Karachi, November 5, 2024 – The Federal Board of Revenue (FBR) has reiterated that all taxpayers in Pakistan must retain their tax records for a minimum of six years, as stipulated under Section 174 of the Income Tax Ordinance, 2001. This directive serves to ensure transparency and accountability, with specific record-keeping requirements set to facilitate audit and compliance procedures.
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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 Acquires Details of Account Holders from Banks
Karachi, November 4, 2024 – In a move aimed at reinforcing transparency and broadening the tax net, the Federal Board of Revenue (FBR) has instructed banks to provide detailed information on account holders involved in transactions subject to withholding tax deductions.
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Falling Corporate Profitability Undermines FBR Tax Projections
Karachi, November 4, 2024 – The Federal Board of Revenue (FBR) finds itself grappling with a widening gap in tax targets, exacerbated by a sharp decline in corporate profitability for the first quarter of the fiscal year 2024-25. This financial shortfall underscores the mounting difficulties the FBR faces in achieving its ambitious revenue goals amid a complex economic landscape.
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FTO Directs FBR to Define SOPs for Reactivating Blocked SIMs
Islamabad, November 3, 2024 – The Federal Tax Ombudsman (FTO) has formally directed the Federal Board of Revenue (FBR) to establish a standardized operating procedure (SOP) for taxpayers affected by blocked mobile phone SIMs, ensuring clear guidelines for their reactivation.
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FBR Introduces Simplified Procedure for Income Tax Refunds
Karachi, November 3, 2024 – The Federal Board of Revenue (FBR) has issued a streamlined procedure for taxpayers seeking income tax refunds under the Income Tax Ordinance, 2001. In a detailed announcement, the FBR outlined the steps required to apply for refunds under Section 170 of the ordinance, providing clarity for taxpayers who have paid more tax than what they owe.
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FBR Urges National Media to Avoid Spreading Fake News
Islamabad, November 2, 2024 — The Federal Board of Revenue (FBR) on Saturday issued a stern advisory to the national media, urging outlets to exercise caution and refrain from disseminating unsubstantiated reports.
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FBR Announces Tax Regime for Non-ATL Prize Bond Winners
Karachi, November 2, 2024 – The Federal Board of Revenue (FBR) has announced a tax policy for prize bond winners who are not listed on the Active Taxpayers List (ATL).
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FBR Clarifies Rental Property Income Tax for TY 2024-25
Karachi, November 2, 2024 – The Federal Board of Revenue (FBR) has issued detailed guidance on the taxation of rental income for the tax year 2024-25. Outlined under Section 155 of the Income Tax Ordinance, 2001, this guidance aims to clarify the obligations of individuals, companies, and other entities with respect to rental income from immovable property.
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FBR Announces Transfers of 35 BS-19, BS-20 Customs Officers
Islamabad, November 1, 2024 – The Federal Board of Revenue (FBR) announced on Friday the transfer and posting of 35 senior officers of the Pakistan Customs Service (PCS) in BS-19 and BS-20. The reshuffling aims to streamline operations and improve management within the Customs Service, ensuring strategic placement of experienced officers in key positions nationwide.
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FBR Notifies Key Reshuffle of IRS Officers in BS-20 and BS-21
Islamabad, November 1, 2024 – The Federal Board of Revenue (FBR) issued a notification on Friday detailing a significant reshuffle among Inland Revenue Service (IRS) officers in grades BS-20 and BS-21.
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