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.
(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 Shares Collection Strategy with IMF to Sidestep Mini Budget
Islamabad, November 14, 2024 – In a decisive move to meet Pakistan’s ambitious revenue collection target without resorting to a mini budget, the Federal Board of Revenue (FBR) has shared an actionable plan with the International Monetary Fund (IMF). FBR has committed to achieving the 2024-25 revenue target of PKR 12.9 trillion, reinforcing its stance against imposing additional taxation measures.
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FBR to Enforce Shop Closures for Tax Defaults
Karachi, November 13, 2024 – The Federal Board of Revenue (FBR) has announced its plan to enforce strict measures on shopkeepers failing to comply with tax registration and payment requirements under the Income Tax Ordinance, 2001.
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FBR Unveils ePayment 2.0 for Seamless Taxpayer Experience
Islamabad, November 13, 2024 – In a move towards modernizing Pakistan’s tax infrastructure, the Federal Board of Revenue (FBR) launched its latest digital innovation, ePayment 2.0, on Wednesday.
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FBR Reviews Lifting Petroleum Tax Exemption to Address Shortfall
Islamabad, November 13, 2024 – The Federal Board of Revenue (FBR) is contemplating a strategic reversal of the sales tax exemption on petroleum products, potentially introducing a modest 5-7% tax to stabilize fiscal revenues amid a challenging economic landscape.
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FBR Transfers Batch of IRS Officers of BS-19 and BS-20
Islamabad, November 12, 2024 – The Federal Board of Revenue (FBR) has announced the immediate transfer and posting of a batch of Inland Revenue Service (IRS) officers at the BS-19 and BS-20 levels.
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ECC Greenlights Major Reforms for FBR Transformation
Islamabad, November 12, 2024 – The Economic Coordination Committee (ECC) of the Cabinet has approved five critical proposals from the Federal Board of Revenue (FBR) as part of its Transformation Plan aimed at enhancing efficiency, revenue generation, and capacity building within the FBR.
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Pakistan May Introduce Mini Budget Amid Tax Shortfall Concerns
Karachi, November 12, 2024 – As Pakistan faces a widening revenue gap, the government is preparing for the introduction of another mini budget to bridge the anticipated fiscal shortfall for the year 2024-25. With the International Monetary Fund (IMF) delegation currently reviewing the nation’s progress under the Extended Fund Facility (EFF), sources indicate that the mini budget is expected to follow closely after the completion of the IMF team’s visit.
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FBR and IMF Engage in Talks on Potential Revenue Measures
On Monday, the Federal Board of Revenue (FBR) presented the International Monetary Fund (IMF) with an overview of Pakistan’s current fiscal standing, detailing revenue collection progress for the fiscal year 2024-25 and addressing strategies to bridge a projected shortfall of Rs 230 billion for the second quarter (October-December).
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IRSOA Condemns Unlawful Detention of RTO Karachi Officers
Islamabad, November 11, 2024 – The Inland Revenue Service Officers Association (IRSOA) has issued a stern condemnation regarding the unlawful detention of a team from the Regional Tax Office (RTO) Karachi, led by Assistant Commissioner (IR) Rai Hamza Ahmed. The incident, which occurred at a private wedding hall, saw the officers and their staff detained for over four hours while they were performing their official duties.
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