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.
(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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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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FBR Introduces KIBOR-Linked Compensation for Delayed Sales Tax Refunds
Karachi, December 5, 2023 – The Federal Board of Revenue (FBR) has announced a significant policy shift regarding delayed sales tax refunds, introducing an additional compensation mechanism tied to the Karachi Interbank Offered Rate (KIBOR).
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Maintenance of Books of Accounts by Taxpayers in Pakistan During Tax Year 2024
Karachi, December 5, 2023 – The Federal Board of Revenue (FBR) in Pakistan has introduced crucial updates to the Income Tax Rules, 2002, stipulating mandatory maintenance of books of accounts, documents, and records for taxpayers during the tax year 2024.
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PTBA Calls for Blocking Non-Filer FBR Officials
Karachi, December 4, 2023 – The Pakistan Tax Bar Association (PTBA) has called on the Federal Board of Revenue (FBR) to take decisive action against non-filer officials, emphasizing the need for accountability and transparency within the tax administration.
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Advisory on Claiming Sales Tax Refunds under Updated Law for Tax Year 2024
Karachi, December 4, 2023 – The Federal Board of Revenue (FBR) has issued a crucial advisory to taxpayers in Pakistan, emphasizing the importance of timely claiming sales tax refunds under the updated tax law for the tax year 2024.
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