Karachi, November 28, 2023 – The Federal Board of Revenue (FBR) has acknowledged the formidable challenges ahead in achieving the ambitious tax collection target of Rs 9.415 trillion for the fiscal year 2023-24.
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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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Customs Duty Collection Drops by 7.8% in FY23 on Falling Imports
Karachi, November 28, 2023 – The Federal Board of Revenue (FBR) has reported a 7.8 percent drop in customs duty collection during fiscal year 2022-23, attributing the decline to challenges arising from falling imports.
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Sales Tax Collection Grows Marginally by 2.3% Despite Uniform Rate Increase in FY23
Karachi, November 28, 2023 – The collection of sales tax during the fiscal year 2022-23 exhibited marginal growth of 2.3 percent, reaching Rs. 2,591 billion, despite an increase in the uniform sales tax rate to 18 percent.
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Direct Taxes Lead Fiscal Year 2022-23 Revenue Collection with 46% Contribution
Karachi, November 28, 2023 – The Federal Board of Revenue (FBR) has revealed in its fiscal year 2022-23 yearbook that direct taxes emerged as the leading contributor to total revenue collection, accounting for an impressive 46 percent share.
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FBR Achieves Historic Rs 7 Trillion Collection Milestone, Slightly Misses FY23 Target
Karachi, November 28, 2023 – The Federal Board of Revenue (FBR) has announced the achievement of a historic milestone by surpassing the Rs 7 trillion collection mark for the first time in the country’s history.
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FBR Directs Stock Investors to Maintain Records for Verification in Tax Year 2024
Karachi, November 28, 2023 – The Federal Board of Revenue (FBR) has issued a directive to all investors in the Pakistan Stock Exchange (PSX) to maintain comprehensive records for the verification of liability discharge during the tax year 2024.
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FBR Unveils Sales Tax Recovery Procedure for Tax Year 2024
Karachi, November 28, 2023 – The Federal Board of Revenue (FBR) has announced the comprehensive procedure for the recovery of sales tax for the upcoming tax year 2024.
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Weekly Active Taxpayers List Hits Record High at 5.2 Million
KARACHI, November 27, 2023 – The Federal Board of Revenue (FBR) announced the release of the weekly Active Taxpayers List (ATL) on Monday, revealing a significant surge in the number of active taxpayers, setting a new record at 5.2 million by the week ending November 26, 2023.
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Rules Notified for Computation of Capital Gain or Loss in Pakistan for Tax Year 2024
Karachi, November 27, 2023 – Rules have been notified for computing capital gain or loss in Pakistan during tax year 2024. The Federal Board of Revenue (FBR) has announced the updated Income Tax Rule, 2002 for the tax year 2024, specifying the methodology for computing capital gains or losses in Pakistan.
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Sales Tax Act Empowers Taxpayers with Right to Appeal Against Inland Revenue Orders
Karachi, November 27, 2023 – The Federal Board of Revenue (FBR) has unveiled the updated Sales Tax Act, 1990 for the upcoming tax year 2024, providing taxpayers with the right to appeal against decisions or orders made by officers of the Inland Revenue.
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