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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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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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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Tax Rate on Construction Services in Islamabad Set at 15 Percent
Islamabad, July 7, 2023 – The Federal Board of Revenue (FBR) has recently released the tax rate for construction services rendered within the jurisdiction of Islamabad Capital Territory (ICT).
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Retailers to Face Three-Year Jail Term for Selling Contraband Cigarettes
Karachi, July 5, 2023 – The tax authorities have issued a stern warning to retailers, informing them of the possibility of a three-year jail term for selling contraband cigarettes. In a bid to curb the sale of unapproved and smuggled goods in the country, the government has recently amended the Sales Tax Act of 1990, introducing new penalties for offenders.
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LTO Karachi Surpasses FY23 Target, Collects Nearly Rs2 Trillion Amid Economic Challenges
Karachi, July 5, 2023 – The Large Taxpayers Office (LTO) Karachi has exceeded its revenue collection target for the fiscal year 2022-23, amassing approximately Rs2 trillion, according to officials on Wednesday.
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Pakistan Retains Higher Sales Tax Rate at 18% for 2023-24 and Onwards
Islamabad, July 5, 2023 – In a move that may impact the economy and burden the masses, Pakistan has decided to retain the higher rate of general sales tax at 18 percent for the fiscal year starting July 1, 2023, and continuing onwards. The decision was announced by the Federal Board of Revenue (FBR) sources today.
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IT Services Face 15% Sales Tax Imposition in Islamabad
Islamabad, July 4, 2023: The Federal Board of Revenue (FBR) has mandated a 15 percent sales tax on IT services and IT-enabled services within the jurisdiction of Islamabad, the capital city of Pakistan. This decision, effective from July 1, 2023, aims to enhance tax revenue collection in the IT sector.
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FBR Enforces 15% Sales Tax on Services Provided by Hotels in Islamabad
Islamabad, July 4, 2023: The Federal Board of Revenue (FBR) has recently implemented a 15 percent sales tax on various services offered by hotels, clubs, and other establishments in Islamabad. This decision aims to enhance revenue collection and streamline taxation procedures within the hospitality sector.
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