Karachi, October 9, 2023 – The Federal Board of Revenue (FBR) has introduced updated super tax rates for high-earning individuals for the tax year 2024.
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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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Pakistan Introduces Minimum Tax for Companies Declaring Losses in Tax Year 2024
Karachi, October 8, 2023 – Pakistan has implemented a minimum tax requirement for companies that frequently declare losses in their financial statements, effective for Tax Year 2024.
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Pakistan Begins Collecting Bank Guarantee for Afghan Transit Goods to Curb Pilferage
Karachi, October 7, 2023 – In a bid to enhance security measures and curb pilferage of Afghan transit goods on Pakistani soil, Pakistan has initiated the process of collecting bank guarantees for goods intended for Afghan transit trade.
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Pakistan Allows No Tax Deduction for Citizens Exempted from Return Filing
Karachi, October 6, 2023 – Pakistan has implemented a policy allowing for no deduction of withholding tax for citizens who are exempted from filing tax returns.
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FBR Sends Large Number of Customs Officers to Admin Pool as Part of Ongoing Reforms
Karachi, October 5, 2023 – The Federal Board of Revenue (FBR) in Pakistan announced a series of transfers affecting numerous customs officers as part of ongoing reforms within the Pakistan Customs department.
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FBR Targets Retailers Transactions to Widen Tax Base
Karachi, October 5, 2023 – The Federal Board of Revenue (FBR) in Pakistan has taken a significant step to expand the tax base by obtaining transaction records of retailers operating in the country. Sources within the FBR have revealed that this move is part of a broader effort to bring more businesses within the tax net.
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Pakistan Imposes Up to 20% Advance Tax on Marriage Functions; Varies for Taxpayers
Karachi, October 4, 2023 –Pakistan has instituted a 20 percent advance tax on individuals organizing marriage functions. However, this rate is not uniform, as those listed in the Active Taxpayers List (ATL) by the Federal Board of Revenue (FBR) will be subjected to a comparatively lower rate of 10 percent.
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Pakistan Implements Bank Guarantees to Secure Duty and Taxes on Afghan Transit Goods
Karachi, October 3, 2023 – In a bid to bolster customs security and ensure compliance with customs procedures, Pakistan has introduced a new system of bank guarantees for Afghan transit trade goods.
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Pakistan Slaps 10% Processing Fee on Afghan Transit Goods to Curb Smuggling
Karachi, October 3, 2023 – In a bid to curb the rampant smuggling of goods, Pakistan has introduced a 10 percent processing fee for the clearance of Afghan transit trade goods passing through its territory.
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FBR Gains Access to Property Buyer Data to Combat Tax Evasion
Karachi, October 3, 2023 – The Federal Board of Revenue (FBR) in Pakistan has taken a significant step in its ongoing efforts to combat tax evasion by obtaining comprehensive data of property buyers from relevant authorities.
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