Federal Board of Revene Archives

FBR Sends Acknowledgement of Return Filing for Tax Year 2023

November 7, 2023November 7, 2023Mrs. Anjum Shahnawaz

Islamabad, November 7, 2023 – The Federal Board of Revenue (FBR) is taking a proactive step in acknowledging taxpayers for their compliance with income tax return filing for the tax year 2023, boosting trust and confidence in the tax system.

Exporters Voice Outrage Over Abrupt Suspension of Online Sales Tax Refund Processing

October 19, 2023October 19, 2023Shahnawaz Akhter

Karachi, October 19, 2023 – Exporters in Pakistan are up in arms over the sudden suspension of online processing for sales tax refund claims by the Federal Board of Revenue (FBR).

Pakistan Imposes Up to 20% Advance Tax on Marriage Functions; Varies for Taxpayers

October 4, 2023October 4, 2023Shahnawaz Akhter

Karachi, October 4, 2023 –Pakistan has instituted a 20 percent advance tax on individuals organizing marriage functions. However, this rate is not uniform, as those listed in the Active Taxpayers List (ATL) by the Federal Board of Revenue (FBR) will be subjected to a comparatively lower rate of 10 percent.

FBR Initiates Action Against Builders for Missed Deadlines Under Amnesty Schemes

October 2, 2023October 2, 2023Shahnawaz Akhter

Karachi, October 2, 2023 – The Federal Board of Revenue (FBR) has taken decisive action against property builders and developers who failed to meet project completion deadlines set under the amnesty scheme.

FBR Updates Income Tax Rates on Brokerage and Commission for FY24

October 1, 2023October 1, 2023Shahnawaz Akhter

Karachi, October 1, 2023 – The Federal Board of Revenue (FBR) has released updated income tax rates for brokerage and commission, which will be applicable for the tax year 2024. These revised rates, effective from July 1, 2023, have been introduced through amendments to the Income Tax Ordinance, 2001.

FBR Exempts Categories of Taxpayers from Tax Return Filing

September 26, 2023September 26, 2023Shahnawaz Akhter

Karachi, September 26, 2023 – The Federal Board of Revenue (FBR) has announced that certain categories of taxpayers are exempt from filing annual income tax returns for the tax year 2023.

KTBA Chooses Not to Seek Date Extension Despite Return Filing Portal Issues

September 21, 2023September 21, 2023Shahnawaz Akhter

Karachi, September 21, 2023 – The Karachi Tax Bar Association (KTBA) has made the decision not to request an extension of the deadline for tax return filing, despite encountering glitches and issues on the online portal provided by the Federal Board of Revenue (FBR).

Pakistan authorizes taxmen to enter and search premises for audit

September 9, 2023September 9, 2023Hamza Shahnawaz

Karachi, September 9, 2023 – Pakistan has granted authorization for tax authorities to enter and search premises for the purpose of conducting audits and assessing individuals liable for taxation.

FBR Sets Conditions for Deduction of Bad Debts in Tax Year 2024

September 3, 2023September 3, 2023Shahnawaz Akhter

Karachi, September 3, 2023 – The Federal Board of Revenue (FBR) has issued guidelines specifying conditions for allowing deductions for bad debts during the tax year 2024.

PTBA Criticizes FBR for Unlawful Changes to Return Filing Portal, Urges Swift Resolution