Karachi, December 17, 2024 – The Federal Board of Revenue (FBR) has issued a detailed clarification on the treatment of sales tax when there is a change in the applicable tax rate. This clarification is designed to provide clear guidance to taxpayers and ensure uniform compliance.
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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 Integrates FMCG Sector with Digital Invoicing System
Islamabad, December 17, 2024 – The Federal Board of Revenue (FBR) has taken a significant step toward enhancing transparency and compliance by integrating the Fast-Moving Consumer Goods (FMCG) sector with its digital invoicing system. This initiative aims to streamline tax collection and improve documentation within the sector.
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FBR Lists Goods for Zero Rating of Sales Tax for TY 2025
Karachi, December 16, 2024 – The Federal Board of Revenue (FBR) has issued a detailed list of goods eligible for zero-rating of sales tax for the tax year 2025.
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FBR Confirms Dec 31 as Return Filing Deadline for Companies
Karachi, December 16, 2024 – The Federal Board of Revenue (FBR) has reaffirmed December 31, 2024, as the final deadline for corporate entities to file their income tax returns for the tax year 2024.
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LTO Karachi Hits Record Rs 1.11 Trillion Milestone in 5MFY25
Karachi, December 16, 2024 – The Large Taxpayers Office (LTO) Karachi achieved a groundbreaking milestone, collecting a record Rs 1.11 trillion in the first five months of the fiscal year 2024-25 (July–November). This marks a remarkable 20% growth compared to the Rs 924 billion collected during the same period in the previous fiscal year.
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FBR Imposes 24% Tax on Brokerage Commission for Non-ATL
Karachi, December 15, 2024 – The Federal Board of Revenue (FBR) has announced a significant tax policy revision, imposing a 24% advance income tax on brokerage commissions earned by individuals not included in the Active Taxpayers List (ATL) for the tax year 2025. This move aims to ensure compliance and widen the tax net.
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FBR Clarifies Treatment of Collection of Excess Sales Tax
Karachi, December 15, 2024 – The Federal Board of Revenue (FBR) has clarified the treatment for the collection of excess sales tax, as outlined in Section 3B of the Sales Tax Act, 1990. This section addresses scenarios where excess tax is collected from consumers, whether due to misinterpretation of legal provisions or other reasons.
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Pakistan Maintains Regular Sales Tax Rate at 18%
Karachi, December 15, 2024 – Pakistan has maintained its regular sales tax rate at 18% for the tax year 2025. This decision aligns with the Federal Board of Revenue’s (FBR) directive, following the increase in the sales tax rate from 17% to 18% introduced through the Finance (Supplementary) Act, 2023.
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FBR Cracks Down on Tax Evasion in Sugar Mills
Islamabad – The Federal Board of Revenue (FBR) has intensified its enforcement efforts to combat tax evasion in the sugar industry, launching a series of operations against non-compliant sugar mills in Punjab and Sindh.
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FBR Starts Customs Goods Assessment Through Faceless System
Karachi, December 14, 2024 – The Federal Board of Revenue (FBR) has announced the launch of the Faceless Customs Assessment (FCA) System, which will be operational from December 15, 2024, in Karachi. This initiative, part of the FBR’s Transformation Plan approved by the Prime Minister of Pakistan, aims to revolutionize the customs assessment process.
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