Karachi, December 2, 2023 – The Federal Board of Revenue (FBR) has taken a significant leap into the digital age as it gains real-time access to information and databases under the recently updated Sales Tax Act, 1990 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.
-
Building Control Authorities Mandated to Collect 5% Tax Before Approval of Construction Plans
Karachi, December 1, 2023 – In a significant development, provincial building control authorities are now mandated to collect a five percent advance tax before approving building construction plans, as per the updated Income Tax Rules, 2002 for the tax year 2024, issued by the Federal Board of Revenue (FBR).
(more…) -
FBR Achieves Impressive 30% Tax Collection Growth in 5MFY24
Karachi, December 1, 2023 – The Federal Board of Revenue (FBR) has reported an impressive growth of 30 percent in tax collection during the first five months (July – November) of the current fiscal year 2023-2024.
(more…) -
FBR Takes Strong Action Against Non-Filer Tax Officials
KARACHI, November 30, 2023 – The Federal Board of Revenue (FBR) has issued a directive to initiate action against tax officials who have failed to file their income tax returns.
(more…) -
FBR Warns Sugar Millers of 3-Year Jail Sentence for Sales Tax Evasion
Islamabad, November 30, 2023 – The Federal Board of Revenue (FBR) has delivered a stern warning to sugar millers, cautioning them against sales tax evasion and emphasizing the potential consequences, including a three-year jail sentence.
(more…) -
Inland Revenue Offices Extend Working Hours Today for Tax Collection
Karachi, November 30, 2023 – The Federal Board of Revenue (FBR) has announced extended working hours for Inland Revenue offices on Thursday.
(more…) -
Islamabad High Court Grants Stay on Windfall Tax for Banks
Islamabad, November 30, 2023 – The Islamabad High Court (IHC) has issued a stay order on Wednesday, suspending the implementation of a one-off 40 percent tax recently imposed by the government on bank profits derived from foreign exchange transactions over the past two years.
(more…) -
FBR Officials Granted Amnesty for Return Filing: A Stark Mockery of Pakistan’s Taxation System
Karachi, November 29, 2023 – The Federal Board of Revenue (FBR) officials, entrusted with upholding Pakistan’s taxation integrity, have been afforded an extraordinary amnesty for filing their income tax returns, a move that is being denounced as a blatant mockery of the nation’s tax structure.
(more…) -
Pakistan’s Tax Authorities Introduce Stringent Measures in Pursuit of New Taxpayers
Karachi, November 29, 2023 – In a concerted effort to expand the national tax base, tax authorities in Pakistan, led by the Federal Board of Revenue (FBR), have implemented a series of measures aimed at identifying and registering new taxpayers.
(more…) -
FBR Freezes Bank Accounts of National Flag Carrier for Rs 2.76 Billion Recovery
Karachi, November 29, 2023 – The Federal Board of Revenue (FBR) took stringent action on Wednesday by freezing all bank accounts of Pakistan International Airlines (PIA), the national flag carrier, in an effort to recover an outstanding tax amount of Rs 2.76 billion.
(more…)