Karachi, December 16, 2024 – The Federal Board of Revenue (FBR) has reaffirmed December 31, 2024, as the final deadline for corporate entities to file their income tax returns for the tax year 2024.
(more…)Author: Shahnawaz Akhter
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LTO Karachi Hits Record Rs 1.11 Trillion Milestone in 5MFY25
Karachi, December 16, 2024 – The Large Taxpayers Office (LTO) Karachi achieved a groundbreaking milestone, collecting a record Rs 1.11 trillion in the first five months of the fiscal year 2024-25 (July–November). This marks a remarkable 20% growth compared to the Rs 924 billion collected during the same period in the previous fiscal year.
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PSX Surpasses 116,000 Points Amid Hopes of Major Rate Cut
Karachi, December 16, 2024 – The Pakistan Stock Exchange (PSX) witnessed a historic surge during intraday trading on Monday, crossing the 116,000-point mark at 12:00 PM. The benchmark KSE-100 Index climbed to 116,104 points, gaining 1,802 points from Friday’s close of 114,302, fueled by anticipation of a major policy rate cut.
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FBR Imposes 24% Tax on Brokerage Commission for Non-ATL
Karachi, December 15, 2024 – The Federal Board of Revenue (FBR) has announced a significant tax policy revision, imposing a 24% advance income tax on brokerage commissions earned by individuals not included in the Active Taxpayers List (ATL) for the tax year 2025. This move aims to ensure compliance and widen the tax net.
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FBR Clarifies Treatment of Collection of Excess Sales Tax
Karachi, December 15, 2024 – The Federal Board of Revenue (FBR) has clarified the treatment for the collection of excess sales tax, as outlined in Section 3B of the Sales Tax Act, 1990. This section addresses scenarios where excess tax is collected from consumers, whether due to misinterpretation of legal provisions or other reasons.
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Pakistan Maintains Regular Sales Tax Rate at 18%
Karachi, December 15, 2024 – Pakistan has maintained its regular sales tax rate at 18% for the tax year 2025. This decision aligns with the Federal Board of Revenue’s (FBR) directive, following the increase in the sales tax rate from 17% to 18% introduced through the Finance (Supplementary) Act, 2023.
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FBR Starts Customs Goods Assessment Through Faceless System
Karachi, December 14, 2024 – The Federal Board of Revenue (FBR) has announced the launch of the Faceless Customs Assessment (FCA) System, which will be operational from December 15, 2024, in Karachi. This initiative, part of the FBR’s Transformation Plan approved by the Prime Minister of Pakistan, aims to revolutionize the customs assessment process.
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FBR Takes Disciplinary Action, Suspends Nine IR Officials
Karachi, December 14, 2024 – The Federal Board of Revenue (FBR) has taken decisive disciplinary action by suspending nine officials of the Inland Revenue (IR) department over alleged violations of the code of conduct.
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FBR Resolves Ambiguity in Value of Supply for Sales Tax
The Federal Board of Revenue (FBR) has addressed the long-standing ambiguity in determining the “value of supply” for the purpose of calculating sales tax under the updated Sales Tax Act, 1990, applicable for the tax year 2025.
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CTO Karachi Arrests Suspect in Rs 1 Billion Sales Tax Fraud
Karachi, December 14, 2024 – The Corporate Tax Office (CTO), Karachi, has made a significant arrest in connection with an alleged sales tax fraud exceeding Rs 1 billion.
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