Karachi, November 28, 2024 – The Pakistan Tax Bar Association (PTBA) has called on the Federal Board of Revenue (FBR) to share updates on the progress made following its initiatives for documenting the economy and enhancing the tax system’s productivity through digital transformation.
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Get the latest FBR news, tax updates, income tax, sales tax, customs, notifications, and policies from the Federal Board of Revenue.
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FBR Withdraws Property Valuation Rebates in Karachi
Karachi, November 28, 2024 – The Federal Board of Revenue (FBR) has clarified that no reductions in property valuations are available under its latest notification for Karachi. The Regional Tax Office (RTO) – 1 Karachi, a key arm of the FBR, issued this clarification in response to doubts raised about Notification No. SRO 1724(I)/2024, dated October 29, 2024, which outlines updated property valuation tables for the city.
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FBR Initiates Registration of 1.35 Million Potential Taxpayers
Islamabad – The Federal Board of Revenue (FBR) has embarked on an ambitious initiative to register 1.35 million potential taxpayers identified through third-party data analysis. The FBR has shared this data with Inland Revenue field formations, tasking them with further action to expand the tax base.
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Tax Collection from New Car Registrations Jumps 111% in 4MFY25
Karachi, November 27, 2024 – The Federal Board of Revenue (FBR) has reported a significant increase in tax collection from new car registrations, reflecting a 111% surge in the first four months of the fiscal year 2024-25 (July–October).
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Tax Collection from Cash Withdrawals Drops 21% in October 2024
Islamabad, November 27, 2024 – Tax revenue from cash withdrawals in Pakistan witnessed a sharp decline, plunging 21% year-on-year (YoY) in October 2024.
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Advance Tax Imposed on Foreign Domestic Workers in Pakistan
KARACHI, November 26, 2024 – Pakistan has introduced an advance income tax requirement on individuals and agencies hiring foreign nationals for domestic work.
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FBR Struggles as Political Protests Undermine Revenue Goals
Islamabad, November 26, 2024 – Political instability is posing significant challenges for the Federal Board of Revenue (FBR) in achieving its tax collection target for November 2024, according to sources within the department.
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Advance Tax on Motor Vehicles in Pakistan for TY 2024-25
Advance tax on motor vehicles is levied under Section 231B of the Income Tax Ordinance, 2001, as amended by the Federal Board of Revenue (FBR) for the tax year 2024-25.
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FBR Asks Banks to Collect 0.6% Tax on Non-ATL Cash Withdrawal
Karachi, November 25, 2024 – The Federal Board of Revenue (FBR) has mandated banks to deduct 0.6% advance tax on cash withdrawals exceeding PKR 50,000 in a single day from individuals not listed on the Active Taxpayers List (ATL).
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FBR Outlines Arrest Protocol for Tax Defaulters
Karachi, November 24, 2024 – The Income Tax Ordinance, 2001, empowers the Federal Board of Revenue (FBR) to arrest individuals involved in income concealment, enhancing its authority to tackle tax evasion effectively. Section 203B of the updated ordinance outlines the powers and procedures that the FBR can exercise in such cases.
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