Karachi, January 24, 2025 – The National Clearing Company of Pakistan Limited (NCCPL) has announced that January 31, 2025, is the deadline for the collection of Capital Gains Tax (CGT) on the disposal of shares for December 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.
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PSW Officially Becomes FBR’s Digital Customs Partner
In an important step toward modernizing customs operations in Pakistan, the Federal Board of Revenue (FBR) has partnered with Pakistan Single Window (PSW) to digitalize customs clearance processes.
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Banks Witness Rs862Bn Withdrawals Amid Non-Filer Restrictions
Karachi, January 23, 2025 – Banks in Pakistan experienced a massive withdrawal of Rs 862 billion during December 2024 as the government prepared to impose stringent restrictions on non-filers of income tax returns. This significant outflow highlights the uncertainty and apprehension among account holders in response to impending policy changes.
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FBR Fails to Satisfy Senate on Purchase of 1,010 Honda Cars
Islamabad, January 23, 2025 – The Federal Board of Revenue (FBR) has come under fire from the Senate Standing Committee on Finance for failing to provide satisfactory explanations regarding the purchase of 1,010 Honda cars. The committee has now decided to escalate the matter by writing to Prime Minister Shehbaz Sharif and the Ministry of Finance to halt this procurement.
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Peshawar Tax Bar Urges FBR for Removal of Password Expiry
Peshawar, January 23, 2025 – The Peshawar Tax Bar Association has called on the Federal Board of Revenue (FBR) to reconsider and remove the mandatory password expiry condition for taxpayer portals. This appeal aims to alleviate the difficulties faced by taxpayers and practitioners in managing their compliance obligations.
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FBR Initiates Officer Selection for Cars and Cash Incentives
The Federal Board of Revenue (FBR) has commenced the process of selecting officers from BS-17 and BS-18 ranks for the provision of cars and cash rewards, sources disclosed on Wednesday. This initiative aims to recognize and incentivize officers in the Inland Revenue Service (IRS) and Pakistan Customs Service (PCS) for their contributions under the ongoing transformation plan.
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Honda Pakistan Reports 296% Profit Rise Ahead Major FBR Deal
Karachi, January 22, 2025 – Honda Atlas Cars (Pakistan) Limited has reported an impressive 296% growth in net profit for the quarter ended December 31, 2024, as the company prepares for significant sales to the Federal Board of Revenue (FBR).
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FBR Calls for Customs Duty Proposals for Budget 2025-26
Karachi, January 22, 2025 – The Federal Board of Revenue (FBR) has officially invited stakeholders to submit their proposals concerning customs duty adjustments for the upcoming federal budget of 2025-26.
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IRSOA Set to Boycott FBR’s Rating and Reward System
Islamabad, January 22, 2025 – The Inland Revenue Service Officers Association (IRSOA) has announced its firm decision to boycott the recently introduced Rating and Reward System (RRS) by the Federal Board of Revenue (FBR). In a detailed statement, IRSOA strongly urged its members to stand united in rejecting what it deems a deeply flawed and counterproductive initiative.
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LHC Rejects FBR’s Income Tax Reference
In a significant ruling, a division bench of the Lahore High Court (LHC) dismissed an income tax reference filed by a Commissioner Inland Revenue of the Federal Board of Revenue (FBR) under Section 133(1) of the Income Tax Ordinance, 2001.
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