Karachi, October 25, 2024 – The Federal Board of Revenue (FBR) has implemented a significant measure to collect advance income tax from individuals and businesses registered for provincial sales tax.
(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 Curtails Customs Intelligence Powers to Facilitate Taxpayers
Karachi, October 25, 2024 – In a significant move to streamline operations and ease taxpayer concerns, the Federal Board of Revenue (FBR) has reduced the powers of the Directorate General of Intelligence and Investigation (I&I) Customs.
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FBR Amends Transshipment Rules for Iranian Transport Operators
Islamabad, October 25, 2024 – The Federal Board of Revenue (FBR) has revised the transshipment rules for Iranian transport operators involved in the movement of goods across Pakistan’s borders. The new rules are part of the efforts to strengthen regulatory frameworks governing international trade and transportation, especially under the Bilateral Road Transportation of Goods agreement between Pakistan and Iran.
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FBR Announces Daily Updates to Active Taxpayers List
Islamabad, October 24, 2024 – In a significant policy shift, the Federal Board of Revenue (FBR) has announced that it will now update the Active Taxpayers List (ATL) on a daily basis, departing from its previous practice of weekly updates.
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PM Shehbaz Directs FBR to Create Taxpayer-Friendly Environment
Islamabad, October 24, 2024 – Prime Minister Shehbaz Sharif on Thursday instructed the Federal Board of Revenue (FBR) to foster a more taxpayer-friendly atmosphere in a bid to build trust and enhance tax compliance. The prime minister made these remarks while chairing a review meeting focused on FBR reforms, according to a press release from the PM Office.
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FBR Projects Rs 250 Billion from New Anti-Smuggling Measures
Islamabad, October 24, 2024 – The Federal Board of Revenue (FBR) has announced ambitious plans to generate up to Rs 250 billion through a series of robust anti-smuggling initiatives, signaling a major crackdown on illicit trade.
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Minister Rules Out ADR-Based Tax Exemption for Banks
Minister of State for Finance, Ali Pervez Malik, a day earlier, made it clear that there are no ongoing discussions or plans for tax exemptions based on the Advance-to-Deposit Ratio (ADR) for banks. Speaking at the Senate Standing Committee on Finance, Malik emphasized that no proposal concerning an ADR-based tax exemption is currently under consideration.
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FPCCI Advocates Protection of Genuine Taxpayers at FBR Meeting
Karachi, October 23, 2024 – The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has issued a strong appeal for the protection of genuine taxpayers while urging the Federal Board of Revenue (FBR) to focus its enforcement efforts exclusively on tax evaders.
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FBR Clarifies Tax Procedure for Individuals Departing Pakistan
Karachi, October 23, 2024 – The Federal Board of Revenue (FBR) has issued a detailed procedure outlining the tax assessment for individuals planning to leave Pakistan, ensuring compliance with Section 145 of the Income Tax Ordinance, 2001. This move seeks to address the tax liabilities of those departing the country with no intention of returning.
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FBR Targets High Net Worth Non-Filers in Intensified Tax Audit for 2023
Karachi, October 23, 2024 – The Federal Board of Revenue (FBR) has launched a rigorous crackdown on high net worth individuals who have failed to file their income tax returns for the tax year 2023.
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