Karachi, September 28, 2023 – The State Bank of Pakistan (SBP) has issued important directives to commercial banks to ensure the smooth facilitation of tax collection on September 30, 2023.
(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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FBR Recovers Rs 3 Billion from State Life Insurance by Attaching Bank Accounts
Karachi, September 28, 2023 – In a significant development, the Federal Board of Revenue (FBR) successfully recovered a substantial amount of Rs 3 billion from the State Life Insurance Corporation of Pakistan by attaching its bank accounts.
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Pakistan Directs Citizens to Declare Foreign Income and Assets for Tax Year 2023
Karachi, September 28, 2023 – In a move aimed at enhancing transparency and compliance with tax regulations, Pakistan has issued a directive requiring its citizens to declare foreign income and assets as part of their annual tax return for the year 2023.
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FBR Issues Procedure for Income Tax Return Filing Date Extension
Karachi, September 27, 2023 – The Federal Board of Revenue (FBR) has released a detailed procedure for individuals and entities seeking an extension in the filing of income tax returns.
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FBR May Extend Return Filing Date for Tax Year 2023 Amidst Technical Challenges
Karachi, September 27, 2023 – The Federal Board of Revenue (FBR) is contemplating an extension of the deadline for filing income tax returns for the tax year 2023, following a surge in complaints from taxpayers grappling with technical difficulties in the online filing process.
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Pakistan and Germany Initiate Renegotiations to Eliminate Double Taxation
Islamabad, September 26, 2023 – Pakistan and Germany have taken significant steps toward strengthening their economic ties by initiating renegotiations on the Agreement for the Elimination of Double Taxation.
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Pakistan Sets New Record with 4.72 Million Income Tax Returns
Islamabad, September 25, 2023 – Pakistan has reported a record-breaking number of 4.72 million income tax returns for the tax year 2022, as per official data released on Monday.
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FBR Updates SOP for Processing FTO Cases
Karachi, September 25, 2023 – The Federal Board of Revenue (FBR) has introduced updates to the Standard Operating Procedure (SOP) governing the processing of cases involving the Tax Ombudsman.
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FBR Mandates Companies to Deduct 10% Withholding Tax on Issuance of Bonus Shares
Karachi, September 24, 2023 – The Federal Board of Revenue (FBR) has taken a significant step by directing companies to implement a 10 percent withholding tax on the issuance of bonus shares. This move comes as part of the government’s efforts to enhance tax collection and revenue generation.
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Citizens May Face Prison Sentences for Tax Offenses in Pakistan
Karachi, September 20, 2023 – In a stern warning to citizens, the Federal Board of Revenue (FBR) announced that individuals may face at least one year in prison for various tax offenses.
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