Karachi, October 15, 2024 – The Federal Board of Revenue (FBR) has made it clear that incomplete income tax returns will now be treated as invalid, ushering in a stricter regime to ensure compliance. This move aligns with Section 120 of the Income Tax Ordinance, 2001, which outlines the criteria for submitting and accepting tax returns.
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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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PTCL Reports Rs 6.3 Billion Quarterly Loss Amid Revenue Growth
Pakistan Telecommunication Company Limited (PTCL) has reported a substantial net loss of Rs 6.3 billion for the third quarter ending on September 30, 2024, a significant increase from the Rs 2.8 billion loss recorded during the same period last year. This financial setback comes despite notable improvements in the company’s revenue and gross profit.
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FBR Reveals Alarming Surge in Nil-Filers to 37% of Total Returns
Karachi, October 15, 2024 – The latest figures released by the Federal Board of Revenue (FBR) have brought to light a concerning rise in nil-filers, representing a significant portion of income tax returns filed for the tax year 2024.
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FBR Declares War on Sales Tax Fraud, Warns Large Taxpayers
Karachi, October 14, 2024 – The Large Taxpayers Office (LTO) Karachi convened a high-profile conference on Monday with corporate sector leaders, issuing a stern warning that the Federal Board of Revenue (FBR) has officially declared war on fraudulent sales tax practices.
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FBR Arrests CFOs in Major Crackdown Against Sales Tax Fraud
Islamabad, October 14, 2024 – In an aggressive push against tax evasion, the Federal Board of Revenue (FBR) has arrested several Chief Financial Officers (CFOs) linked to large-scale sales tax fraud.
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SBP Launches Challenge Fund to Boost SME Financing
Karachi, October 14, 2024 – The State Bank of Pakistan (SBP) has introduced a new challenge fund aimed at improving access to finance for small and medium-sized enterprises (SMEs).
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FBR May Extend Return Filing Deadline Amid Islamabad Holidays
Karachi, October 13, 2024 – The Federal Board of Revenue (FBR) is likely to further extend the deadline for filing income tax returns for the tax year 2024 due to the public holidays declared in Islamabad.
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Desperate FBR Targets CFOs to Curb Fake Invoices
Karachi, October 13, 2024 – The Federal Board of Revenue (FBR) has shifted its focus toward holding Chief Financial Officers (CFOs) accountable for ensuring the authenticity of sales tax returns.
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LTO Karachi Collects Rs 680 Billion in 1QFY25 Despite Import Slowdown
Karachi, October 13, 2024 – The Large Taxpayers Office (LTO) Karachi collected a staggering Rs 680 billion during the first quarter (July-September) of the fiscal year 2024-25. This robust performance comes despite modest growth in revenues from imports, underscoring the remarkable resilience and efficiency of domestic tax collection efforts.
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What Pakistan Committed to IMF for Aggressive FY25 Tax Collection
Karachi, October 11, 2024 – Pakistan has reaffirmed its strong commitment to the International Monetary Fund (IMF) to substantially increase tax collection in the fiscal year 2024-25. In its latest country report, the IMF outlined Pakistan’s pledge to implement robust fiscal policies designed to bolster tax revenues and meet stringent economic goals, as the country faces ongoing economic challenges.
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