FBR Tax Collection

FBR Implements New Withholding Tax on Property and Vehicle

FBR Implements New Withholding Tax on Property and Vehicle

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,...

FBR Introduces 2024 Tax Return Forms and Dismisses High-Ranking Officials

FBR Introduces 2024 Tax Return Forms and Dismisses High-Ranking Officials

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...

Navigating Tax Exemptions Unraveling Pakistan’s Revenue Challenges

Navigating Tax Exemptions: Unraveling Pakistan’s Revenue Challenges

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...

FTO Directs FBR to Recover Withholding Tax Shortfall from NHA

FTO Directs FBR to Recover Withholding Tax Shortfall from NHA

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....

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