Karachi, December 14, 2024 – The Federal Board of Revenue (FBR) has taken decisive disciplinary action by suspending nine officials of the Inland Revenue (IR) department over alleged violations of the code of conduct.
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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 Resolves Ambiguity in Value of Supply for Sales Tax
The Federal Board of Revenue (FBR) has addressed the long-standing ambiguity in determining the “value of supply” for the purpose of calculating sales tax under the updated Sales Tax Act, 1990, applicable for the tax year 2025.
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CTO Karachi Arrests Suspect in Rs 1 Billion Sales Tax Fraud
Karachi, December 14, 2024 – The Corporate Tax Office (CTO), Karachi, has made a significant arrest in connection with an alleged sales tax fraud exceeding Rs 1 billion.
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FBR Issues Guidelines for Notices on Unexplained Income
Karachi, December 13, 2024 – The Federal Board of Revenue (FBR) has issued detailed instructions to all Chief Commissioners of Inland Revenue (CCIRs) regarding the issuance of notices for unexplained income. These guidelines emphasize the procedural requirements that must be adhered to before initiating proceedings for amending tax assessments.
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FBR Removes Confusion Regarding Time of Supply for Sales Tax
Karachi, December 12, 2024 – The Federal Board of Revenue (FBR) has clarified the concept of “time of supply” for the collection of sales tax, eliminating ambiguities that previously existed among taxpayers and businesses.
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Who Qualifies as a Tier-1 Retailer under the Sales Tax Act, 1990?
The Federal Board of Revenue (FBR) has clarified the definition of Tier-1 retailers as outlined under the Sales Tax Act, 1990. This classification is significant for taxation purposes, particularly regarding compliance and documentation requirements.
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PM Shehbaz Constitutes Probe Team for Sales Tax Frauds
Islamabad, December 12, 2024 – Prime Minister Shehbaz Sharif has taken decisive action against sales tax fraud by forming a high-powered joint inquiry team to investigate and address this pressing issue.
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FBR Explains Federal Excise Duty on Electric Vehicles
ISLAMABAD – Chairman Federal Board of Revenue (FBR) Rashid Mahmood Langrial clarified the issue of Federal Excise Duty (FED) on imported electric vehicles (EVs) and hybrid electric vehicles (HEVs) during a briefing to the Senate Standing Committee on Finance and Revenue. He stated that the Ministry of Law would determine whether imported SUVs, including those classified as EVs and HEVs, fall under the 30% FED category.
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FBR Directs Customs to Ensure Duty Collection on Saturdays
Karachi, December 11, 2024 – The Federal Board of Revenue (FBR) has issued specific instructions to Pakistan Customs for ensuring the seamless collection and transfer of duties and taxes on Saturdays.
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FBR Updates Definition of Sales Tax Fraud
Islamabad, December 11, 2024 – The Federal Board of Revenue (FBR) has officially updated the definition of sales tax fraud, refining its core language to ensure greater clarity and prevent misinterpretation. This updated definition, which comes as part of the revised Sales Tax Act of 1990, will apply to the tax year 2025 and aims to strengthen the enforcement of sales tax regulations across Pakistan.
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