ISLAMABAD, July 16, 2024 (PkRevenue.com) – The Federal Board of Revenue (FBR) has announced a significant milestone, revealing that the number of active taxpayers for the tax year 2023 has surpassed 5 million.
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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 Implements New Withholding Tax Regime for Motor Vehicles
Karachi, July 15, 2024 – The Federal Board of Revenue (FBR) has introduced a new withholding tax regime applicable to the purchase or registration of new motor vehicles, marking a significant shift from the previous tax structure.
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FBR Tightens Income Tax Rules on Royalty Payments
Karachi, July 15, 2024 – In a significant move, the Federal Board of Revenue (FBR) has rolled out new tax changes affecting royalty payments, as introduced through the Finance Act, 2024.
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Finance Act 2024 Cracks Down on Late Tax Return Filings
Karachi, July 14, 2024 – The Finance Act 2024 introduces stringent measures to curb the practice of filing income tax returns after the due date, signaling a significant shift in Pakistan’s tax compliance landscape.
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Final Tax Regime Continues for Service Exports in Pakistan
Karachi, July 14, 2024 – Officials of the Federal Board of Revenue (FBR) has said that the export of services will continue to be subject to the final tax regime in Pakistan.
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FTO Exposes Tax Credit Problems in Leased Vehicles
Karachi, July 14, 2024 – The Federal Tax Ombudsman (FTO) has uncovered a significant problem with the withholding tax system for leased vehicles in Pakistan. This issue can lead to double taxation and denial of rightful tax credit for individuals and businesses leasing cars.
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PM Shehbaz Directs FBR to Grid Up Loins for Revenue Generation
Islamabad, July 13, 2024 – Prime Minister Muhammad Shehbaz Sharif on Saturday directed the Federal Board of Revenue (FBR) authorities to tighten their belts and serve the nation by formulating a strategy and mechanism, coupled with the usage of the latest technology, to broaden the tax net without further burdening the honest taxpayers.
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FBR Directs BS-21 Officers to Submit Asset Declaration
Islamabad, July 12, 2024 – The Federal Board of Revenue (FBR) has directed all BS-21 officers to submit their asset declaration and performance evaluation reports (PERs). This directive applies to officers in the Inland Revenue Service (IRS) and Pakistan Customs Service (PCS).
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FBR to Unveil Fixed Tax Rates for Traders and Retailers
Islamabad: The Federal Board of Revenue (FBR) is set to announce a new, simplified tax system tailored for traders, shopkeepers, and retailers in 42 Pakistani cities. This initiative aims to replace the existing complex square-footage based tax system with a more straightforward flat tax rate determined by shop location and category.
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FBR Clarifies SRO 350 After Taxpayer Concerns
Karachi, July 10, 2024 – The Federal Board of Revenue (FBR) has responded to concerns raised by taxpayers, businesses, and tax professionals regarding complications arising from SRO 350(I)/2024, a regulation impacting sales tax return filing.
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