Islamabad, December 11, 2024 – The government of Pakistan has announced the early disbursement of salaries and pensions for Christian citizens ahead of Christmas festivities. The measure aims to facilitate the Christian community in celebrating the occasion with ease and joy.
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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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FBR Designates 34 Banks as SWAPS Withholding Tax Agents
Karachi, December 10, 2024 – The Federal Board of Revenue (FBR) has officially designated 34 banks to act as agents under the Synchronized Withholding Administration and Payment System (SWAPS). This initiative is intended to streamline the deduction and collection of withholding taxes, integrating these functions into the advanced SWAPS portal.
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FBR Launches Faceless Customs Assessment for Trade Ease
Karachi, December 10, 2024 – The Federal Board of Revenue (FBR) has announced a significant modernization of its customs operations with the launch of the Faceless Customs Assessment (FCA) system. This initiative aims to enhance trade facilitation, ensure faster clearance of Goods Declarations (GDs), and promote transparency and uniformity in customs processes.
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FBR Provides Procedure for Claiming Foreign Tax Credit
The Federal Board of Revenue (FBR) has outlined the procedure for resident taxpayers to claim a foreign tax credit under Rule 16 of the Income Tax Rules, 2002. This rule implements Section 103 of the Income Tax Ordinance, 2001, which allows relief for taxes paid abroad, ensuring that resident taxpayers do not face double taxation on their foreign income.
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FBR Amends Baggage Rules, Issues SRO 2028
Karachi, December 9, 2024 – The Federal Board of Revenue (FBR) has introduced amendments to the Baggage Rules, 2006, through SRO 2028(I)/2024, aiming to tighten regulations and curb misuse of baggage exemptions for commercial purposes.
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SBP Reports 34% Growth in Home Remittances for 5MFY25
Karachi, December 9, 2024 – The State Bank of Pakistan (SBP) announced on Monday that home remittances have experienced a robust growth of 34% during the first five months (July–November) of the fiscal year 2024-25. This surge reflects the resilience of overseas Pakistanis in contributing to the national economy.
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FBR Publishes Names of 5.7 Million Active Taxpayers
Karachi, December 9, 2024 – The Federal Board of Revenue (FBR) has announced the inclusion of over 5.7 million individuals and entities in its Active Taxpayers List (ATL) for the tax year 2024. This reflects an addition of approximately 360,000 new taxpayers since the list’s launch on November 1, 2024, underscoring a significant improvement in tax compliance.
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Govt. Weighs Tax Schemes for Banks Amid ADR Concerns
Karachi, December 9, 2024 – The government is exploring potential tax schemes for banks in light of the challenges surrounding the Asset to Deposit Ratio (ADR), which may impact tax collection from the financial sector. Prime Minister Shehbaz Sharif has formed a committee to address this pressing issue, with the objective of ensuring optimal tax revenue while maintaining a fair regulatory framework.
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FBR Directs PSX Investors to Maintain Comprehensive Records
Karachi, December 8, 2024 – The Federal Board of Revenue (FBR) has issued directives to Pakistan Stock Exchange (PSX) investors, requiring them to maintain detailed records of their securities transactions and accounts. This initiative by the FBR is in line with the Income Tax Rules, 2001, and aims to enhance transparency and compliance within the stock market.
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Aurangzeb Anticipates Record High Remittances in FY25
Karachi, December 7, 2024 – Finance Minister Muhammad Aurangzeb announced on Saturday that workers’ remittances are projected to hit an all-time high of $35 billion in the fiscal year 2024-25, up from the $30.25 billion recorded in FY24.
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