The Income Tax Rules, 2002, through Rule 15, provide relief to resident taxpayers from the burden of double taxation on foreign-sourced income. This rule supports Sections 102 and 103 of the Income Tax Ordinance, 2001, which address international double taxation relief for resident individuals.
(more…)Author: Shahnawaz Akhter
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FBR Amends Baggage Rules, Issues SRO 2028
Karachi, December 9, 2024 – The Federal Board of Revenue (FBR) has introduced amendments to the Baggage Rules, 2006, through SRO 2028(I)/2024, aiming to tighten regulations and curb misuse of baggage exemptions for commercial purposes.
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SBP Reports 34% Growth in Home Remittances for 5MFY25
Karachi, December 9, 2024 – The State Bank of Pakistan (SBP) announced on Monday that home remittances have experienced a robust growth of 34% during the first five months (July–November) of the fiscal year 2024-25. This surge reflects the resilience of overseas Pakistanis in contributing to the national economy.
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KSE-100 Ends Nears 110,000 Points, Hits Another Record High
Karachi, December 9, 2024 – The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) surged to a new record high on Monday, closing just shy of the 110,000-point milestone. The KSE-100 index ended the session at 109,970 points, marking an impressive gain of 916 points from Friday’s closing of 109,034 points.
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FBR Publishes Names of 5.7 Million Active Taxpayers
Karachi, December 9, 2024 – The Federal Board of Revenue (FBR) has announced the inclusion of over 5.7 million individuals and entities in its Active Taxpayers List (ATL) for the tax year 2024. This reflects an addition of approximately 360,000 new taxpayers since the list’s launch on November 1, 2024, underscoring a significant improvement in tax compliance.
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APTMA Sounds Alarm on EFS Misuse Causing Shutdowns
Karachi, December 9, 2024 – The All Pakistan Textile Mills Association (APTMA), Southern Region, has expressed grave concerns over the widespread misuse of the Export Facilitation Scheme (EFS), which grants exemptions from sales tax and duties on imported cotton and blended yarns. This malpractice is causing severe damage to Pakistan’s textile industry, leading to significant financial losses, widespread unemployment, and closures of domestic manufacturing units.
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Pakistan Customs Establishes Minimum Export Value for Kino
Karachi, December 9, 2024 – Pakistan Customs has announced the minimum export value for Kino for the export season spanning December 1, 2024, to May 15, 2025. This initiative aims to standardize export valuations and address concerns raised by various stakeholders in the fruit export sector.
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Govt. Weighs Tax Schemes for Banks Amid ADR Concerns
Karachi, December 9, 2024 – The government is exploring potential tax schemes for banks in light of the challenges surrounding the Asset to Deposit Ratio (ADR), which may impact tax collection from the financial sector. Prime Minister Shehbaz Sharif has formed a committee to address this pressing issue, with the objective of ensuring optimal tax revenue while maintaining a fair regulatory framework.
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FBR Defines Resident Individual for Tax Purposes
The Federal Board of Revenue (FBR) has outlined the definition of a “resident individual” for income tax purposes, elaborating the criteria under Rule 14 of the Income Tax Rules, 2002. This rule, which aligns with Section 82 of the Income Tax Ordinance, 2001, provides a detailed framework for determining an individual’s residential status within Pakistan for taxation.
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Special Procedure for Collection of Capital Gains Tax
The Income Tax Rules, 2002, under Rule 13N, prescribe a detailed and structured procedure for the computation and collection of capital gains tax (CGT). This rule delineates the roles, responsibilities, and mechanisms involved, primarily focusing on the National Clearing Company of Pakistan Limited (NCCPL) and other related entities.
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