Tag: tax compliance
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Retailers dodging the tax system could face Rs500,000 fine per ‘non-certified receipt’
The Federal Board of Revenue (FBR) is considering slapping heavy fines on major retailers who are dodging the tax system by issuing “non-certified receipts” to customers.
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FBR considering imposing hefty fines, freezing bank accounts for false or incomplete tax filings
The Federal Board of Revenue (FBR) is planning to take strict action against people who file income tax returns but submit false information.
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IMF wants FBR to bring over 20 million Pakistanis into tax net in five years
To broaden the tax base, the Federal Board of Revenue (FBR) has outlined its five-year objectives to the International Monetary Fund (IMF), sources reveal.
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Govt may freeze non-filers’ bank accounts for not responding to tax notices
The government is contemplating new measures to enforce tax compliance and amend taxation policies as part of the amended Finance Bill 2024.
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Telecom companies block 9,000 SIMs of non-filers under FBR directive
Telecom operators have taken action by blocking the mobile SIMs of approximately 9,000 individuals who have not filed their taxes, following directives from the Federal Board of Revenue (FBR).
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Pakistan seeks global assistance to overhaul tax system amidst significant drop in active taxpayers
In a significant development, the count of active taxpayers has dwindled to 3.4 million, marking a 41 per cent decrease from the previous year. The government is contemplating seeking financial support from the Bill and Melinda Gates Foundation to enhance digital services within the Federal Board of Revenue (FBR).
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Non-filers may face bank account suspension, travel bans: FBR
The Federal Board of Revenue (FBR) has issued a stern warning to individuals who have not filed their income tax returns, stating that they could face severe consequences, including the suspension of bank accounts and restrictions on both domestic and international travel via motorways and air travel.
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FBR restructuring: 145 offices set up to add 2 million new taxpayers
In a bid to streamline operations, the Federal Board of Revenue (FBR) has set up 145 district tax offices, aiming to bring in 1.5 to 2 million new taxpayers by June 2024.
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No extension for tax return deadline, only commissioner-requested extensions accepted
The Federal Board of Revenue (FBR) has officially announced that the deadline for income tax return submissions remains unchanged, concluding on September 30.
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Banks will now pay 10% super tax if their earnings exceed Rs30 crore
The Federal Board of Revenue (FBR) has announced important amendments to the Income Tax Ordinance, 2001 through Finance Act 2023, bringing significant changes to the Super Tax structure. According to the latest income tax circular (2 of 2023), banks will now be required to pay a 10 per cent Super Tax if their income exceeds…