Islamabad, November 12, 2024 – The Federal Board of Revenue (FBR) has announced the immediate transfer and posting of a batch of Inland Revenue Service (IRS) officers at the BS-19 and BS-20 levels.
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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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ECC Greenlights Major Reforms for FBR Transformation
Islamabad, November 12, 2024 – The Economic Coordination Committee (ECC) of the Cabinet has approved five critical proposals from the Federal Board of Revenue (FBR) as part of its Transformation Plan aimed at enhancing efficiency, revenue generation, and capacity building within the FBR.
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Pakistan May Introduce Mini Budget Amid Tax Shortfall Concerns
Karachi, November 12, 2024 – As Pakistan faces a widening revenue gap, the government is preparing for the introduction of another mini budget to bridge the anticipated fiscal shortfall for the year 2024-25. With the International Monetary Fund (IMF) delegation currently reviewing the nation’s progress under the Extended Fund Facility (EFF), sources indicate that the mini budget is expected to follow closely after the completion of the IMF team’s visit.
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FBR and IMF Engage in Talks on Potential Revenue Measures
On Monday, the Federal Board of Revenue (FBR) presented the International Monetary Fund (IMF) with an overview of Pakistan’s current fiscal standing, detailing revenue collection progress for the fiscal year 2024-25 and addressing strategies to bridge a projected shortfall of Rs 230 billion for the second quarter (October-December).
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IRSOA Condemns Unlawful Detention of RTO Karachi Officers
Islamabad, November 11, 2024 – The Inland Revenue Service Officers Association (IRSOA) has issued a stern condemnation regarding the unlawful detention of a team from the Regional Tax Office (RTO) Karachi, led by Assistant Commissioner (IR) Rai Hamza Ahmed. The incident, which occurred at a private wedding hall, saw the officers and their staff detained for over four hours while they were performing their official duties.
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FBR Updates ATL, Adding 130K New Active Taxpayers
Karachi, November 11, 2024 – The Federal Board of Revenue (FBR) has officially updated the Active Taxpayers List (ATL) for the tax year 2024, revealing that 5.47 million individuals now hold active taxpayer status.
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FBR Penalizes Property Purchases Made Through Cash Payments
Karachi, November 11, 2024 – In a move aimed at curbing illicit financial activities, the Federal Board of Revenue (FBR) has announced that individuals purchasing immovable property worth Rs 5 million or more through cash payments will face penalties.
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FBR Urgently Transfers Three Senior Customs Officers to HQ
Islamabad, November 10, 2024 – The Federal Board of Revenue (FBR) has issued a special notification transferring three senior officers of the Pakistan Customs Service (PCS), in grade BS-19, to FBR Headquarters in Islamabad. The transfers were announced on Sunday, a non-working day, highlighting the urgency behind these new postings.
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FBR Sets Penalties for Late Tax Return Filing
Karachi, November 10, 2024 – The Federal Board of Revenue (FBR) has announced penalties for individuals and businesses who fail to submit their income tax returns and asset declarations by the due date. These penalties are aimed at encouraging timely compliance with tax laws and apply under Section 182 of the Income Tax Ordinance, 2001.
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IHC Halts FBR’s Tax Computation Directives for Banks
The Islamabad High Court (IHC) has issued a stay order against the Federal Board of Revenue (FBR) on its tax computation approach for banks, halting any further proceedings until the case is heard at a later date.
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