Islamabad – The Federal Board of Revenue (FBR) has released updated withholding tax rates on exports of goods and services for the fiscal year 2021-2022.
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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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Withholding tax rates on retailers during 2021-2022
Islamabad, January 12, 2024 – The Federal Board of Revenue (FBR) has announced the withholding tax rates applicable to retailers at the time of sales by manufacturers for the fiscal year 2021-2022.
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Taxpayers’ information intact; database breach prevented
In a recent cyber onslaught, the Information Technology (IT) wing of the Federal Board of Revenue (FBR) emerged triumphant in safeguarding the tax system’s database against a Trojan malware attack.
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Customs remain normal amid FBR portal breakdown
The Federal Board of Revenue (FBR) issued a clarification on Sunday regarding the recent disturbance in Customs Operations attributed to the upgradation of the FBR Data Center.
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Tax bar urges updating sales tax return
In a bid to streamline tax procedures and ensure compliance with recent legislative changes, the Karachi Tax Bar Association (KTBA) has called upon the Federal Board of Revenue (FBR) to promptly update the online sales tax return form.
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FBR’s web portal shuts for service optimization
ISLAMABAD: The Federal Board of Revenue (FBR) announced on Saturday that its web portal is currently offline due to ongoing service optimization activities. The technical team is working on migrating services, resulting in the temporary unavailability of services.
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FBR extends last date for payment and return filing
The Federal Board of Revenue (FBR) has extended the last date for payment and filing of returns for the month of July 2021. The decision, communicated through a circular, offers additional time for businesses and individuals to meet their obligations, acknowledging the challenges posed by various factors, including the evolving economic landscape and ongoing global uncertainties.
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Income tax calculation on fair market value
Islamabad – The Federal Board of Revenue (FBR) has shed light on the calculation of income tax concerning the fair market value of various assets, services, and properties.
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Income tax law describes apportionment of deductions
In a bid to enhance clarity and transparency in tax calculations, the Federal Board of Revenue (FBR) in Pakistan has emphasized the importance of Section 67 of the Income Tax Ordinance, 2001.
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Tax treatment of property owned by persons
The Federal Board of Revenue (FBR) has unveiled insights into the tax treatment of properties co-owned by two or more individuals through Section 66 of the Income Tax Ordinance, 2001.
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