Karachi, July 15, 2023 – The Federal Board of Revenue (FBR) has taken decisive action against individuals who default on tax liability under Section 7E of the Income Tax Ordinance, 2001, by prohibiting them from selling immovable properties.
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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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Banks Initiate Withholding Tax on Cash Withdrawal
Karachi, July 14, 2023 – In compliance with the recently implemented amendment in the Income Tax Ordinance, 2001, through the Finance Act, 2023, banks have commenced deducting withholding tax on cash withdrawals exceeding Rs50,000 in a single day.
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Pakistan Exempts Imports By Dignitaries of UAE, Qatar, Bahrain and Saudi Arabia
Karachi, July 13, 2023 – Pakistan has allowed exemption from customs duty on imports by dignitaries of UAE, Qatar, Bahrain and Saudi Arabia during 2023-24 and onwards.
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FBR Extends Tax Exemption of Rs12.24 Billion on Civil and Military Pensions
Karachi, July 13, 2023 – The Federal Board of Revenue (FBR) has announced an extension of income tax exemption totaling Rs12.24 billion on pensions disbursed to civil servants and military personnel.
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FBR Grants Anti-Smuggling Powers to Law Enforcement Agencies
Islamabad, July 11, 2023 – In a significant move, the Federal Board of Revenue (FBR) has delegated the authority to conduct anti-smuggling operations to various law enforcement agencies (LEAs) in Pakistan.
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FBR Officials Given Deadline for Furnishing Asset Declaration
The Federal Board of Revenue (FBR) has set a deadline of July 15, 2023, for all officers of the Inland Revenue Services (IRS) and Pakistan Customs Services (PCS) to submit their Declaration of Assets and Liabilities for the fiscal year ending on June 30, 2023.
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FBR Introduces Penalty for Non-Filing of Sales Tax Return, Imposes Stricter Guidelines
Karachi, July 9, 2023 – The Federal Board of Revenue (FBR) has taken a decisive step towards ensuring compliance with sales tax regulations by prescribing penalties for individuals and entities failing to furnish their monthly sales tax return.
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Beauty Parlors in Islamabad Required to Pay 15% Sales Tax on Services
In a recent development, beauty parlors and beauty clinics operating within the jurisdiction of Islamabad Capital Territory (ICT) are now obligated to pay a 15 percent sales tax on services, as per updated laws issued by the Federal Board of Revenue (FBR).
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Tax Return Filing for Year 2023 Begins in Pakistan
Islamabad, July 8, 2023 – The filing of annual income tax returns and statements of assets for the tax year 2023 has officially commenced in Pakistan, according to official sources from the Federal Board of Revenue (FBR). The FBR opened its return filing portal, known as IRIS, on July 1, 2023, covering the period from July 1, 2022, to June 30, 2023.
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FBR Apparently Achieves Rs7.2 Trillion Collection Target for FY23
Islamabad, July 8, 2023 – The Federal Board of Revenue (FBR) has reportedly achieved its revenue collection target of Rs7.2 trillion for the fiscal year 2022-23, according to sources.
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