ISLAMABAD: More than 3,522 tax-related issues totaling Rs. 4.7 trillion remain unresolved in courts and tribunals across the nation. This was disclosed at a review meeting convened by Prime Minister Shahbaz Sharif in Islamabad today. The Prime Minister instructed that these instances be resolved as soon as possible. He authorizedRead More →
The Federal Board of Revenue (FBR) has set a November 30, 2023 deadline for banks to pay an extra 40% tax on windfall income, earnings, and gains accruing in calendar years 2021 and 2022. The Federal Government has designated banking firms as the sector for the purposes of section 99DRead More →
ISLAMABAD – The government has resolved to eliminate customs fees and extra customs levies on Turkish imports until 2033. According to the FBR, charges on glucose, glucose syrup, taste powder, dog and cat food have been eliminated, while duties on 133 goods, including corn flakes, mosquito killing sprays, and electricRead More →
Based on foreign areas and destinations, the government has established new federal excise tax (FED) rates for first class, business class, and club class airline tickets. On Monday, the government presented the Finance Supplemental Bill 2023 revisions.For FED, new slabsThe FED would be applicable on club, business, and first-class flightRead More →
The Federal Tax Ombudsman (FTO) has urged the Federal Board of Revenue (FBR) to perform an annual examination of cigarette tobacco produced in Pakistan in comparison to claimed tobacco use by all cigarette manufacturing facilities.According to the FTO’s special report on the tobacco industry, the FBR should promptly apply RuleRead More →
While deciding on an Own Motion investigation on April 28, 2022, the Federal Tax Ombudsman (FTO) authorised the Federal Bureau of Revenue (FBR) to form a high-powered inquiry committee into a flagrant and eye-opening income tax refund fraud of Rs. 123.364 million.According to the information, when examining the issuing ofRead More →