Karachi, October 9, 2023 – The Federal Board of Revenue (FBR) has introduced updated super tax rates for high-earning individuals for the tax year 2024.
(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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Pakistan Introduces Minimum Tax for Companies Declaring Losses in Tax Year 2024
Karachi, October 8, 2023 – Pakistan has implemented a minimum tax requirement for companies that frequently declare losses in their financial statements, effective for Tax Year 2024.
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Pakistan Allows No Tax Deduction for Citizens Exempted from Return Filing
Karachi, October 6, 2023 – Pakistan has implemented a policy allowing for no deduction of withholding tax for citizens who are exempted from filing tax returns.
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FBR Sends Large Number of Customs Officers to Admin Pool as Part of Ongoing Reforms
Karachi, October 5, 2023 – The Federal Board of Revenue (FBR) in Pakistan announced a series of transfers affecting numerous customs officers as part of ongoing reforms within the Pakistan Customs department.
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FBR Targets Retailers Transactions to Widen Tax Base
Karachi, October 5, 2023 – The Federal Board of Revenue (FBR) in Pakistan has taken a significant step to expand the tax base by obtaining transaction records of retailers operating in the country. Sources within the FBR have revealed that this move is part of a broader effort to bring more businesses within the tax net.
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FBR Gains Access to Property Buyer Data to Combat Tax Evasion
Karachi, October 3, 2023 – The Federal Board of Revenue (FBR) in Pakistan has taken a significant step in its ongoing efforts to combat tax evasion by obtaining comprehensive data of property buyers from relevant authorities.
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Active Taxpayers List Expands to New Record High at 4.78 Million
Islamabad, October 2, 2023 – Pakistan’s Active Taxpayers List (ATL) has reached a historic milestone, with a record high of 4.78 million taxpayers for the tax year 2022.
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FBR Allows Taxpayers to Set Off Losses Against Capital Gains
Karachi, October 2, 2023 – The Federal Board of Revenue (FBR) has granted taxpayers the ability to offset losses against capital gains, providing relief and flexibility in income tax matters. Official sources confirmed this change on Monday, shedding light on the new provisions.
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FBR Extends Income Tax Return Filing Deadline to October 31, 2023
Islamabad, September 30, 2023 – Responding to pleas from trade bodies and various tax bar associations, the Federal Board of Revenue (FBR) announced on Saturday that it is extending the deadline for filing income tax returns for Tax Year 2023 by one month.
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High-Powered Task Force Formed to Propose Tax Reforms in Pakistan
Islamabad, September 30, 2023 – Pakistan has established a high-powered task force with the aim of formulating substantial tax reforms in the country. A notification issued by the Federal Board of Revenue (FBR) on Saturday detailed the composition and objectives of this task force.
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