Karachi, July 18, 2023 – The concept of sales tax has been formally defined under the prevailing tax laws in Pakistan, aiming to bring clarity and precision to the imposition of consumption tax.
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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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Pakistan’s Salaried Class Witnesses Surge in Bank Deposits, Totaling Rs3.45 Trillion
Karachi, July 17, 2023 – Pakistan’s salaried class has shown remarkable financial prudence, depositing a staggering Rs3.45 trillion in banks by the end of June 2023. This surge in deposits is primarily attributed to the country’s highest rate of return on investments.
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Pakistan ATL Surges to 4.15 Million Following Cash Withdrawal Conditions Implementation
Islamabad, July 17, 2023 – The Pakistan Active Taxpayers List (ATL) has experienced a substantial growth, reaching a record high of 4.15 million individuals, after the introduction of cash withdrawal conditions on July 1, 2023. The Federal Board of Revenue (FBR) recently released an updated ATL for the tax year 2022, based on returns filed until July 16, 2023.
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High-level transfers rattle Pakistan Customs; FBR issues notification on Sunday
Islamabad, July 16, 2023 – High-level transfers have sent shockwaves through Pakistan Customs as the organization grapples with recent reports of bribery and corruption.
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Pakistan Delivers a Pleasant Surprise: Petroleum Prices Reduced from July 16
Islamabad, July 15, 2023 – In a surprising move, the government of Pakistan announced a significant reduction in petroleum prices, effective from July 16, 2023.
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FBR Bars Section 7E Defaulters from Selling Properties
Karachi, July 15, 2023 – The Federal Board of Revenue (FBR) has taken decisive action against individuals who default on tax liability under Section 7E of the Income Tax Ordinance, 2001, by prohibiting them from selling immovable properties.
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PM Shehbaz Sharif Launches $3.48 Billion Chashma Nuclear Power Plant Unit-5
Mianwali, July 14, 2023 – Prime Minister Shehbaz Sharif led the groundbreaking ceremony for the Chashma Nuclear Power Plant Unit-5 (C-5), a 1200 MW project estimated to cost around $3.48 billion.
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Pakistan May Surprise Citizens with Petroleum Price Announcement on July 15
Islamabad, July 14, 2023 – Pakistan is preparing to announce petroleum prices on July 15, 2023, and there is anticipation that the country may surprise its citizens with the announcement.
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FBR Chairman Urges Taxpayers to Fulfill National Duty by Filing Tax Returns
Islamabad, July 14, 2023 – Asim Ahmad, the Chairman of the Federal Board of Revenue (FBR), emphasized the importance of taxpayers fulfilling their national duty by filing annual tax returns.
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Banks Initiate Withholding Tax on Cash Withdrawal
Karachi, July 14, 2023 – In compliance with the recently implemented amendment in the Income Tax Ordinance, 2001, through the Finance Act, 2023, banks have commenced deducting withholding tax on cash withdrawals exceeding Rs50,000 in a single day.
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