Islamabad: The Federal Board of Revenue (FBR) has initiated a comprehensive effort to enhance tax collection and meet its ambitious revenue targets for the fiscal year 2024-25. On August 28, the FBR announced the formation of a 32-member task force, comprising experts from the Inland Revenue Service and Pakistan Customs, to address the gaps in the current tax system and improve revenue generation. The...
Islamabad: The Federal Board of Revenue (FBR) has officially announced that September 30, 2024, will be the final deadline for submitting income tax returns for the financial year 2023-24. The announcement was made public on August 23, urging taxpayers to meet the deadline to avoid penalties and legal complications. According to the FBR, failing to submit tax returns by the deadline could lead to...
Islamabad: The Federal Board of Revenue (FBR)'s recent attempt to impose penalties on a newly introduced "Late Filers" category has sparked significant legal debate. According to news sources, this initiative, which was introduced through the Finance Act 2024, is currently under scrutiny, with many tax experts questioning its legality, particularly its retrospective application. The "Late Filers"...
Islamabad: The Federal Board of Revenue (FBR) has achieved an impressive milestone by exceeding its revenue target for the first month of the 2024-25 fiscal year. In July 2024, the FBR successfully collected a total of PKR 659.2 billion, surpassing the set target of PKR 656 billion. This achievement is noteworthy, especially considering that it was accomplished even after the issuance of PKR 77.9 billion...
Islamabad: The Federal Board of Revenue (FBR) has achieved a remarkable milestone by surpassing its revenue target for July 2024, with a provisional collection of over PKR 659 billion, as reported on August 1. This accomplishment marks a strong and promising start to the fiscal year 2024-25 (FY25), providing a solid foundation for the government’s revenue collection efforts. The initial target set by...
Lahore: As reported by a news source on July 10, the Federal Board of Revenue (FBR) modified its tax withholding (WHT) regulations impacting motor vehicle transactions, salary income, and the purchase and purchase of immovable property. These changes, effective from July 1, 2024, are expected to streamline tax collection processes and ensure greater compliance across various sectors. As per the details,...
Islamabad: According to a report on July 8, the Federal Board of Revenue (FBR) has declared the availability of new refund forms for the tax year 2024. This announcement is part of a broader effort to streamline the tax filing process and improve compliance among various taxpayer categories. The specifications indicate that the new forms are intended for salaried individuals, businesses, associations of...
Islamabad, July 7 — The Federal Board of Revenue (FBR) has sounded the alarm on Pakistan’s revenue shortfall, attributing a substantial portion of it to tax exemptions. The 2024 Tax Expenditure Report reveals eye-opening figures that underscore the need for a closer examination of our tax policies. While tax exemptions serve as incentives and promote economic activities, they also come at a cost. The...
Islamabad: The Federal Tax Ombudsman (FTO) has directed the Federal Board of Revenue (FBR) to recover short-deducted withholding tax from the National Highways Authority (NHA) due to negligence by FBR’s field formations, as reported on July 1. According to the details, a public interest complaint revealed that the NHA had not properly applied withholding taxes, resulting in significant unpaid amounts....