Federal Boad of Revenue Archives - Page 3 of 4

Citizens Rush to Attain Active Taxpayer Status to Avoid Soaring Electricity Bills

August 28, 2023August 29, 2023Shahnawaz Akhter

Karachi, August 28, 2023 – In a remarkable development, a significant surge has been observed in Pakistan’s Active Taxpayers List (ATL), driven by citizens seeking this status to circumvent skyrocketing electricity bills.

Pakistan Unveils New Withholding Tax Rates on Electricity Bills

August 27, 2023August 27, 2023Faisal Shahnawaz

Karachi, August 27, 2023 – In a bid to streamline its tax system and encourage responsible energy consumption, the Federal Board of Revenue (FBR) of Pakistan has unveiled revised withholding tax rates on electricity bills for the fiscal year 2023-24.

FBR Takes Faysal Bank to High Court Over Tax Dispute

August 25, 2023August 25, 2023Shahnawaz Akhter

Karachi, August 25, 2023 – The Federal Board of Revenue (FBR) has taken legal action against Faysal Bank Limited concerning a tax dispute related to the taxability of gains on a bargain purchase.

Three Customs Officials Dismissed Over Involvement in Mega Clearance Scam

August 25, 2023August 25, 2023Shahnawaz Akhter

Karachi, August 25, 2023 – In a significant development, the Federal Board of Revenue (FBR) has taken decisive action against corruption within its ranks by dismissing three customs officials for their involvement in a major clearance scam.

FBR to Treat Speculation Business Separately for Tax Imposition

August 24, 2023August 24, 2023Shahnawaz Akhter

Karachi, August 24, 2023 – In a significant development, the Federal Board of Revenue (FBR) has announced that it will now treat speculation business as a distinct entity for tax purposes.

FBR Affirms Profits and Gains as Constituent of Business Income for Taxation

August 23, 2023August 23, 2023Shahnawaz Akhter

Karachi, August 23, 2023 – The Federal Board of Revenue (FBR) has confirmed that profits and gains arising from any business activity will be considered a component of an individual’s income for tax purposes.

FBR Seizes Large Quantity of Cigarettes from Leading Manufacturer for Tax Violations

August 22, 2023August 22, 2023Faisal Shahnawaz

Islamabad, August 22, 2023 – In a significant crackdown on tax law violations, the Federal Board of Revenue (FBR) has seized a substantial quantity of cigarettes from a prominent manufacturer.

FBR Urged to Extend Sales Tax Return Date as Provincial Portals Facing Glitches

August 18, 2023August 18, 2023Shahnawaz Akhter

Karachi, August 18, 2023 – The Karachi Tax Bar Association (KTBA) has formally requested the Federal Board of Revenue (FBR) to consider extending the deadline for filing sales tax returns due to technical issues plaguing provincial filing portals.

FBR Introduces Mandatory Verification Form for Property Sellers Under Section 7E

August 14, 2023August 14, 2023Shahnawaz Akhter

Karachi, August 14, 2023 – The Federal Board of Revenue (FBR) has unveiled a significant measure for property transactions, issuing a new verification form under Section 7E of the Income Tax Ordinance, 2001.

FBR Announces Promotions for IRS Officers to BS-20 and BS-21

August 10, 2023August 10, 2023Mrs. Anjum Shahnawaz

Islamabad, August 10, 2023 – The Federal Board of Revenue (FBR) has officially announced the promotions of 25 officers from the Inland Revenue Service (IRS) to positions in BS-20 and BS-21.

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