Islamabad, October 13, 2023 – The Federal Tax Ombudsman (FTO) has issued a directive to the Federal Board of Revenue (FBR) aimed at rectifying valuation deficiencies and inconsistencies in the assessment of immovable properties, particularly in affluent areas.
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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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KTBA Deems New Sales Tax Credit Note Conditions Impractical and Urges Reversal
Karachi, October 11, 2023 – The Karachi Tax Bar Association (KTBA) has raised concerns over the recent changes to the conditions for raising credit notes for sales tax returns, labeling them as impractical due to various legal loopholes.
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FBR Notifies Transfers and Postings of 33 Senior IRS Officers in Major Administrative Overhaul
The Federal Board of Revenue (FBR) has announced a substantial administrative overhaul involving the transfers and postings of 33 senior officers from the Inland Revenue Service (IRS) in grades BS-19 to BS-21.
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Pakistan’s Active Taxpayers List Reaches New Record of 4.83 Million Return Filers
Islamabad, October 9, 2023: The Federal Board of Revenue (FBR) on Monday announced that Pakistan’s Active Taxpayers List (ATL) has reached a new historic high of 4.83 million return filers for tax year 2022.
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FBR Updates Super Tax Rates for High-Earning Individuals
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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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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