Karachi, November 5, 2024 – The Federal Board of Revenue (FBR) has recorded a remarkable 36.5% increase in withholding tax (WHT) collection for the fiscal year 2023-24, according to its annual report released on Tuesday.
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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 Struggles to Raise Tax-to-GDP Ratio Amid Revenue Surge
Karachi, November 5, 2024 – Despite substantial increases in revenue collection, Pakistan’s Federal Board of Revenue (FBR) has struggled to elevate the tax-to-GDP ratio, a critical indicator of fiscal health, over the past decade.
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FBR Needs to Collect Additional Rs 3.61 Trillion to Meet FY25 Goal
Karachi, November 5, 2024 – The Federal Board of Revenue (FBR) has announced that it must collect an additional Rs 3.61 trillion to achieve its ambitious revenue target of Rs 12.91 trillion for the fiscal year 2024-25. This goal represents a 38.9% increase from last year’s collection of Rs 9.31 trillion, posing a substantial challenge for the revenue authority.
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Taxpayers Obligated to Retain Tax Records for Six Years: FBR
Karachi, November 5, 2024 – The Federal Board of Revenue (FBR) has reiterated that all taxpayers in Pakistan must retain their tax records for a minimum of six years, as stipulated under Section 174 of the Income Tax Ordinance, 2001. This directive serves to ensure transparency and accountability, with specific record-keeping requirements set to facilitate audit and compliance procedures.
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FBR Acquires Details of Account Holders from Banks
Karachi, November 4, 2024 – In a move aimed at reinforcing transparency and broadening the tax net, the Federal Board of Revenue (FBR) has instructed banks to provide detailed information on account holders involved in transactions subject to withholding tax deductions.
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Falling Corporate Profitability Undermines FBR Tax Projections
Karachi, November 4, 2024 – The Federal Board of Revenue (FBR) finds itself grappling with a widening gap in tax targets, exacerbated by a sharp decline in corporate profitability for the first quarter of the fiscal year 2024-25. This financial shortfall underscores the mounting difficulties the FBR faces in achieving its ambitious revenue goals amid a complex economic landscape.
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FTO Directs FBR to Define SOPs for Reactivating Blocked SIMs
Islamabad, November 3, 2024 – The Federal Tax Ombudsman (FTO) has formally directed the Federal Board of Revenue (FBR) to establish a standardized operating procedure (SOP) for taxpayers affected by blocked mobile phone SIMs, ensuring clear guidelines for their reactivation.
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FBR Introduces Simplified Procedure for Income Tax Refunds
Karachi, November 3, 2024 – The Federal Board of Revenue (FBR) has issued a streamlined procedure for taxpayers seeking income tax refunds under the Income Tax Ordinance, 2001. In a detailed announcement, the FBR outlined the steps required to apply for refunds under Section 170 of the ordinance, providing clarity for taxpayers who have paid more tax than what they owe.
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FBR Urges National Media to Avoid Spreading Fake News
Islamabad, November 2, 2024 — The Federal Board of Revenue (FBR) on Saturday issued a stern advisory to the national media, urging outlets to exercise caution and refrain from disseminating unsubstantiated reports.
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FBR Announces Tax Regime for Non-ATL Prize Bond Winners
Karachi, November 2, 2024 – The Federal Board of Revenue (FBR) has announced a tax policy for prize bond winners who are not listed on the Active Taxpayers List (ATL).
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