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.
(more…)Author: Shahnawaz Akhter
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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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FBR Allows Zakat Deduction Against Income Tax Liability
Karachi, September 10, 2024 – In a significant development for taxpayers, the Federal Board of Revenue (FBR) has announced that individuals will be allowed to deduct Zakat payments against their income tax liability for the tax year 2024-25.
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Pakistan Receives 84% Higher Remittances from UAE
Pakistan has seen a substantial surge in workers’ remittances from the United Arab Emirates (UAE) in the first two months of the 2024-25 fiscal year, according to recent data released by the State Bank of Pakistan (SBP).
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Pakistan Witnesses 44% Surge in Remittances in 2MFY25
KARACHI: Pakistan has witnessed a significant 44% increase in workers’ remittances during the first two months of the fiscal year 2025 (2MFY25), providing much-needed relief as the country grapples with external economic pressures.
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Pakistan Stocks Slip 283 Points Amid Volatile Trading
Karachi, September 9, 2024 – The Pakistan stocks experienced a significant decline on Monday, with the benchmark KSE-100 index dropping 283 points amid a highly volatile trading session. The index closed at 78,615 points, down from last Friday’s close of 78,898 points, reflecting a 0.36% decrease.
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FBR Updates Tax Rates on Prize Bonds for Tax Year 2024-25
Karachi, September 9, 2024 – The Federal Board of Revenue (FBR) has revised the withholding income tax rates on winnings from prize bonds for the tax year 2024-25.
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Pakistan Income Under International Treaty to Remain Tax Exempt
Karachi, September 9, 2024 – The Federal Board of Revenue (FBR) has reaffirmed that income sourced in Pakistan under international tax treaties will remain exempt from taxation.
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Unverified Practitioners Threaten Taxpayers Data Security
Karachi, September 9, 2024 – As the deadline for filing income tax returns for the tax year 2024 approaches, the growing presence of unverified tax practitioners on social media platforms poses a significant threat to taxpayers’ data security.
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FBR Adds 2.2 Million Active Taxpayers to ATL 2023
Karachi, September 9, 2024 – The Federal Board of Revenue (FBR) has achieved a significant milestone by adding 2.2 million new taxpayers to the Active Taxpayers List (ATL) for the year 2023.
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