ISLAMABAD: The Federal Board of Revenue (FBR) has taken a significant step towards facilitating taxpayers by launching the draft income tax return forms for the tax year 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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Number of Active Taxpayers in Pakistan Reaches 3.94 Million
Islamabad, June 19, 2023 – Recent data released on Monday highlights a significant increase in the number of active taxpayers in Pakistan, reaching 3.94 million.
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Tax Exemption and Concession Expenditure Reaches 3.36% of GDP: FBR
Islamabad, June 19, 2023 – The Federal Board of Revenue (FBR) has announced that the cost of exemptions and concessions in Pakistan expanded to 3.36 percent of the GDP during the fiscal year 2021-2022.
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FBR Takes Action Against Sputnik Shoes Outlets in Karachi for Tax Evasion
Karachi, June 16, 2023: The Federal Board of Revenue (FBR) has taken strict measures against Sputnik Shoes by sealing their outlets in Karachi due to their persistent tax evasion over the years.
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FBR Announces Tax Collection Schedule for Eid Holidays
Islamabad: The Federal Board of Revenue (FBR) has released a schedule for the collection of duty and taxes during the upcoming Eid holidays, expected to occur later this month.
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FBR Empowered to Recover Outstanding Liabilities under Other Laws
KARACHI: In a notable development, the Federal Board of Revenue (FBR) has been granted the authority to recover outstanding liabilities under various statutes or laws. Section 146D of the Income Tax Ordinance, 2001, now empowers the Commissioner (Inland Revenue) to recover such liabilities and deposit the proceeds into the designated account specified in the respective law.
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Pakistan Introduces Withholding Tax on Cash Withdrawal from Banks
Islamabad, June 9, 2023 – In a bid to enhance the documentation of the economy, Pakistan has implemented a withholding tax on cash withdrawals from banks. However, this tax will only apply to individuals who are not listed on the Active Taxpayers List (ATL) of the Federal Board of Revenue (FBR).
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Customs Seizes 1.78 Million Illicit Cigarette Sticks Valued at Rs79 Million in Day-Long Operation
In a significant operation conducted by the Directorate of Customs Intelligence and Investigation (I&I), approximately 1.78 million illicit cigarette sticks, worth an estimated Rs79 million, were confiscated in a single day during an intensive anti-smuggling campaign.
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Massive Tax Evasion Unveiled: Rs956 Billion Lost in Five Key Sectors of Pakistan
Islamabad, June 7, 2023: An international research body, Ipsos, has uncovered a staggering amount of Rs956 billion annual in tax evasion within five key sectors of Pakistan. The report shed light on tax evasion occurring in the real estate, tea, cigarette, tires and oil lubricants, and pharmaceutical industries.
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FBR Releases Draft Rules for Real-Time Tracking and Monitoring of Cargo
Islamabad, June 6, 2023: The Federal Board of Revenue (FBR) Tuesday recently released draft rules for the tracking and monitoring of various types of cargo.
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