Karachi, June 30, 2024 – The Federal Board of Revenue (FBR) has issued a new list imposing regulatory duties on 657 imported items, effective from July 1, 2024. This action, detailed in SRO 928(I)/2024, supersedes the previous SRO 966(I)/2022 issued on June 30, 2022.
(more…)Author: Shahnawaz Akhter
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IMF Talks to Stabilize Rupee Against Dollar Next Week
Karachi, June 30, 2024 – The Pakistani rupee is expected to remain stable in the upcoming week starting July 1, buoyed by positive sentiment following the passage of a tax-heavy budget by Pakistan’s parliament ahead of crucial discussions with the International Monetary Fund (IMF) for a new loan, currency dealers reported.
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Check Tax Burden on Your Salary Income from July 1
Salary persons should calculate their income for the purpose of tax chargeability under changes made through Finance Act, 2024 and effective from July 1, 2024.
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FBR to Permit Non-Filers for Hajj and Umrah
Karachi, June 30, 2024 – In a significant policy shift, the Federal Board of Revenue (FBR) will now permit non-filers of income tax returns to travel abroad for performing Hajj and Umrah.
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FED Rates on Property Transfer Applicable from July 1, 2024
Karachi, June 29, 2024 – The Finance Act, 2024 has set new rates for Federal Excise Duty (FED) on property transfers, effective from July 1, 2024. The Federal Board of Revenue (FBR) has detailed the application of these rates, which vary based on the taxpayer status of the buyer.
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Pakistan Approves Petroleum Levy Increase to Rs 70 per Liter
Karachi, June 29, 2024 – Pakistan has approved an increase in the petroleum levy to Rs 70 per liter on the price of petroleum products for the fiscal year 2024-25.
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Government Introduces Separate Tax Regime for Property Sale
Karachi, June 29, 2024 – The government of Pakistan has introduced a separate tax regime for income tax on property sales through the amended Finance Bill, 2024.
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Income Tax Surcharge at 10% Levied on Salaried Persons
Karachi, June 29, 2024 – In a surprising move aimed at generating more tax revenue, the government has imposed a 10 percent surcharge on income tax for individuals earning over Rs 10 million.
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Aurangzeb Reiterates Goal of Enhancing Tax-to-GDP Ratio to 13%
Islamabad, June 28, 2024 – Federal Finance Minister Muhammad Aurangzeb reaffirmed the government’s commitment on Friday to increase Pakistan’s tax-to-Gross Domestic Product (GDP) ratio to 13%, emphasizing the need for robust economic reforms to achieve sustainable growth.
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Pakistan Maintains Normal Tax Regime for Exporters
Islamabad, June 28, 2024 – National Assembly of Pakistan on Friday passed the 2024-25 budget, maintaining a normal tax regime for exporters despite significant criticism.
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