Karachi, December 15, 2024 – The Federal Board of Revenue (FBR) has clarified the treatment for the collection of excess sales tax, as outlined in Section 3B of the Sales Tax Act, 1990. This section addresses scenarios where excess tax is collected from consumers, whether due to misinterpretation of legal provisions or other reasons.
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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 Maintains Regular Sales Tax Rate at 18%
Karachi, December 15, 2024 – Pakistan has maintained its regular sales tax rate at 18% for the tax year 2025. This decision aligns with the Federal Board of Revenue’s (FBR) directive, following the increase in the sales tax rate from 17% to 18% introduced through the Finance (Supplementary) Act, 2023.
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FBR Cracks Down on Tax Evasion in Sugar Mills
Islamabad – The Federal Board of Revenue (FBR) has intensified its enforcement efforts to combat tax evasion in the sugar industry, launching a series of operations against non-compliant sugar mills in Punjab and Sindh.
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FBR Starts Customs Goods Assessment Through Faceless System
Karachi, December 14, 2024 – The Federal Board of Revenue (FBR) has announced the launch of the Faceless Customs Assessment (FCA) System, which will be operational from December 15, 2024, in Karachi. This initiative, part of the FBR’s Transformation Plan approved by the Prime Minister of Pakistan, aims to revolutionize the customs assessment process.
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FBR Takes Disciplinary Action, Suspends Nine IR Officials
Karachi, December 14, 2024 – The Federal Board of Revenue (FBR) has taken decisive disciplinary action by suspending nine officials of the Inland Revenue (IR) department over alleged violations of the code of conduct.
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FBR Resolves Ambiguity in Value of Supply for Sales Tax
The Federal Board of Revenue (FBR) has addressed the long-standing ambiguity in determining the “value of supply” for the purpose of calculating sales tax under the updated Sales Tax Act, 1990, applicable for the tax year 2025.
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CTO Karachi Arrests Suspect in Rs 1 Billion Sales Tax Fraud
Karachi, December 14, 2024 – The Corporate Tax Office (CTO), Karachi, has made a significant arrest in connection with an alleged sales tax fraud exceeding Rs 1 billion.
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FBR Issues Guidelines for Notices on Unexplained Income
Karachi, December 13, 2024 – The Federal Board of Revenue (FBR) has issued detailed instructions to all Chief Commissioners of Inland Revenue (CCIRs) regarding the issuance of notices for unexplained income. These guidelines emphasize the procedural requirements that must be adhered to before initiating proceedings for amending tax assessments.
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FBR Removes Confusion Regarding Time of Supply for Sales Tax
Karachi, December 12, 2024 – The Federal Board of Revenue (FBR) has clarified the concept of “time of supply” for the collection of sales tax, eliminating ambiguities that previously existed among taxpayers and businesses.
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Who Qualifies as a Tier-1 Retailer under the Sales Tax Act, 1990?
The Federal Board of Revenue (FBR) has clarified the definition of Tier-1 retailers as outlined under the Sales Tax Act, 1990. This classification is significant for taxation purposes, particularly regarding compliance and documentation requirements.
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