government.
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Arshad Nadeem Strikes Gold: Pakistan’s Olympic Glory Restored
In a defining moment that will be etched in the annals of Pakistan’s sports history, Arshad Nadeem has captured the gold medal in javelin at the Paris Olympics 2024. His monumental throw of 92.97 meters not only secured him the top spot on the podium but also broke the existing Olympic record, bringing an end to Pakistan’s 32-year-long wait for an Olympic medal.
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Suzuki Motor Halts Production Amid CKD Shortage
Karachi, August 8, 2024 – Pak Suzuki Motor Company (PSMC) announced on Thursday that it has suspended operations at its production plant due to a shortage of Completely Knocked Down (CKD) units, a critical component for assembling vehicles.
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