PkRevenue.com – Pakistan is gearing up to announce its budget for the fiscal year 2024-25 next week, but the tax measures remain unresolved. These decisions are critical for generating additional tax revenue to support the country’s economic framework.
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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 Proposes Reduction of Sales Tax Exemptions in Budget
PkRevenue.com – In a significant development ahead of the federal budget for 2024-25, Tax Managers from the Federal Board of Revenue (FBR) have put forward a recommendation to curtail sales tax exemptions.
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FTO Directs FBR to Streamline WHT Collection from Banks
PkRevenue.com – The Federal Tax Ombudsman (FTO) has issued a directive to the Federal Board of Revenue (FBR) to overhaul and streamline the withholding tax collection system from commercial banks. This order comes after numerous studies and internal investigations highlighted significant inefficiencies in the current regime.
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FBR Intelligence Unearths Rs 22 Billion Sales Tax Fraud
PkRevenue.com – The Federal Board of Revenue (FBR) has uncovered a massive sales tax fraud amounting to approximately Rs 22 billion. A statement released on Tuesday revealed that the Directorate General of Intelligence and Investigation-Inland Revenue in Hyderabad and Karachi has dismantled a network of tax fraudsters responsible for inflicting significant financial losses on the National Exchequer.
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FBR Portal Glitches Hamper Sales Tax Registration: KTBA
PkRevenue.com — The Karachi Tax Bar Association (KTBA) has raised concerns about technical issues on the Federal Board of Revenue (FBR) portal that are hindering the sales tax registration process.
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FBR Considers Complete Overhaul of Tax on Property Transactions
PkRevenue.com – The Federal Board of Revenue (FBR) is contemplating a comprehensive overhaul of the taxation system related to property transactions.
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FBR Declares NLC Sultanabad Karachi as Customs Port
PkRevenue.com – The Federal Board of Revenue (FBR) has officially designated the Off-Dock Terminal operated by the National Logistics Corporation (NLC) in Sultanabad, Karachi, as a customs port.
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Tax Managers Propose Removal of E&P Depletion Allowance
PkRevenue.com – The tax managers of Federal Board of Revenue (FBR) have recommended a significant policy change that could impact the Exploration and Production (E&P) sector.
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FBR Suggests 100% Increase in Tax on Bonus Shares for Non-ATL
PkRevenue.com – The Federal Board of Revenue (FBR) has proposed a 100 percent increase in tax on bonus shares for individuals who are not listed on the Active Taxpayers List (ATL). The tax managers at the FBR have recommended amendments to the Income Tax Ordinance, 2001, to be implemented in the forthcoming budget for 2024-25.
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FBR Achieves 31% Revenue Collection Growth in 11MFY24
PkRevenue.com – The Federal Board of Revenue (FBR) has recorded an impressive 31 percent growth in revenue collection during the first eleven months (July-May) of the fiscal year 2023-24.
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