Karachi, September 15, 2024 – The Federal Board of Revenue (FBR) has announced the continuation of the tax credit facility for taxpayers who are reporting their sales on a real-time basis during tax year 2024-25.
(more…)Author: Shahnawaz Akhter
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Withholding Tax Rates for ‘Own Money’ Motor Vehicle Purchase Updated for 2024-25
KARACHI, September 14, 2024 – The Federal Board of Revenue (FBR) has announced updated withholding tax rates for motor vehicle purchases made on ‘own money’ during the tax year 2024-25. The new rates were included in the FBR’s revised withholding tax card, which outlines the specific charges under Section 231B(2A) of the Income Tax Ordinance, 2001.
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Tax Credit for Employment Generation – Section 64B of ITO 2001
KARACHI, September 14, 2024 – The Federal Board of Revenue (FBR) has announced the continuation of the tax credit for employment generation under Section 64B of the Income Tax Ordinance, 2001 for the tax year 2024-25.
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Site Association Demands Single-Digit Interest Rate
Karachi, September 13, 2024 – The Site Association of Industry (SAI) has urged the State Bank of Pakistan (SBP) to lower interest rates to a single digit, calling for a more aggressive approach to stimulate economic growth.
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KTBA Seeks Exemption for Reporting of Fixed Asset Disposal
Karachi, September 13, 2024 – The Karachi Tax Bar Association (KTBA) has called upon the Federal Board of Revenue (FBR) to introduce an exemption for taxpayers reporting the disposal of fixed assets, highlighting significant procedural challenges faced by taxpayers in complying with current regulations.
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FBR Reveals Withholding Tax for Electricity Bills in 2024-25
Karachi, September 13, 2024 – The Federal Board of Revenue (FBR) has released updated withholding tax rates applicable to electricity bills for the tax year 2024-25.
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Tax Credit for Pension Fund Contributions for Tax Year 2024-25
Karachi, September 13, 2024 – The Federal Board of Revenue (FBR) has announced the tax credit benefits available for contributions made to approved pension funds during the tax year 2024-25. The FBR, in its updated Income Tax Ordinance, 2001 (valid as of June 30, 2024), highlighted the details under Section 63, which governs contributions to pension funds.
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Is Pakistan on the Verge of Introducing Mini-Budget?
Karachi – The Pakistani government is gearing up to introduce a mini-budget aimed at generating an additional Rs650 billion in revenue. This fiscal strategy will primarily target tax evaders and include an increase in the General Sales Tax (GST) on properties, tractors, and other goods.
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Pakistan’s Foreign Exchange Reserves Inch Up to $14.796 Billion
Karachi, September 12, 2024 – Pakistan’s foreign exchange reserves recorded a modest increase of $56 million, bringing the total to $14.796 billion by the week ending on September 6, 2024.
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FBR Empowers Commissioners to Condone Time-Limit
Karachi, September 12, 2024 – The Federal Board of Revenue (FBR) has granted powers to Commissioners of Inland Revenue (IR) to condone time-limits in order to facilitate taxpayers.
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