The Federal Board of Revenue (FBR) has reaffirmed its contentious decision to procure 1,010 Honda vehicles for its officers, sparking intense criticism from the Senate Standing Committee on Finance.
(more…)Category: Top stories
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.
-
FBR Updates Rules for Sales Tax Suspension Process
Karachi, January 26, 2025 – The Federal Board of Revenue (FBR) has directed its field tax offices, including Large Taxpayers Offices (LTOs) and Regional Tax Offices (RTOs), to adopt a standardized approach for the suspension and blacklisting of sales tax registered persons. These directives aim to ensure uniformity in compliance with Rule 12 of the Sales Tax Rules, 2006, and Section 21(2) of the Sales Tax Act, 1969.
(more…) -
FBR Deactivates Affidavit Requirements for Sales Tax Returns
Karachi, January 25, 2025 – The Federal Board of Revenue (FBR) has officially deactivated the mandatory affidavit requirement for filing sales tax returns, a move aimed at simplifying compliance for businesses.
(more…) -
Investment in Registered Prize Bonds Rises to Rs 58.65 Billion
Karachi, January 25, 2025 – Investment in registered prize bonds has seen a remarkable surge, reaching Rs 58.65 billion by November 2024, according to the latest data released by the State Bank of Pakistan (SBP).
(more…) -
New FBR Declaration Tightens Grip on Commercial Importers
Islamabad, January 24, 2025 – The Federal Board of Revenue (FBR) has intensified its oversight of commercial importers by introducing a new declaration requirement under the Sales Tax Laws, as part of its ongoing efforts to enhance tax compliance.
(more…) -
Gold Prices in Pakistan Hit Record High of Rs 289,600 per Tola
Karachi, January 24, 2025 – Gold prices in Pakistan soared to a historic peak on Friday, reaching an all-time high of Rs 289,600 per Tola due to a significant surge in the international markets.
(more…) -
FBR Grants Tax Exemption of Rs 57 Billion on Agriculture Income
Karachi, January 24, 2025 – The Federal Board of Revenue (FBR) has announced a significant tax exemption worth Rs 57.52 billion for agriculture income in the tax year 2023, according to an official report released by the Board.
(more…) -
Audit Report Flags Financial Risks at Dewan Sugar Mills
Karachi, January 24, 2025 – Dewan Sugar Mills Limited, in its annual report for 2024 submitted to the Pakistan Stock Exchange (PSX), disclosed adverse observations by auditors concerning the company’s repayment capacity and financial health. These observations have raised significant concerns about the sustainability of the company’s operations.
(more…) -
Banks Witness Rs862Bn Withdrawals Amid Non-Filer Restrictions
Karachi, January 23, 2025 – Banks in Pakistan experienced a massive withdrawal of Rs 862 billion during December 2024 as the government prepared to impose stringent restrictions on non-filers of income tax returns. This significant outflow highlights the uncertainty and apprehension among account holders in response to impending policy changes.
(more…) -
BML Moves Court for Rs 10 Billion Recovery from Omni Group
Karachi, January 22, 2025 – Bank Makramah Limited (BML) has initiated legal proceedings to recover Rs 10 billion in non-performing loans (NPLs) from the Omni Group and its affiliated entities.
(more…)