Karachi, November 19, 2024 – The Federal Board of Revenue (FBR) is preparing to take legal action against banks and other companies for submitting incomplete or inaccurate declarations, a move that underscores the government’s commitment to strengthening compliance within the financial sector.
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The Federal Board of Revenue is Pakistan’s apex tax agency, overseeing tax collection and policies. Pakistan Revenue is committed to providing timely updates on the Federal Board of Revenue to its readers.
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FBR Updates Active Taxpayers List for 2024 to 5.52 Million
The Federal Board of Revenue (FBR) has revised its Active Taxpayers List (ATL) for the tax year 2024, reflecting a significant increase in active taxpayers. As of November 18, 2024, the list includes 5.52 million individuals, a rise from the 5.37 million taxpayers recorded in the initial ATL published on November 1, 2024.
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Non-Filing of Tax Returns a Punishable Offense in Pakistan: FBR
Karachi, November 17, 2024 – The Federal Board of Revenue (FBR) has reiterated that failing to file an income tax return as mandated by the Income Tax Ordinance, 2001, constitutes a punishable offense. The agency emphasized the legal repercussions associated with non-compliance, underscoring its commitment to enforcing tax regulations.
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FBR Highlights Significance of Section 182A for Non-Filers
Karachi, November 17, 2024 – The Federal Board of Revenue (FBR) has clarified the implications of Section 182A of the Income Tax Ordinance, 2001, emphasizing its importance for individuals and entities failing to file their income tax returns within the due date.
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RTO Hyderabad Seizes Non-Duty Paid Cigarettes Cache
Hyderabad, November 17, 2024 – In a significant move to combat tax evasion, the Regional Tax Office (RTO) Hyderabad has confiscated a massive quantity of non-duty paid cigarettes.
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FBR Reshuffles Cluster of 69 Customs Officers in BS-17 and BS-18
Islamabad, November 16, 2024 – The Federal Board of Revenue (FBR) announced a significant reshuffle within Pakistan Customs Service (PCS) on Saturday, transferring 69 officers in grades BS-17 and BS-18 across various regions of the country. The transfer orders, which were issued on a public holiday, highlight the FBR’s urgency to streamline operations and strengthen the enforcement of anti-smuggling measures.
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What is Tax Penalty for Concealing Income in Pakistan?
Karachi, November 16, 2024 – The Federal Board of Revenue (FBR) has clarified the monetary penalty for individuals found guilty of concealing income under the Income Tax Ordinance, 2001. The FBR’s latest directive aims to strengthen tax compliance and ensure transparency in income declarations.
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FBR Sets Penalty for Misleading Tax Filings and Statements
Karachi, November 16, 2024 – The Federal Board of Revenue (FBR) has announced a monetary penalty structure for individuals found guilty of providing misleading tax declarations to Inland Revenue authorities. The move is part of the FBR’s ongoing efforts to enhance tax compliance and curb fraudulent practices within the tax system.
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FBR Defines New Roles for DG I&I Customs
Islamabad, November 15, 2024 – The Federal Board of Revenue (FBR) has issued new guidelines outlining the functions and jurisdiction of the Directorate General of Intelligence and Investigation (I&I) Customs. The FBR formalized these changes through SRO 1815(I)/2024, released on Friday.
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FBR Directed to Lower Tax Burden on Salaried Class
Islamabad, November 15, 2024 – Minister of State for Finance and Revenue, Ali Pervaiz Malik, has emphasized the need to alleviate the tax burden on salaried individuals by curbing widespread tax evasion in the tobacco industry. Addressing a roundtable on Thursday, he expressed the government’s commitment to reducing income tax for the salaried class, contingent upon the Federal Board of Revenue (FBR) recovering an estimated Rs 300-350 billion lost to non-duty-paid and smuggled cigarettes.
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