Karachi, September 12, 2024 – The National Clearing Company of Pakistan Limited (NCCPL) announced on Thursday that it will collect Capital Gain Tax (CGT) from clearing members of the stock market on Monday, September 23, 2024.
(more…)Author: Shahnawaz Akhter
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Tax Rates for Vehicle Registration and Transfer in TY 2024-25
Karachi, September 12, 2024 – The Federal Board of Revenue (FBR) has officially announced the tax rates for the registration or transfer of ownership of motor vehicles for the tax year 2024-25.
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Tax Credit for Charitable Donations for TY 2024-25
Karachi, September 12, 2024 – The Federal Board of Revenue (FBR) has announced that individuals and organizations making charitable donations during the tax year 2024-25 will be eligible to claim tax credits under the Income Tax Ordinance, 2001.
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FBR Cracks Down on Non-Paying Taxpayers
Karachi, September 12, 2024 – The Federal Board of Revenue (FBR) has planned a comprehensive crackdown on individuals who are registered as active taxpayers but have failed to contribute any taxes.
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FBR Directs CIR Appeals to Forward High-Revenue Cases to ATIR
Karachi, September 12, 2024 – The Federal Board of Revenue (FBR) has issued a directive to all Commissioners of Inland Revenue (CIR) Appeals, urging them to promptly forward high-revenue cases to the Appellate Tribunal Inland Revenue (ATIR).
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MTO Karachi Urges ABAD to Pay FED on Properties
Karachi, September 11, 2024 – The Medium Taxpayers Office (MTO) Karachi has called upon members of the Association of Builders and Developers (ABAD) to comply with the newly implemented Federal Excise Duty (FED) on immovable properties.
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Government Borrowing Plummets 58% in Initial Months of FY25
Karachi, September 11, 2024 – In a striking development, the federal government’s borrowing from scheduled banks for budgetary support nosedived by 58 percent during the first two months of fiscal year 2025 (FY25), signaling a significant shift in fiscal management compared to the same period last year.
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FBR Allows Deduction of Education Expenses Against Tax Liability
Karachi, September 11, 2024 – The Federal Board of Revenue (FBR) has announced that education expenses will continue to be deductible against income tax liability for the tax year 2024-25.
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FBR Issues Withholding Tax Card for Car Purchase in TY 2024-25
Karachi, September 11, 2024 – The Federal Board of Revenue (FBR) has announced the withholding tax rates for car purchases in the tax year 2024-25, with updated guidelines regarding the tax rates applicable to individuals on the Active Taxpayers List (ATL) and non-ATL individuals.
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Customs Preventive Officer Awarded Major Penalty for Misreporting
Karachi, September 11, 2024 – The Federal Board of Revenue (FBR) has imposed a major penalty on Mr. Zulfiqar Ali, an Inspector of Preventive Service, for gross negligence and misreporting in a transit trade consignment.
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