Karachi, July 30, 2024 – The Federal Board of Revenue (FBR) has issued comprehensive tax guidelines for builders and developers in light of the amendments introduced through the Finance Act, 2024, to the Income Tax Ordinance, 2001.
(more…)Author: Shahnawaz Akhter
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FBR Rolls Out 10% Surcharge Calculation for Salaried Person
Karachi, July 30, 2024 – Federal Board of Revenue (FBR) has issued formula for calculating surcharge on income above Rs 10 million through newly introduced Section 4AB of Income Tax Ordinance, 2001.
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KCCI Disappointed with Mere 1% Interest Rate Cut
Karachi, July 29, 2024 – The Karachi Chamber of Commerce and Industry (KCCI) has expressed disappointment over the State Bank of Pakistan’s (SBP) decision to reduce the policy rate by only 100 basis points to 19.5%. The KCCI contends that this reduction is insufficient to address the economic challenges faced by the business community.
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Customs Agents of Karachi and Chattogram Discuss Clearance
Karachi, July 29, 2024 – Mehmood ul Hasan Awan, General Secretary of the Karachi Customs Agents Association (KCAA), announced that for the first time in KCAA’s history, a virtual meeting was held on July 27, 2024, between the Karachi Customs Agents Association and the Chattogram Customs Agents Association.
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PYMA Demands Abolishing Regulatory Duty on Yarn
KARACHI, July 29, 2024 – Sohail Nisar, Senior Vice Chairman of the Pakistan Yarn Merchants Association (PYMA), alongside Vice Chairman Jaweed Khanani and members of the Executive Committee, has expressed deep concern regarding the imposition of regulatory duty (RD) on polyester yarn under HS Codes 5402.3300, 5402.4700, and 5402.4600.
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SBP Cuts Benchmark Policy Rate by 100 Basis Points
Karachi, July 29, 2024 – In a bid to stimulate economic growth while keeping inflation in check, the State Bank of Pakistan (SBP) on Monday announced a 100 basis point reduction in its benchmark policy rate, bringing it down to 19.5%.
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FBR Sets July 31 as Deadline for Tax Payment by Retailers
Karachi, July 29, 2024 – The Federal Board of Revenue (FBR) has announced July 31, 2024, as the deadline for shopkeepers and retailers to make the first monthly payment of advance tax under the Tajir Dost Scheme.
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Business Income Tax Rates for 2024 Return Filing
Islamabad, July 28, 2024 – Business individuals are required to file their annual returns for the tax year 2024 based on the tax rates updated until June 30, 2024, as released by the Federal Board of Revenue (FBR).
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FBR Notifies Tax Rates on Electricity Consumption for 2024-25
Karachi, July 27, 2024 – The Federal Board of Revenue (FBR) has announced the new income tax rates on electricity consumption for the fiscal year 2024-25. The updated rates are part of the amendments made to the Income Tax Ordinance, 2001 through the Finance Act, 2024.
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Salary Income Slabs for Tax Year 2024 Return Filing
Karachi, July 27, 2024 – As the deadline for filing income tax returns for the tax year 2024 approaches, salaried individuals are grappling with understanding which salary slabs to apply.
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