Islamabad, July 8, 2023 – The Federal Board of Revenue (FBR) has reportedly achieved its revenue collection target of Rs7.2 trillion for the fiscal year 2022-23, according to sources.
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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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Tax Rate on Construction Services in Islamabad Set at 15 Percent
Islamabad, July 7, 2023 – The Federal Board of Revenue (FBR) has recently released the tax rate for construction services rendered within the jurisdiction of Islamabad Capital Territory (ICT).
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Retailers to Face Three-Year Jail Term for Selling Contraband Cigarettes
Karachi, July 5, 2023 – The tax authorities have issued a stern warning to retailers, informing them of the possibility of a three-year jail term for selling contraband cigarettes. In a bid to curb the sale of unapproved and smuggled goods in the country, the government has recently amended the Sales Tax Act of 1990, introducing new penalties for offenders.
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LTO Karachi Surpasses FY23 Target, Collects Nearly Rs2 Trillion Amid Economic Challenges
Karachi, July 5, 2023 – The Large Taxpayers Office (LTO) Karachi has exceeded its revenue collection target for the fiscal year 2022-23, amassing approximately Rs2 trillion, according to officials on Wednesday.
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Pakistan Retains Higher Sales Tax Rate at 18% for 2023-24 and Onwards
Islamabad, July 5, 2023 – In a move that may impact the economy and burden the masses, Pakistan has decided to retain the higher rate of general sales tax at 18 percent for the fiscal year starting July 1, 2023, and continuing onwards. The decision was announced by the Federal Board of Revenue (FBR) sources today.
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IT Services Face 15% Sales Tax Imposition in Islamabad
Islamabad, July 4, 2023: The Federal Board of Revenue (FBR) has mandated a 15 percent sales tax on IT services and IT-enabled services within the jurisdiction of Islamabad, the capital city of Pakistan. This decision, effective from July 1, 2023, aims to enhance tax revenue collection in the IT sector.
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FBR Enforces 15% Sales Tax on Services Provided by Hotels in Islamabad
Islamabad, July 4, 2023: The Federal Board of Revenue (FBR) has recently implemented a 15 percent sales tax on various services offered by hotels, clubs, and other establishments in Islamabad. This decision aims to enhance revenue collection and streamline taxation procedures within the hospitality sector.
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FBR Takes Action: Principal Appraiser of Karachi Customs Suspended
Karachi, July 3, 2023: The Federal Board of Revenue (FBR) has taken disciplinary action against a principal appraiser of Karachi Customs.
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Pakistan Implements Additional Tax on Unexpected Income
Islamabad, June 29, 2023: Starting from July 1, 2023, Pakistan has introduced an additional tax on unexpected income, profit, and gains. The Federal Board of Revenue (FBR) has been granted the authority to collect this tax.
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Threshold of Cash Salary Payment Increased to Rs32,000
Karachi, June 28, 2023: The Finance Act, 2023 has introduced a significant amendment to increase the threshold of cash salary payment to Rs32,000.
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