Karachi, July 17, 2023 – The Sales Tax Act in Pakistan has recently provided a clear definition for the term “cottage industry.” The Federal Board of Revenue (FBR) has issued an updated version of the Sales Tax Act, 1990, effective from July 1, 2023.
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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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Pakistan ATL Surges to 4.15 Million Following Cash Withdrawal Conditions Implementation
Islamabad, July 17, 2023 – The Pakistan Active Taxpayers List (ATL) has experienced a substantial growth, reaching a record high of 4.15 million individuals, after the introduction of cash withdrawal conditions on July 1, 2023. The Federal Board of Revenue (FBR) recently released an updated ATL for the tax year 2022, based on returns filed until July 16, 2023.
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FBR Invites Applications for Appointment of Advocates to Strengthen Legal Team
Karachi, July 17, 2023 – The Federal Board of Revenue (FBR) has announced an open invitation for applications for the appointment of advocates, aiming to assemble a smart and proficient legal team to support its tax department.
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High-level transfers rattle Pakistan Customs; FBR issues notification on Sunday
Islamabad, July 16, 2023 – High-level transfers have sent shockwaves through Pakistan Customs as the organization grapples with recent reports of bribery and corruption.
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Updated Definition of Company Under Sales Tax Laws
The Federal Board of Revenue (FBR) has recently issued an updated definition of a company under the Sales Tax Act, 1990, effective from July 1, 2023.
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Understanding Definition of Active Taxpayer Under Sales Tax Act, 1990
In an effort to streamline tax administration and promote compliance, the Federal Board of Revenue (FBR) has recently released an updated definition of an active taxpayer under the Sales Tax Act, 1990.
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FBR Bars Section 7E Defaulters from Selling Properties
Karachi, July 15, 2023 – The Federal Board of Revenue (FBR) has taken decisive action against individuals who default on tax liability under Section 7E of the Income Tax Ordinance, 2001, by prohibiting them from selling immovable properties.
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Banks Initiate Withholding Tax on Cash Withdrawal
Karachi, July 14, 2023 – In compliance with the recently implemented amendment in the Income Tax Ordinance, 2001, through the Finance Act, 2023, banks have commenced deducting withholding tax on cash withdrawals exceeding Rs50,000 in a single day.
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Pakistan Exempts Imports By Dignitaries of UAE, Qatar, Bahrain and Saudi Arabia
Karachi, July 13, 2023 – Pakistan has allowed exemption from customs duty on imports by dignitaries of UAE, Qatar, Bahrain and Saudi Arabia during 2023-24 and onwards.
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FBR Extends Tax Exemption of Rs12.24 Billion on Civil and Military Pensions
Karachi, July 13, 2023 – The Federal Board of Revenue (FBR) has announced an extension of income tax exemption totaling Rs12.24 billion on pensions disbursed to civil servants and military personnel.
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