The Ministry of Industries and Production has pledged full support for the Pak Suzuki initiative to establish a biological gas factory in Pakistan, with the aim of developing biological gas as a source of renewable energy for industrial and transportation. This step is expected to reduce relying on imported fuel, low carbon emissions, and create … Read more
Islamabad: The federal government decided to intensify the audit of individuals who participate in financial transactions that exceed their declared income, with the Federal Revenue Council leadership (FBR) initiative. FBR Malik Amjed Zubair Tiwana President of the Permanent Committee of the National Finance Association, headed by Syriaed Qamar, told banks that the banks will help … Read more
Under the Taxation Laws (Amendment) Bill, 2024, the Federal Board of Revenue (FBR) will now share income tax return data with banks for cross-matching with bank records. This step aims to tighten compliance and reduce tax evasion by implementing restrictions on the economic activities of non-filers. The bill defines two categories: “qualified persons,” who have … Read more
The Appellate Tribunal of Inland Revenue (ATIR) in Islamabad has ruled that commissioners are no longer eligible to file appeals under the amended Section 131 of the Income Tax Act, 2001. The court clarified that the term “commissioner” does not fall under the definition of “person”. “As defined in Article 2 (42), read with Article … Read more
Islamabad: Prime Minister Shehbaz Sharif has directed the government to reduce the income tax burden on salaried individuals, according to Minister of State for Revenue, Ali Parvez Malik. Speaking to the media on Thursday, Malik explained that the move is part of broader efforts to ease financial pressures on the middle class while improving the … Read more
Representative image showing the FBR logo. —FBR location/file FBR extends the deadline for filing income tax returns for the second time. The deadline has been extended in light of requests from various trade bodies. Earlier, the FBR had extended the deadline to October 14. ISLAMABAD: The Federal Board of Revenue (FBR) has extended the date … Read more
The FBR logo has been placed at the board headquarters in Islamabad. — FBR website The date was extended following requests from the general public and traders. The aim of this move was to encourage under-applicants against tax evasion. FBR to confront tax evaders with restrictions targeting non-filers. LAHORE: After the Federal Board of Revenue … Read more