FBR mulls doubling cash withdrawal tax for non-filers in Budget 2025
The Federal Board of Revenue (FBR) is considering a proposal to double the tax on cash withdrawals from banks for non-filers in the upcoming Budget 2025. The move is part of a broader plan to discourage informal economic activity and bring more people into the tax net.
Mehfooz
FBR to Enhance Monitoring of Bank Transactions Exceeding Declared Income
The Federal Board of Revenue (FBR) has announced plans to closely monitor bank transactions that exceed individuals’ declared income to strengthen tax compliance and curb financial irregularities.
PTA reminds International Travelers to pay taxes of their mobile devices under DIRBS
The Pakistan Telecommunication Authority (PTA) reminds international travelers bringing mobile devices into Pakistan to fulfil their tax obligations as required by the Federal Board of Revenue (FBR) for device registration under the Device Identification, Registration, and Blocking System (DIRBS).
Adil Aziz
PSW designated as FBR’s technology partner for ‘Web-Based One Customs’ system
The Federal Board of Revenue (FBR) and Pakistan Single Window (PSW), an integrated digital platform, recently signed an agreement aimed at digitalizing customs clearance processes.
FBR issues clarification on monitoring of transit, shipment Cargo
The Federal Board of Revenue (FBR) has recently introduced a new process for monitoring transit cargo, replacing satellite tracking with human monitoring. This decision comes after the license of the sole company providing satellite tracking services was revoked due to outdated technology and frequent technical issues.
Enhancing Tax-to-GDP ratio crucial for economic stability, Says FBR Chairman
During his visit to the Lahore Chamber of Commerce and Industry (LCCI) on Tuesday, the FBR Chairman agreed with LCCI President Mian Abuzar Shad on the need to reduce sales tax, corporate tax, and income tax rates in Pakistan. However, he emphasized that these reductions would only be feasible if the taxation system effectively captures revenue from all economic segments.
New Single Sales Tax Return Introduced for E&P Companies and Microfinance Banks
The Federal Board of Revenue and all the Provincial Revenue Authorities, namely Balochistan Revenue Authority (BRA), Khyber Pakhtunkhwa Revenue Authority (KPRA), Sindh Revenue Board (SRB), and Punjab Revenue Authority (PRA), have unanimously agreed to extend the scope of the Single Sales Tax Return (SSTR) to include two additional sectors: Exploration & Production (E&P) companies and…
RTO Islamabad Shuts Down Five Restaurants for Fake Receipt
The Regional Tax Office, Islamabad has sealed five prominent restaurants in Islamabad on account of issuing fake invoices/receipts. The action was taken after citizens/consumers reported that the restaurants were issuing counterfeit receipts/invoices.
Editor
PM orders crackdown on hoarding and tax evasion in sugar sector
Prime Minister Shehbaz Sharif directed the Federal Board of Revenue, Federal Investigation Agency and the Intelligence Bureau to carry out joint action to curb the undocumented sale of sugar, tax evasion and price hikes of the commodity.
FBR Introduces Innovative Payment Creation System
FBR is reinforcing its commitment to advancing tax administration and enhancing revenue collection through advanced digital solutions. As part of this progressive approach, FBR has introduced the New Payment Creation System, namely ePayment 2.0, available within the IRIS 2.0 portal, an advanced platform designed to simplify tax payment processes for taxpayers across Pakistan.