In a significant move to boost tax revenues, the Federal Board of Revenue (FBR) has announced the reintroduction of tax collection on cash withdrawals from Non-Active Taxpayer List (ATL) persons by banks.
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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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FBR Explains Newly Introduced Additional Tax on Windfall Profit
Karachi, July 27, 2023 – The Federal Board of Revenue (FBR) has provided clarification on the recently introduced additional tax on windfall profits, aiming to address concerns and shed light on the amendments made through the Finance Act, 2023 to the Income Tax Ordinance, 2001.
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Additional Income Slabs Introduced to Bring Uniformity in Super Tax
Karachi, July 27, 2023 – In a bid to promote progressivity and uniformity in the taxation system, the Federal Board of Revenue (FBR) has introduced additional income slabs for the Super Tax, as outlined in Circular No. 2 of Income Tax dated July 26, 2023.
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FBR Explains Tax on Bonus Shares for Public and Private Companies
Karachi, July 26, 2023 – The Federal Board of Revenue (FBR) has declared that the newly introduced tax on bonus shares is applicable to both public and private companies.
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Tax Makeover: Capital Gains on Securities and Shares Get Fresh Look
Karachi, July 26, 2023 – The Federal Board of Revenue (FBR) has announced significant tax amendments pertaining to capital gains on securities and shares through an official notification, Circular No. 2 of Income Tax.
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Breaking Barriers: FBR Expands Associate Scope to Tackle Tax Avoidance
Karachi, July 26, 2023 – In a bid to strengthen its efforts against tax avoidance, the Federal Board of Revenue (FBR) has taken a significant step by enlarging the scope of associate.
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Pakistan Amends Laws to Tax Virtual Businesses of Foreign Entities
Karachi, July 26, 2023 – In a significant move, Pakistan has revised its tax laws to include virtual businesses operated by foreign entities within the scope of taxation.
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FBR Implements Bar on Property Purchases for Section 7E Defaulters
Karachi, July 26, 2023 – In a significant move aimed at ensuring tax compliance, the Federal Board of Revenue (FBR) has announced that individuals defaulting under Section 7E of the Income Tax Ordinance, 2001, will be barred from purchasing immovable properties.
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FBR Unveils Updated Tax Rates for Salaried Persons in 2023-24
Islamabad, July 26, 2023 – The Federal Board of Revenue (FBR) has recently updated the tax rates for salaried individuals for the tax year 2023-24.
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Updated Definition of Tier-1 Retailers for Tax Year 2023-24 in Pakistan
As the tax landscape evolves, tax authorities in Pakistan have recently issued an updated definition of Tier-1 retailers for the Tax Year 2023-24.
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