PkRevenue.com – The Federal Tax Ombudsman (FTO) has issued a directive to the Federal Board of Revenue (FBR) to overhaul and streamline the withholding tax collection system from commercial banks. This order comes after numerous studies and internal investigations highlighted significant inefficiencies in the current regime.
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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 Intelligence Unearths Rs 22 Billion Sales Tax Fraud
PkRevenue.com – The Federal Board of Revenue (FBR) has uncovered a massive sales tax fraud amounting to approximately Rs 22 billion. A statement released on Tuesday revealed that the Directorate General of Intelligence and Investigation-Inland Revenue in Hyderabad and Karachi has dismantled a network of tax fraudsters responsible for inflicting significant financial losses on the National Exchequer.
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FBR Portal Glitches Hamper Sales Tax Registration: KTBA
PkRevenue.com — The Karachi Tax Bar Association (KTBA) has raised concerns about technical issues on the Federal Board of Revenue (FBR) portal that are hindering the sales tax registration process.
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FBR Considers Complete Overhaul of Tax on Property Transactions
PkRevenue.com – The Federal Board of Revenue (FBR) is contemplating a comprehensive overhaul of the taxation system related to property transactions.
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FBR Declares NLC Sultanabad Karachi as Customs Port
PkRevenue.com – The Federal Board of Revenue (FBR) has officially designated the Off-Dock Terminal operated by the National Logistics Corporation (NLC) in Sultanabad, Karachi, as a customs port.
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Tax Managers Propose Removal of E&P Depletion Allowance
PkRevenue.com – The tax managers of Federal Board of Revenue (FBR) have recommended a significant policy change that could impact the Exploration and Production (E&P) sector.
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FBR Suggests 100% Increase in Tax on Bonus Shares for Non-ATL
PkRevenue.com – The Federal Board of Revenue (FBR) has proposed a 100 percent increase in tax on bonus shares for individuals who are not listed on the Active Taxpayers List (ATL). The tax managers at the FBR have recommended amendments to the Income Tax Ordinance, 2001, to be implemented in the forthcoming budget for 2024-25.
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FBR Achieves 31% Revenue Collection Growth in 11MFY24
PkRevenue.com – The Federal Board of Revenue (FBR) has recorded an impressive 31 percent growth in revenue collection during the first eleven months (July-May) of the fiscal year 2023-24.
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Turmoil at Tax Offices: FBR Suspends Lahore RTO DC
PkRevenue.com – The Federal Board of Revenue (FBR) has suspended Khurram Fakhar Siddique, Deputy Commissioner (DC) Headquarter, Regional Tax Office (RTO) Lahore.
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FBR Issues Urgent Directives to IR Offices on Tax Collection
PkRevenue.com – In an urgent move, the Federal Board of Revenue (FBR) has directed Inland Revenue offices to observe extended working hours today, Friday, May 31, 2024, to bolster revenue collection efforts.
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