Karachi, August 8, 2024: In a bid to enhance tax compliance, the Federal Board of Revenue (FBR) has introduced significant changes to the sales tax audit process. The new measures, outlined in Sales Tax Circular No. 3, aim to make audits more targeted and effective.
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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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Rashid Mahmood Appointed as 40th FBR Chairman
Islamabad, August 7, 2024 – The government on Wednesday appointed Rashid Mahmood, a BS-21 officer of the Pakistan Administrative Service, as the chairman of the Federal Board of Revenue (FBR).
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FBR Reduces FED on Air Tickets to Rs 5,000 for Labour Visa
Karachi, August 7, 2024 – The Federal Board of Revenue (FBR) has announced a reduction in the Federal Excise Duty (FED) on air tickets for passengers holding labour visas. Effective immediately, the FED on such tickets will be reduced to a fixed rate of Rs 5,000 per ticket, a substantial relief for those embarking on international journeys from Pakistan to Gulf Cooperation Council (GCC) countries.
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FBR Collects Rs 12 Billion Withholding Tax on Cash Withdrawal
Karachi, August 7, 2024 – The Federal Board of Revenue (FBR) successfully garnered approximately Rs 12 billion through the imposition of withholding tax on cash withdrawals from banks in the fiscal year 2023-24.
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FBR Gets Powers to Fix Value of Third Schedule Items
Karachi, August 7, 2024 – The Federal Board of Revenue (FBR) has been granted significant new powers to fix the value of items listed under the Third Schedule of the Sales Tax Act, 1990.
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FBR Announces Stringent Sales Tax Penalties
Karachi, August 7, 2024 – The Federal Board of Revenue (FBR) has announced the imposition of stringent penalties related to sales tax violations. The new measures were detailed in Sales Tax Circular No. 3, which elaborates on amendments to the sales tax laws introduced through the Finance Act, 2027.
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OGDCL Announces Major Gas Discovery in Pakistan
Karachi, August 6, 2024 – The Oil and Gas Development Company Limited (OGDCL), a prominent player in Pakistan’s energy sector, has announced a significant new gas discovery in the country.
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LTO Karachi Snags Rs 575 Million from High-Profile Builder
Karachi, August 6, 2024 — The Large Taxpayers Office (LTO) Karachi, the Federal Board of Revenue’s (FBR) largest tax collection unit, has achieved a significant victory by attaching bank accounts for recovery of Rs 575 million from a renowned builder.
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FBR Rolls Out Major Reforms for Supply Chain Digitization
Karachi, August 5, 2024 – In a significant move to modernize and streamline the tax system, the Federal Board of Revenue (FBR) has unveiled new provisions aimed at digitizing the supply chain. Announced on Monday, these changes are part of the Sales Tax Act, 1990, and come in the wake of the Finance Act, 2024.
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FBR Announces Surge in Active Taxpayers to 5.23 Million
Karachi, August 5, 2024 – The Federal Board of Revenue (FBR) has announced a significant increase in the number of active taxpayers in Pakistan, reaching 5.23 million for the tax year 2023.
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