Islamabad, September 26, 2023 – Pakistan and Germany have taken significant steps toward strengthening their economic ties by initiating renegotiations on the Agreement for the Elimination of Double Taxation.
(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 Sets New Record with 4.72 Million Income Tax Returns
Islamabad, September 25, 2023 – Pakistan has reported a record-breaking number of 4.72 million income tax returns for the tax year 2022, as per official data released on Monday.
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FBR Updates SOP for Processing FTO Cases
Karachi, September 25, 2023 – The Federal Board of Revenue (FBR) has introduced updates to the Standard Operating Procedure (SOP) governing the processing of cases involving the Tax Ombudsman.
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FBR Mandates Companies to Deduct 10% Withholding Tax on Issuance of Bonus Shares
Karachi, September 24, 2023 – The Federal Board of Revenue (FBR) has taken a significant step by directing companies to implement a 10 percent withholding tax on the issuance of bonus shares. This move comes as part of the government’s efforts to enhance tax collection and revenue generation.
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Citizens May Face Prison Sentences for Tax Offenses in Pakistan
Karachi, September 20, 2023 – In a stern warning to citizens, the Federal Board of Revenue (FBR) announced that individuals may face at least one year in prison for various tax offenses.
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FBR Launches Campaign for Return Filing as Deadline Nears
Karachi, September 20, 2023 – The Federal Board of Revenue (FBR) has embarked on a vigorous campaign, imploring citizens to promptly file their income tax returns as the looming deadline of September 30, 2023, approaches.
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Late Return Filers Face Exclusion from Active Taxpayers List 2023
Karachi, September 19, 2023 – The Federal Board of Revenue (FBR) has announced that individuals and entities filing their income tax returns after the deadline will not be included in the Active Taxpayers List (ATL) for the year 2023.
READ MORE: FBR Extends Working Hours to Assist Taxpayers with Return Filing
According to FBR officials, the final date for submitting annual tax returns for the tax year 2023 is September 30, 2023. This deadline applies to all taxpayers, including salaried individuals, business owners, associations of persons (AOPs), and companies with special fiscal years, who are required to file their annual returns.
Officials emphasized that those who file their income tax returns after the deadline will not be included in the ATL. The ATL is a crucial document that allows taxpayers to avail themselves of reduced tax rates and certain benefits.
READ MORE: Pakistan’s Active Taxpayers List Hits Record High at 4.66 Million
Under Section 182A of the Income Tax Ordinance, 2001, individuals and entities can be added to the ATL even after the deadline by paying a surcharge. The surcharge rates are as follows:
Twenty thousand rupees for companies.
Ten thousand rupees for associations of persons.
READ MORE: FBR Initiates Penal Action Against Failure to Declare Business Bank Accounts
One thousand rupees for individual taxpayers.
Taxpayers who are not included in the ATL will face restrictions, including being denied the ability to carry forward losses, access refunds, and receive payments for delayed refunds.
The FBR is set to release the ATL for the tax year 2023 on March 1, 2023. This list will include the names of individuals and entities who filed their returns by the due date as well as those who filed their returns after the due date but paid the necessary surcharge.
READ MORE: IRIS 2.0 Breakdowns Make Return Filing Challenging, Says KTBA Convener
It is imperative for taxpayers to meet the filing deadline and comply with tax regulations to maintain their status as active taxpayers and access the associated benefits and privileges.
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FBR Extends Working Hours to Assist Taxpayers with Return Filing
Islamabad, September 19, 2023 – In a proactive move to support taxpayers and facilitate the annual tax return filing process, the Federal Board of Revenue (FBR) has issued a directive to its tax offices across the country, instructing them to extend their working hours on September 30, 2023.
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Pakistan’s Active Taxpayers List Hits Record High at 4.66 Million
Islamabad, September 18, 2023 – Pakistan’s Active Taxpayers List (ATL) has achieved a historic milestone, reaching a record high of 4.66 million individuals and businesses as of September 17, 2023, according to the latest update issued by the Federal Board of Revenue (FBR) on Monday.
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FBR Initiates Penal Action Against Failure to Declare Business Bank Accounts
Karachi, September 17, 2023 – The Federal Board of Revenue (FBR) has taken punitive measures against individuals who have failed to declare their business bank accounts, as per recent reports.
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