Karachi, November 16, 2023 –Section 99D of the Income Tax Ordinance, 2001, has granted the federal government the authority to levy an additional tax on windfall profits across various sectors of the economy, according to sources within the Federal Board of Revenue (FBR).
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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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Pakistan Imposes 40% Tax on Banks’ Windfall Profits, Adding to Financial Burden
Karachi, November 16, 2023 –Pakistan has placed additional tax burdens on banks, introducing a 40% levy on windfall income profits from foreign exchange transactions.
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Sales Tax Act Grants FBR Authority to Disconnect Electricity and Gas for Defaulting Retailers
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FBR Initiates Document Verification of BS-16 Customs Officers
Islamabad, November 15, 2023 – The Federal Board of Revenue (FBR) has undertaken the thorough verification of documents submitted by officers in the BS-16 grade of the Pakistan Customs Department.
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Sales Tax Registration Made Mandatory for Various Entities in Tax Year 2024
The Federal Board of Revenue (FBR) has updated the Sales Tax Act, 1990 to make sales tax registration mandatory for various entities during the tax year 2024.
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Time and Manner of Sales Tax Payment in Pakistan Explained for Tax Year 2024
Time and manner of sales tax payment for Tax Year 2024 have been explained by the Federal Board of Revenue (FBR) through updated Sales Tax Act, 1990.
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Preventing Passing On of Excess Sales Tax to Consumers in Pakistan
Preventing Passing on of excess sales tax to consumers in Pakistan has been outlined through Section 3B of Sales Tax Act, 1990.
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Pakistan Prime Minister Directs Comprehensive Strategy for FBR Restructuring
Islamabad, November 13, 2023 – Pakistan Prime Minister on Monday directed authorities to formulate a comprehensive strategy for restructuring the Federal Board of Revenue (FBR).
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Sales Tax Rates Unveiled for Tax Year 2024 in Pakistan
Karachi, November 13, 2023 – The Federal Board of Revenue (FBR) has announced the sales tax rates for the tax year 2024 through the updated Sales Tax Act, 1990, effective from July 1, 2023.
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FBR Explains Value of Supply for Sales Tax Levy During Tax Year 2024
The Federal Board of Revenue (FBR) has explained value of supply for sales tax levy during tax year 2024 to facilitate taxpayers in understanding the tax liability.
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