Karachi, June 30, 2024 – The Federal Board of Revenue (FBR) has introduced a new tax regime for builders and developers through the Finance Act, 2024, aiming to streamline taxation in the real estate sector.
(more…)Author: Shahnawaz Akhter
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SRB Surpasses FY24 Target, Showcases Significant 28% Growth
Karachi, June 30, 2024 – The Sindh Revenue Board (SRB) has achieved a remarkable feat by surpassing its revenue collection target for the fiscal year 2023-24, demonstrating a significant 28% growth in tax collection compared to the previous fiscal year.
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Pakistan Introduces New Rates of Additional Customs Duty
Karachi, June 30, 2024 – Pakistan has introduced new rates of additional customs duty on hundreds of imported goods for the fiscal year 2024-25.
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FBR Imposes Regulatory Duty on 657 Items from July 1
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.
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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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