Islamabad, December 27, 2024 – The Finance Ministry on Friday disclosed a significant shortfall in revenue collection by the Federal Board of Revenue (FBR) up to November 2024. This revelation came as part of the monthly economic outlook for December 2024.
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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, NADRA Identify 4.9M Affluent Individuals for Tax Expansion
Islamabad, December 27, 2024 – In a decisive effort to broaden the tax base, the Federal Board of Revenue (FBR), in collaboration with the National Database and Registration Authority (NADRA), has identified approximately 4.9 million wealthy individuals to be incorporated into the tax net. This joint initiative reflects the government’s firm commitment to addressing tax evasion and ensuring fiscal equity.
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RTO-1 Karachi Targets Tax-Evading Wedding Halls
Karachi, December 27, 2024 – In a move to curb tax evasion, the Regional Tax Office-1 (RTO-1) Karachi has announced stringent action against four prominent wedding halls in the city for failing to deposit taxes mandated under Section 236CB of the Income Tax Ordinance, 2001.
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FBR Dismisses Customs Inspector in Misconduct Case
Islamabad, December 26, 2024 – The Federal Board of Revenue (FBR) has dismissed Muhammad Ali Ijaz Malik, an Inspector of Pakistan Customs (BS-16), for misconduct following an extensive inquiry under the Civil Servants (Efficiency & Discipline) Rules, 2020. This decision comes as part of FBR’s commitment to uphold integrity and discipline within its ranks.
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FBR Uncovers 190,000 Tax Evaders, Rs 60 Bn at Risk: Aurangzeb
Islamabad, December 26, 2024 – Finance Minister Mohammad Aurangzeb revealed on Thursday that the Federal Board of Revenue (FBR) had identified approximately 190,000 individuals who have evaded taxes totaling around Rs 60 billion. This was part of the government’s ongoing efforts to improve tax compliance and expand the tax base through digitization and data analytics.
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FBR Introduces Point Scoring System for Customs Agents
Karachi, December 26, 2024 – The Federal Board of Revenue (FBR) has announced the implementation of a new point-scoring mechanism for customs agents, aimed at enhancing efficiency and accountability in the consignment declaration process. The initiative was formalized through SRO 2071(I)/2024, issued on December 24, 2024.
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Citizens Face Tax Penalty on Non-Banking Property Deals
Citizens involved in property transactions outside the banking system are now facing a tax penalty, according to tax experts. This development follows heightened taxation measures on buying and selling immovable properties and an increase in property valuation rates by the Federal Board of Revenue (FBR).
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FBR Allows Refunds of Input Tax under Sales Tax Act
Karachi, December 26, 2024 – The Federal Board of Revenue (FBR) has authorized refunds of input tax under Section 10 of the Sales Tax Act, 1990, bringing relief to registered persons who face an excess of input tax over output tax during a tax period. This provision, as clarified by the FBR, aims to streamline the refund process and ensure smoother tax compliance for businesses.
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FBR Explains Joint and Several Liability on Unpaid Tax
Karachi, December 26, 2024 – The Federal Board of Revenue (FBR) has issued a detailed explanation regarding the joint and several liability of registered persons within the supply chain when taxes remain unpaid. This clarification is provided under Section 8A of the Sales Tax Act, 1990.
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FBR Announces Special Year-End Tax Collection Measures
Karachi, December 25, 2024 – The Federal Board of Revenue (FBR) has taken an unprecedented step by deciding to keep its collection windows open on the last Saturday and Sunday of December 2024.
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