Karachi, August 5, 2024 – The Federal Board of Revenue (FBR) has announced a significant increase in the number of active taxpayers in Pakistan, reaching 5.23 million for the tax year 2023.
(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.
-
FBR Outlines Steps for Smooth Income Tax Filing
Karachi, August 4, 2024 – The Federal Board of Revenue (FBR) has released a detailed procedure for taxpayers to seamlessly file their income tax returns for the tax year 2024.
(more…) -
Government Mulls Income Tax Relief for Salaried Class
Islamabad, August 4, 2024 — The government is exploring options to provide income tax relief to the salaried class. The move comes as the coalition government faces mounting pressure from the ongoing sit-in by the Jamaat-e-Islami (JI) in Rawalpindi against inflated electricity bills and high taxes.
(more…) -
Tax Collection on Payments through Credit Cards Surges 492%
Karachi, August 3, 2024 – The Federal Board of Revenue (FBR) has reported a staggering 492% increase in the collection of withholding tax on foreign payments made through debit and credit cards during the fiscal year 2023-24. The Large Taxpayers Office (LTO) Karachi revealed that the collection soared to Rs 4.7 billion, up from Rs 785 million in the preceding fiscal year.
(more…) -
FBR Expands Scope of CVT to Residential Houses
Karachi, August 3, 2024 – The Federal Board of Revenue (FBR) has broadened the reach of the capital value tax (CVT) to include residential houses and farmhouses starting from the tax year 2024-25.
(more…) -
FBR Chairman Administers Oath to New IRSOA Members
Islamabad, August 2, 2024 – Chairman Federal Board of Revenue (FBR) Malik Amjed Zubair Tiwana administered the oath to the newly elected office bearers of the Management Board of IRS Officers Association (IRSOA) on Friday.
(more…) -
Finance Act 2024: FBR Elaborates CGT Regime on Securities
Karachi, August 2, 2024 – The Federal Board of Revenue (FBR) has clarified the changes to the capital gains tax (CGT) regime on securities as implemented through the Finance Act, 2024. The FBR issued Circular No. 1 of 2024-25 to detail these modifications, providing comprehensive insights into the updated tax structure.
(more…) -
FBR Introduces Progressive Tax Rates for Property Transactions
Karachi, August 2, 2024 – The Federal Board of Revenue (FBR) has announced the introduction of progressive tax rates on the sale and purchase of immovable property, effective from July 1, 2024. This change, brought about through the Finance Act, 2024, aims to create a more equitable tax structure for property transactions.
(more…) -
FBR Clamps Down on Full Tax Exemption Certificates
Karachi, August 2, 2024 – The Federal Board of Revenue (FBR) has announced new restrictions on Inland Revenue (IR) Commissioners, limiting their authority to issue 100% exemption certificates on payments made to non-residents. This significant change comes in the wake of the amendments introduced through the Finance Act, 2024.
(more…) -
FBR to Notify Values of Imported Goods for Advance Income Tax
Karachi, August 2, 2024 – The Federal Board of Revenue (FBR) has announced it will soon disclose the values of imported goods for the purpose of collecting advance income tax.
(more…)