Karachi, December 9, 2023 – The Federal Board of Revenue (FBR) has unveiled updated Sales Tax Rules for the tax year 2024, introducing a comprehensive framework for obtaining sales tax registration.
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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 Obtains Monthly Information of Bank Depositors
Karachi, December 9, 2023 – The Federal Board of Revenue (FBR) has taken a significant step by acquiring monthly information on account holders with deposits in banks.
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FBR Mandates Fixation of Retail Prices for Various Goods Under Updated Sales Tax Law
Karachi, December 8, 2023 – The Federal Board of Revenue (FBR) has taken a significant step in streamlining the retail market by issuing a comprehensive list of items for which the fixation of retail prices is now mandatory.
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FBR Obligated to Release Final Income Tax Return Forms by January 31 for Tax Year 2024
Karachi, December 8, 2023 – The Federal Board of Revenue (FBR), acting within the parameters of tax legislation, is compelled to unveil the income tax return forms by January 31, 2024, for the impending tax year 2024.
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FBR Restricts Retailers from Issuing Temporary Sales Tax Invoices via POS System
Karachi, December 7, 2023 – The Federal Board of Revenue (FBR) has implemented a directive preventing integrated retailers from issuing temporary sales tax invoices through the Point of Sale (POS) system.
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Government Mandates Banking Channels for Sales Tax Transactions Above Rs 50,000
Karachi, December 7, 2023 – The Government of Pakistan has made it compulsory to conduct sales tax transactions exceeding Rs 50,000 through banking channels.
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FBR Notifies Mandatory Record-Keeping for Salaried Individuals
Karachi, December 7, 2023 – The Federal Board of Revenue (FBR) has announced the mandatory requirement of record keeping for salaried individuals as part of the updated Income Tax Rules, 2002 for the tax year 2024.
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Government Announces Rewards for Whistleblowers in Sales Tax Evasion Cases
Karachi, December 6, 2023 – The government of Pakistan has introduced a reward system for whistleblowers who provide credible information leading to the detection of sales tax evasion.
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FBR Issues Record Keeping Requirements for Business Income up to Rs 500,000
Karachi, December 6, 2023 – The Federal Board of Revenue (FBR) in Pakistan has notified updated record-keeping requirements for businesses with an annual turnover of up to Rs 500,000.
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FBR Set to Implement Real-Time Access to Information and Databases
Karachi, December 5, 2023 – The Federal Board of Revenue (FBR) has taken a significant step towards enhancing its capabilities by finalizing plans to gain real-time access to information and databases of both public and private institutions.
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