Karachi – The Pakistani government is gearing up to introduce a mini-budget aimed at generating an additional Rs650 billion in revenue. This fiscal strategy will primarily target tax evaders and include an increase in the General Sales Tax (GST) on properties, tractors, and other goods.
(more…)Tag: FBR
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 Empowers Commissioners to Condone Time-Limit
Karachi, September 12, 2024 – The Federal Board of Revenue (FBR) has granted powers to Commissioners of Inland Revenue (IR) to condone time-limits in order to facilitate taxpayers.
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Tax Rates for Vehicle Registration and Transfer in TY 2024-25
Karachi, September 12, 2024 – The Federal Board of Revenue (FBR) has officially announced the tax rates for the registration or transfer of ownership of motor vehicles for the tax year 2024-25.
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Tax Credit for Charitable Donations for TY 2024-25
Karachi, September 12, 2024 – The Federal Board of Revenue (FBR) has announced that individuals and organizations making charitable donations during the tax year 2024-25 will be eligible to claim tax credits under the Income Tax Ordinance, 2001.
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FBR Cracks Down on Non-Paying Taxpayers
Karachi, September 12, 2024 – The Federal Board of Revenue (FBR) has planned a comprehensive crackdown on individuals who are registered as active taxpayers but have failed to contribute any taxes.
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FBR Directs CIR Appeals to Forward High-Revenue Cases to ATIR
Karachi, September 12, 2024 – The Federal Board of Revenue (FBR) has issued a directive to all Commissioners of Inland Revenue (CIR) Appeals, urging them to promptly forward high-revenue cases to the Appellate Tribunal Inland Revenue (ATIR).
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FBR Allows Deduction of Education Expenses Against Tax Liability
Karachi, September 11, 2024 – The Federal Board of Revenue (FBR) has announced that education expenses will continue to be deductible against income tax liability for the tax year 2024-25.
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FBR Issues Withholding Tax Card for Car Purchase in TY 2024-25
Karachi, September 11, 2024 – The Federal Board of Revenue (FBR) has announced the withholding tax rates for car purchases in the tax year 2024-25, with updated guidelines regarding the tax rates applicable to individuals on the Active Taxpayers List (ATL) and non-ATL individuals.
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Customs Preventive Officer Awarded Major Penalty for Misreporting
Karachi, September 11, 2024 – The Federal Board of Revenue (FBR) has imposed a major penalty on Mr. Zulfiqar Ali, an Inspector of Preventive Service, for gross negligence and misreporting in a transit trade consignment.
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FBR Allows Zakat Deduction Against Income Tax Liability
Karachi, September 10, 2024 – In a significant development for taxpayers, the Federal Board of Revenue (FBR) has announced that individuals will be allowed to deduct Zakat payments against their income tax liability for the tax year 2024-25.
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