Karachi, September 5, 2024 – The Federal Board of Revenue (FBR) has officially notified a significant tax increase for individuals earning profit from bank deposits but who are not listed on the Active Taxpayers List (ATL). The tax rate for these non-ATL individuals has been set at 35%, a substantial hike from the rate applied to ATL members.
(more…)Author: Shahnawaz Akhter
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Initial Allowance Deduction under Updated ITO 2001
Karachi, September 5, 2024 – The Federal Board of Revenue (FBR) has explained the deduction of the initial allowance for eligible depreciable assets under the Income Tax Ordinance (ITO), 2001, which has been updated as of June 30, 2024.
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Customs Officer Fired After Failing to Report for Duty
Islamabad, September 5, 2024 – The Federal Board of Revenue (FBR) has imposed the penalty of dismissal from service upon Fayzan Atif, a Customs Inspector (BS-16) from the Collectorate of Customs (Enforcement), Sargodha. The dismissal stems from a charge of “misconduct” under the Civil Servants (Efficiency & Discipline) Rules, 2020.
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FBR May Halt Tax Refunds to Meet September Targets
Karachi, September 5, 2024 – The Federal Board of Revenue (FBR) is contemplating a halt on tax refunds for the month of September 2024 in a bid to meet its ambitious tax collection targets, sources said.
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SBP Raises Rs 835 Billion Through T-Bill Auction
Karachi, September 5, 2024 – The State Bank of Pakistan (SBP) successfully raised Rs 835 billion through the auction of Market Treasury Bills (MTBs) on Wednesday, surpassing its initial target of Rs 700 billion. The auction saw aggressive participation from banks, which collectively bid a substantial Rs 1.62 trillion for the purchase of government securities.
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FBR Slaps Non-ATL with Steep Dividend Tax Rates Up to 70%
Karachi, September 4, 2024 – The Federal Board of Revenue (FBR) has imposed staggering tax rates of up to 70% on dividend income for individuals and entities not listed on the Active Taxpayers List (ATL) for the tax year 2024-25.
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KSE-100 Index Rises 492 Points on IMF Loan Optimism
Karachi, September 4, 2024 – The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) surged by 492 points on Wednesday, driven by renewed optimism surrounding Pakistan’s ongoing loan negotiations with the International Monetary Fund (IMF).
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FBR Exempts Income Tax on Annual Salary Up to Rs 600,000
Karachi, September 4, 2024 – The Federal Board of Revenue (FBR) has released the salary tax card for the tax year 2024-25, offering a relief to salaried individuals by exempting annual incomes up to Rs 600,000 from income tax.
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KCCI Pushes for Drastic Rate Cut to 14.5% in Next MPS
Karachi, September 4, 2024 – The Karachi Chamber of Commerce and Industry (KCCI) has issued a fervent call for a decisive 500-basis-point reduction in the key policy rate, urging the State Bank of Pakistan (SBP) to slash the rate from the current 19.5% to 14.5% in the forthcoming Monetary Policy Statement (MPS).
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FBR Announces Import Tax Rates for ATL vs Non-ATL
Karachi, September 4, 2024 – The Federal Board of Revenue (FBR) has announced the import tax rates applicable during the tax year 2024-25, distinguishing between those listed in the Active Taxpayers List (ATL) and those not on the list.
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