Karachi, July 31, 2024 – The Federal Board of Revenue (FBR) has empowered commissioners of Inland Revenue (IR) to inquire about foreign assets held by residents, as part of its efforts to enhance tax compliance and transparency.
(more…)Author: Shahnawaz Akhter
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FBR Exempts NICOP Holders from Non-Filing Travel Restrictions
Karachi, July 31, 2024 – The Federal Board of Revenue (FBR) has announced a significant exemption for individuals holding a National Identity Card for Overseas Pakistanis (NICOP) from penalties imposed for non-filing of income tax returns.
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Aurangzeb Calls for Broader Tax Net to Ease Burden
Karachi, July 30, 2024 – Pakistan’s Finance Minister Muhammad Aurangzeb expressed concern over the heavy tax burden on salaried individuals and businesspersons during a meeting with the business community at the Karachi Chamber of Commerce and Industry (KCCI) on Tuesday.
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FBR Defers Biometric Verification Implementation to August 31
Karachi, July 30, 2024 – The Federal Board of Revenue (FBR) has postponed the implementation of biometric verification requirements until August 31, 2024, as announced by the FBR Chairman.
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Higher Tax Rates Imposed on Late Filers, Non-Filers: FBR
Karachi, July 30, 2024 – In a bid to ensure timely compliance with income tax filing requirements, the Federal Board of Revenue (FBR) has announced the imposition of higher withholding tax rates on late filers and non-filers. This significant change has been enacted through amendments in the Finance Act, 2024.
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FBR Tightens Tax Exemption Rules for AOPs Under Finance Act
Karachi, July 30, 2024 – The Federal Board of Revenue (FBR) has introduced significant changes to the tax exemption policies for Associations of Persons (AOPs) through amendments in the Finance Act, 2024.
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FBR Clarifies 100% Tax Credit for Sindh Coal Mining
Karachi, July 30, 2024 – The Federal Board of Revenue (FBR) has issued a crucial clarification regarding tax credits for coal mining operations in Sindh. According to the latest Circular No. 1 of 2024-25, which outlines amendments made to the Income Tax Ordinance, 2001 through the Finance Act, 2024, a 100% tax credit is available for income exclusively derived from coal mining activities in Sindh.
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FBR Introduces Changes to Share Acquisition Tax Rules
Karachi, July 30, 2024 – The Federal Board of Revenue (FBR) has announced a significant update in the taxation process for acquiring shares, following the amendments introduced through the Finance Act, 2024.
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Finance Act 2024: FBR Issues Guidelines for Builders, Developers
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.
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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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