Karachi, January 4, 2025 – The Federal Board of Revenue (FBR) has introduced a clear procedure for taxpayers seeking an extension in filing their sales tax returns. This step aims to streamline compliance and provide relief to registered persons facing genuine difficulties.
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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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FBR Tightens Reins: Full Sales Details Now Compulsory
Karachi, January 4, 2025 – The Federal Board of Revenue (FBR) has made it mandatory for registered taxpayers to furnish comprehensive transaction details in their sales tax returns.
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NTN or CNIC Mandatory for Sales Tax Invoices: FBR
The Federal Board of Revenue (FBR) has mandated that all sales tax invoices for taxable supplies made to unregistered persons must include the National Tax Number (NTN) or Computerized National Identity Card (CNIC) of the buyer.
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Maintenance of Records under the Sales Tax Act, 1990
The Federal Board of Revenue (FBR) has clarified that the Sales Tax Act, 1990, mandates registered persons to maintain specific records of their business activities at their premises for a duration specified by the FBR. This requirement aims to ensure transparency, facilitate tax compliance, and streamline audits.
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Section 21 of the Sales Tax Act, 1990: Suspension of Registration
Section 21 of the Sales Tax Act, 1990, provides detailed guidelines for de-registration, blocking, and suspension of taxpayer registration. It is a vital mechanism used by the Federal Board of Revenue (FBR) to address tax evasion and ensure compliance. Here’s an expanded overview:
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FBR Seals Two Famous Bakeries in Karachi for POS Violation
Karachi, January 1, 2025 – The Regional Tax Office (RTO) – 1 Karachi, an important wing of the Federal Board of Revenue (FBR), has taken decisive action by sealing two prominent bakeries in the city for failing to comply with Point of Sale (POS) regulations.
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FBR Implements Digital Eye for Tax Monitoring in Sugar Sector
Karachi, January 1, 2025 – The Federal Board of Revenue (FBR) has launched a cutting-edge “digital eye” system for real-time monitoring and video surveillance of production in Pakistan’s sugar sector. This initiative aims to enhance tax compliance and streamline the monitoring process.
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FBR Active Taxpayer List 2024 Reaches 5.89 Million
Karachi, January 1, 2025 – The Federal Board of Revenue (FBR) issued its updated Active Taxpayers List (ATL) for the tax year 2024, showcasing an impressive 5.89 million active taxpayers.
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FBR Faces Rs 380 Billion Tax Shortfall in 1HFY25
The Federal Board of Revenue (FBR) faced a substantial revenue shortfall of Rs 380 billion during the first half of the current fiscal year (July-December 2024). The total tax collection amounted to Rs 5,629 billion, falling short of the projected target of Rs 6,009 billion, raising concerns over Pakistan’s fiscal performance.
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FBR to Collect Rs 70 Billion from Banks as Tax Laws Promulgated
Karachi, December 31, 2024 – The Federal Board of Revenue (FBR) is poised to collect an estimated Rs 70 billion from the banking sector after the promulgation of the Income Tax (Amendment) Ordinance, 2024, a significant development aimed at bolstering revenue collection.
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