Karachi, January 17, 2025 – In a major development for Pakistan’s banking sector, the Federal Board of Revenue (FBR) has announced a reduction in the corporate tax rate for banks to 43%, down from the previous 44%. This revised tax rate will take effect for the tax year 2026, commencing on January 1, 2025.
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FBR, Pakistan’s national tax collecting agency, plays a crucial role in the country’s economy. Pakistan Revenue is committed to providing readers with the latest updates and developments regarding FBR activities.
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FBR Formally Issues Azerbaijan-Pakistan Transit Trade Rules
The Federal Board of Revenue (FBR) has officially announced the Azerbaijan-Pakistan Transit Trade Rules 2024, a landmark step towards enhancing bilateral and transit trade between the two nations.
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PM Shehbaz Warns FBR: No Tolerance for False Cases
Prime Minister Shehbaz Sharif issued a stern warning to officials of the Federal Board of Revenue (FBR) on Thursday, emphasizing that any individual found fabricating cases or presenting weak grounds in tax-related matters will face exemplary punitive actions. This declaration underscores the premier’s zero-tolerance policy towards malpractice and inefficiency within the revenue body.
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FBR Establishes Data Governance Office
Islamabad, January 16, 2025 – The Federal Board of Revenue (FBR) has taken a significant step towards enhancing its data management capabilities by announcing the establishment of a dedicated Data Governance Office. This initiative aligns with the recently approved Data Governance and Information Security Policy of the FBR.
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FBR Workforce Accounts for Only 2% of Total Tax Collection
Karachi, January 15, 2025 – A startling revelation has emerged from the Federal Board of Revenue’s (FBR) official tax collection data, exposing that the vast network of FBR officials contributed a mere 2% to the overall tax collection efforts.
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FBR Transfers 49 IRS Officers Amid Rising Tax Collection Shortfall
Islamabad, January 15, 2025 – In response to ongoing concerns about a tax collection shortfall, the Federal Board of Revenue (FBR) has carried out a significant reshuffle, transferring 49 Inland Revenue Service (IRS) officers from BS-17 to BS-20. The reshuffle comes at a crucial time, with the FBR facing a revenue collection gap of approximately Rs 380 billion in the first half (July–December) of the current fiscal year.
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FBR Unveils Arrest Guidelines for Inland Revenue Officers
Karachi, January 14, 2025 — The Federal Board of Revenue (FBR) has unveiled a detailed procedure governing the actions of Inland Revenue (IR) officers in the arrest of individuals suspected of violating tax laws.
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Senate Takes Notice of FBR’s Procurement of 1,010 Honda Cars
Islamabad, January 14, 2025 – The Senate Standing Committee on Finance and Revenue has raised concerns over the Federal Board of Revenue (FBR)’s recent acquisition of 1,010 new Honda cars for its officials. The committee has formally directed the FBR chairman to provide detailed information regarding this procurement, citing the need for transparency and fiscal responsibility.
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FTO Directs FBR to Clarify Tax Deduction on Internet Usage
Karachi, January 14, 2025 – The Federal Tax Ombudsman (FTO) has instructed the Federal Board of Revenue (FBR) to clarify issues surrounding the withholding tax deduction on internet usage.
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Financial Sector Emerges as Largest Beneficiary of Tax Relief: FBR
Karachi, January 14, 2025 – The Federal Board of Revenue (FBR) has revealed that the financial sector emerged as the largest beneficiary of income tax relief during the tax year 2024. The findings were disclosed in a detailed report highlighting the exemptions and concessions provided across various sectors.
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