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.
(more…)Tag: Federal Board of Revenue
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 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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Cabinet Approves Reconstitution of PRAL Board of Directors
Islamabad, September 21, 2024 – The Cabinet Committee on State-Owned Enterprises (CCoSOEs) has approved the reconstitution of the Board of Directors for Pakistan Revenue Automation (Private) Limited (PRAL), a key entity under the Revenue Division.
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FBR Enforces Banking Requirement for Property Deals
Karachi, September 20, 2024 — In a significant move aimed at enhancing transparency and combating tax evasion, the Federal Board of Revenue (FBR) has mandated that all immovable property transactions exceeding Rs 5 million must be conducted through the banking channel.
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FBR Flexes Muscles Against Non-Filers of Tax Returns: A New Era of Accountability
The Federal Board of Revenue (FBR) has finally drawn a firm line in the sand, signaling its uncompromising stance against non-filers of income tax returns for the fiscal year 2024.
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FBR Issues Strict Warnings Ahead of Return Filing Deadline
Karachi, September 19, 2024 – The Federal Board of Revenue (FBR) issued a stern reminder to taxpayers on Thursday regarding the upcoming deadline for filing income tax returns for the fiscal year 2024, with warnings of serious consequences for non-compliance.
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FBR Launches Audit of Properties, Vehicles, Banking Transactions
Karachi, September 19, 2024 – The Federal Board of Revenue (FBR) has embarked on an extensive audit of properties, motor vehicles, and banking transactions, marking a significant step toward strengthening tax compliance and enforcement across Pakistan.
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Checklist for Filing Income Tax Return 2024
As the deadline of September 30, 2024, for filing annual income tax returns for the tax year 2024 draws near, taxpayers in Pakistan are advised to gather the necessary documents to ensure smooth compliance with tax regulations.
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Disposal, Acquisition of Assets Under Pakistan Income Tax Laws
Karachi, September 19, 2024 – The Federal Board of Revenue (FBR) has provided a comprehensive clarification regarding the disposal and acquisition of assets under Pakistan’s Income Tax laws. The updated provisions, outlined in Section 75 of the Income Tax Ordinance, 2001 (as of June 30, 2024), aim to ensure transparency and proper tax compliance concerning asset transactions in the country.
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Building Transparency: FBR’s Game-Changing ATL Revisions
The recent amendments introduced by the Federal Board of Revenue (FBR) to the Active Taxpayers List (ATL) represent a landmark effort towards promoting transparency and efficiency within Pakistan’s taxation framework.
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