Karachi, September 23, 2024 – The Federal Board of Revenue (FBR) has called on citizens to submit their income tax returns for the tax year 2024 before the approaching deadline of September 30, 2024. In a statement released on Monday, the FBR emphasized that the deadline would not be extended, urging individuals to fulfill their legal obligations promptly.
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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 Explains Tax Liability for Deceased Individuals
Karachi, September 23, 2024 – The Federal Board of Revenue (FBR) has provided a comprehensive explanation of the tax liabilities of deceased individuals, as outlined under Section 87 of the Income Tax Ordinance, 2001. This clarification is intended to guide the legal heirs and representatives of deceased individuals regarding their tax obligations.
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Taxpayers in Pakistan Rush to Secure Active Status Amid FBR’s Stringent Measures
Karachi, September 23, 2024 – A growing sense of urgency has gripped taxpayers in Pakistan, as individuals and businesses rush to attain “active taxpayer” status to avoid severe repercussions from the Federal Board of Revenue (FBR).
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How AI is Transforming Tax Audits: FBR’s Vision for 2024
The Federal Board of Revenue’s (FBR) decision to integrate Artificial Intelligence (AI) for examining income tax returns and wealth declarations represents a bold move toward modernizing Pakistan’s tax system. In an era where technology is transforming various sectors, it is timely for tax authorities to adopt AI-driven tools to address inefficiencies, improve tax compliance, and minimize the risk of tax evasion. This approach reflects the FBR’s commitment to creating a transparent, data-driven environment for tax administration, which is crucial for the country’s fiscal health.
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FBR to Leverage AI for Examining TY 2024 Income Tax Returns
Karachi, September 22, 2024 – The Federal Board of Revenue (FBR) has announced its decision to utilize Artificial Intelligence (AI) for an in-depth examination of income tax returns and wealth declarations submitted for the tax year 2024.
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FBR Defines Resident, Non-Resident Persons for Tax Treatment
Karachi, September 22, 2024 – The Federal Board of Revenue (FBR) has issued clear guidelines categorizing resident and non-resident persons for tax purposes under the Income Tax Ordinance, 2001 for the tax year 2024-25.
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IRSOA Rejects FBR’s Transformation Plan, Raises Concerns
Islamabad, September 21, 2024 – The Inland Revenue Service Officers Association (IRSOA) has voiced strong opposition to the Federal Board of Revenue’s (FBR) new transformation plan, expressing grave concerns over its content and execution.
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PM Shehbaz Approves Bold FBR Crackdown on Wealthy Tax Evaders
Karachi, September 21, 2024 – Prime Minister Shehbaz Sharif has given the green light to the Federal Board of Revenue (FBR) to aggressively target Pakistan’s wealthiest citizens under a transformation plan aimed at addressing tax evasion and increasing revenue collection.
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Definition of Person – Section 80 of Income Tax Ordinance 2001
Karachi, September 21, 2024 – The Federal Board of Revenue (FBR) has issued an updated explanation on the definition of a “person” for the purposes of tax treatment under Section 80 of the Income Tax Ordinance, 2001. This revision, updated up to June 30, 2024, clarifies who qualifies as a “person” and is thereby subject to tax under the laws of Pakistan.
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FBR Sticks to No Deadline Extension in Return Filing for TY 2024
Islamabad, September 21, 2024 – The Federal Board of Revenue (FBR) has made it clear that there will be no extension for the deadline to file income tax returns for the tax year 2024, emphasizing the importance of compliance among taxpayers.
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