Fastest News Come First
ISLAMABAD: Minister of State for Finance and Revenue, Ali Pervaiz Malik, announced Thursday that the government aims to reduce the tax burden on the salaried class and withdraw taxes on milk. However, this will only be possible if the Federal Board of Revenue (FBR) succeeds in recovering Rs 300 billion to Rs 350 billion from …
Continue reading “Govt Plans Tax Relief for Salaried Class, Targets Cigarette Tax Evasion”
Employees of the Federal Board of Revenue (FBR) in Grades 1 to 16 have raised concerns about unequal reward distribution for the first quarter of FY25. They claim that the rewards were not distributed fairly among the staff. Letter Sent to Authorities In response to these concerns, FBR employees have sent a formal letter …
The Federal Board of Revenue (FBR) reported a slight decline in income tax refunds for the fiscal year 2023-24. The FBR paid out Rs. 53.13 billion in income tax refunds, marking a 1.7% decrease from Rs. 54.07 billion in the previous fiscal year. Despite the decline in income tax refunds, overall refunds and customs rebates …
Continue reading “FBR Tax Refunds Slightly Decline, Rebates Rise in FY24”
ISLAMABAD: Pakistan faces new financial challenges as the International Monetary Fund (IMF) has urged the government to adopt more stringent revenue-boosting measures. The IMF’s demand follows Pakistan’s revenue shortfall during the first four months of the fiscal year. IMF Rejects Request to Lower Tax Target The Federal Board of Revenue (FBR) confirmed that Pakistan had …
Continue reading “IMF Pushes Pakistan for More Revenue Measures”
Islamabad: The International Monetary Fund (IMF) has called on Pakistan to introduce additional revenue-raising measures after the Federal Board of Revenue (FBR) fell short of its tax collection targets for the first four months of the fiscal year. This development follows the IMF’s refusal to adjust the FBR’s tax collection goals downward, despite requests from …
Continue reading “IMF Urges Pakistan to Boost Revenue Measures Amid Tax Shortfall”
The Federal Board of Revenue (FBR) has significantly increased property valuation rates for immovable properties across Pakistan. As reported on Wednesday, the property valuation rates have been adjusted to 75% of actual market rates. This change will take effect from November 1, 2024. This decision by the FBR aims to boost revenue collection and reduce …
Continue reading “FBR Raises Property Valuation Rates in 56 Cities”
The Federal Board of Revenue (FBR) in Pakistan has issued a draft amendment to the Customs Rules 2001. The amendment focuses on updating temporary import rules for vehicles brought into Pakistan by foreign tourists. The FBR is seeking to introduce these changes to streamline the process and maintain proper regulatory oversight. Duty-Free Stay for Three …
Continue reading “FBR Proposes Major Amendments to Vehicle Import Rules for Tourists”
Karachi: The Federal Board of Revenue (FBR) has made a significant amendment to the Income Tax Rules, 2002. 8 The FBR issued a notification on October 18, 2024, under an SRO, detailing these amendments. This new policy falls under Section 237 of the Income Tax Ordinance, 2001. According to the FBR, taxpayers who file their …
Continue reading “FBR Introduces Daily Update System for Active Taxpayers List”
ISLAMABAD: Prime Minister Shehbaz has called on officials to expedite reforms in the Federal Board of Revenue (FBR). Chairing a meeting on Thursday, the prime minister emphasized that the reform process should stay on schedule. He urged FBR officials to create a “cordial and friendly” environment for taxpayers. Shehbaz highlighted the importance of modern technology …
The Federal Board of Revenue (FBR) has denied any possibility of any further extension for the income tax returns filing deadline. FBR spokesperson Bakhtiar Muhammad confirmed that the last date for filing is October 14, 2024, and no further extensions will be granted. To accommodate taxpayers, FBR offices and field formations will remain operational until …
Continue reading “FBR Confirms No Extension for Income Tax Returns Filing Deadline”
