Karachi, October 23, 2024 – The Federal Board of Revenue (FBR) has launched a rigorous crackdown on high net worth individuals who have failed to file their income tax returns for the tax year 2023.
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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 Launches Power Cut Drive Against Unregistered Taxpayers
Karachi, October 22, 2024 – The Federal Board of Revenue (FBR) has initiated the disconnection of electricity connections for individuals and businesses who have failed to obtain mandatory sales tax registration. This decisive action is part of a broader effort to tighten compliance and curtail revenue losses.
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FBR to Terminate Active Status of 6.1 Million Taxpayers Under New Amendments
Karachi, October 21, 2024 — The Federal Board of Revenue (FBR) is poised to terminate the active status of approximately 6.1 million taxpayers as a result of recent amendments introduced to the Income Tax Rules, 2002. These changes will impact taxpayers who fail to meet the deadline for filing income tax returns for the tax year 2024.
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FBR Enforces Mechanism for Tax Recovery via Third Parties
Karachi, October 21, 2024 – The Federal Board of Revenue (FBR) has issued a new mechanism enabling the recovery of unpaid taxes through third parties. This procedure, codified under Section 140 of the Income Tax Ordinance, 2001, empowers the government to recover outstanding taxes by requiring entities or individuals holding money on behalf of the taxpayer to make direct payments to the government, according to the FBR.
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Government Moves to Abolish Non-Filers Category: Aurangzeb
Islamabad, October 21, 2024 – In a bold move aimed at streamlining tax compliance and broadening the tax net, Finance Minister Mohammad Aurangzeb has announced that the government is drafting legislation to eliminate the category of non-filers from the Income Tax Ordinance, 2001.
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High Interest Rates Bolster FBR Tax Collection in FY24: SBP
Karachi, October 20, 2024 — The State Bank of Pakistan (SBP) has attributed a significant surge in Federal Board of Revenue (FBR) tax collection for the fiscal year 2023-24 to elevated interest rates.
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FBR Issues Guidelines for Tax Recovery via Property Auctions
Karachi, October 20, 2024 – The Federal Board of Revenue (FBR) has introduced updated guidelines for tax officials outlining procedures for recovering unpaid taxes through property auctions or, in certain cases, arrest of defaulters. These measures are intended to strengthen enforcement and ensure efficient tax collection from those failing to meet their obligations.
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FBR Slashes Valuation of Steel Goods for Sales Tax Calculation
Karachi, October 19, 2024 – The Federal Board of Revenue (FBR) has announced a reduction in the valuation of steel goods for the purpose of calculating sales tax. This adjustment is expected to bring some respite to the sector, which has been grappling with fluctuating input costs and market volatility.
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FBR Clarifies Due Date for Tax Payment under ITO 2001
Karachi, October 19, 2024 – The Federal Board of Revenue (FBR) has provided a detailed explanation regarding the due dates for tax payment under the provisions of the Income Tax Ordinance (ITO), 2001. This clarification is aimed at ensuring taxpayers understand their obligations and comply with deadlines to avoid penalties or surcharges.
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FBR Orders Swift Action Against Tax Officials Involved in Flying Invoices
Karachi, October 19, 2024 – The Federal Board of Revenue (FBR) has issued a resolute directive calling for immediate action against tax officials implicated in the facilitation of counterfeit and flying invoices within sales tax returns.
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