Karachi, July 25, 2024 – The Federal Board of Revenue (FBR) has implemented stringent penalties for sales tax fraud, signaling a robust crackdown on offenders under amended legislation.
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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 Imposes 25% Sales Tax on Imported Mobile Phones
Karachi, July 25, 2024 – The Federal Board of Revenue (FBR) has announced new sales tax rates on imported mobile phones, effective immediately. The revised tax structure, introduced through amendments in the Finance Act of 2024, aims to regulate the import and sale of mobile phones in Pakistan.
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FBR Fixes Income Tax Rates for Shops in Lahore Areas
Lahore, July 25, 2024 – The Federal Board of Revenue (FBR) has established fixed income tax rates based on the value of shops located in various areas of Lahore. This move aims to streamline tax collection from shopkeepers and retailers across the city.
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LTO Karachi Maintains Supremacy with Rs 2.53 Trillion in FY24
Islamabad, July 24, 2024 – The Large Taxpayers Office (LTO) Karachi has once again asserted its dominance in revenue collection for the Federal Board of Revenue (FBR), amassing a remarkable Rs 2.53 trillion during the fiscal year 2023-24. This substantial contribution underscores LTO Karachi’s pivotal role in bolstering the nation’s fiscal health.
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FBR Unveils Fixed Tax Rates for Karachi Shopkeepers
Karachi, July 23, 2024 – The Federal Board of Revenue (FBR) has announced fixed tax rates for shopkeepers in various areas of Karachi under the Tajir Dost Scheme. The rates were formalized through SRO 1064(I)/2024 issued on July 22, 2024.
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FBR Mandates Submission of FY24 Asset Declarations for Officials
Islamabad, July 23, 2024 – The Federal Board of Revenue (FBR) on Tuesday issued a directive requiring all its officers and officials to submit their declarations of assets and liabilities for the fiscal year 2023-24.
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FBR Releases Tax Valuation Tables for Shopkeepers in 42 Cities
Islamabad, July 22, 2024 – The Federal Board of Revenue (FBR) on Monday released valuation tables for the collection of income tax from shopkeepers and retailers located in 42 major cities of Pakistan.
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What Documents Are Required for Return Filing in 2024?
The Federal Board of Revenue (FBR) has opened its online portal for filing annual income tax returns for the tax year 2024. As the deadline approaches, taxpayers must be aware of the necessary documents to avoid penalties.
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FBR Aims to Boost Tax-to-GDP Ratio to 11.50% in Three Years
Karachi, July 21, 2024 – The Federal Board of Revenue (FBR) has set an ambitious target to elevate Pakistan’s tax-to-GDP ratio to 11.50 percent within the next three years. This initiative aims to significantly improve from the current 8.73 percent recorded for the fiscal year 2023-24.
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FBR Adopts AI as Key Tool to Detect Tax Non-Compliance
Karachi, July 21, 2024 – The Federal Board of Revenue (FBR) has adopted artificial intelligence (AI) as a pivotal tool to detect non-compliance in the country’s tax system, according to official sources.
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