Dec 1

Building Control Authorities Mandated to Collect 5% Tax Before Approval of Construction Plans

Karachi, December 1, 2023 – In a significant development, provincial building control authorities are now mandated to collect a five percent advance tax before approving building construction plans, as per the updated Income Tax Rules, 2002 for the tax year 2024, issued by the Federal Board of Revenue (FBR).

by Shahnawaz Akhter

FBR Achieves Impressive 30% Tax Collection Growth in 5MFY24

Dec 1

Taxation, Top stories

FBR Achieves Impressive 30% Tax Collection Growth in 5MFY24

Karachi, December 1, 2023 – The Federal Board of Revenue (FBR) has reported an impressive growth of 30 percent in tax collection during the first five months (July – November) of the current fiscal year 2023-2024.

by Shahnawaz Akhter

FBR Takes Strong Action Against Non-Filer Tax Officials

Nov 30

Taxation, Top stories

FBR Takes Strong Action Against Non-Filer Tax Officials

KARACHI, November 30, 2023 – The Federal Board of Revenue (FBR) has issued a directive to initiate action against tax officials who have failed to file their income tax returns.

by Shahnawaz Akhter

FBR Warns Sugar Millers of 3-Year Jail Sentence for Sales Tax Evasion

Nov 30

Taxation, Top stories

FBR Warns Sugar Millers of 3-Year Jail Sentence for Sales Tax Evasion

Islamabad, November 30, 2023 – The Federal Board of Revenue (FBR) has delivered a stern warning to sugar millers, cautioning them against sales tax evasion and emphasizing the potential consequences, including a three-year jail sentence.

by Shahnawaz Akhter

Inland Revenue Offices Extend Working Hours Today for Tax Collection

Nov 30

Taxation

Inland Revenue Offices Extend Working Hours Today for Tax Collection

Karachi, November 30, 2023 – The Federal Board of Revenue (FBR) has announced extended working hours for Inland Revenue offices on Thursday.

by Faisal Shahnawaz

Islamabad High Court Grants Stay on Windfall Tax for Banks

Nov 30

Taxation, Top stories

Islamabad High Court Grants Stay on Windfall Tax for Banks

Islamabad, November 30, 2023 – The Islamabad High Court (IHC) has issued a stay order on Wednesday, suspending the implementation of a one-off 40 percent tax recently imposed by the government on bank profits derived from foreign exchange transactions over the past two years.

by Mrs. Anjum Shahnawaz

FBR Officials Granted Amnesty for Return Filing: A Stark Mockery of Pakistan’s Taxation System

Nov 30

Taxation, Top stories

FBR Officials Granted Amnesty for Return Filing: A Stark Mockery of Pakistan’s Taxation System

Karachi, November 29, 2023 – The Federal Board of Revenue (FBR) officials, entrusted with upholding Pakistan’s taxation integrity, have been afforded an extraordinary amnesty for filing their income tax returns, a move that is being denounced as a blatant mockery of the nation’s tax structure.

by Shahnawaz Akhter

Pakistan’s Tax Authorities Introduce Stringent Measures in Pursuit of New Taxpayers

Nov 29

Taxation

Pakistan’s Tax Authorities Introduce Stringent Measures in Pursuit of New Taxpayers

Karachi, November 29, 2023 – In a concerted effort to expand the national tax base, tax authorities in Pakistan, led by the Federal Board of Revenue (FBR), have implemented a series of measures aimed at identifying and registering new taxpayers.

by Shahnawaz Akhter

FBR Freezes Bank Accounts of National Flag Carrier for Rs 2.76 Billion Recovery

Nov 29

Taxation, Top stories

FBR Freezes Bank Accounts of National Flag Carrier for Rs 2.76 Billion Recovery

Karachi, November 29, 2023 – The Federal Board of Revenue (FBR) took stringent action on Wednesday by freezing all bank accounts of Pakistan International Airlines (PIA), the national flag carrier, in an effort to recover an outstanding tax amount of Rs 2.76 billion.

by Shahnawaz Akhter

FBR Plans Harsh Action for Windfall Tax Recovery from Banks

Nov 29

Taxation, Top stories

FBR Plans Harsh Action for Windfall Tax Recovery from Banks

Karachi, November 29, 2023 – The Federal Board of Revenue (FBR) is gearing up for stringent measures to recover windfall tax from banks as the payment deadline looms.

by Shahnawaz Akhter