FBR Gains Power to Freeze Bank Accounts Over Sales Tax Registration Failure
FBR has gained new powers under the Finance Act 2025 to suspend or permanently freeze bank accounts and restrict property transfers for businesses and individuals who fail to register for sales tax under Section 14AC and 14AD of the Sales Tax Act.
FBR Tightens Digital Transaction Integration Rules for Sales Tax Registered Businesses
The Federal Board of Revenue (FBR) has tightened sales tax compliance rules, requiring all integrated businesses to offer debit/credit card, QR code, and other digital payment options, register all outlets with its system, and issue real-time e-invoices, with strict penalties for violations.
FBR Amends Banking Schedule to Streamline Taxable Income Reporting for Banks
The Federal Board of Revenue (FBR) has amended the banking schedule of the Income Tax Ordinance 2001 to align banking income with taxable income, introducing provisions on rental expenses, bad debts, and compliance requirements effective July 1, 2025.