Karachi, December 9, 2024 – Pakistan Customs has announced the minimum export value for Kino for the export season spanning December 1, 2024, to May 15, 2025. This initiative aims to standardize export valuations and address concerns raised by various stakeholders in the fruit export sector.
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Pakistan Revenue delivers the latest taxation news, covering income tax, sales tax, and customs duty. Stay updated with insights on tax policies, regulations, and financial developments in Pakistan.
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Govt. Weighs Tax Schemes for Banks Amid ADR Concerns
Karachi, December 9, 2024 – The government is exploring potential tax schemes for banks in light of the challenges surrounding the Asset to Deposit Ratio (ADR), which may impact tax collection from the financial sector. Prime Minister Shehbaz Sharif has formed a committee to address this pressing issue, with the objective of ensuring optimal tax revenue while maintaining a fair regulatory framework.
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FBR Defines Resident Individual for Tax Purposes
The Federal Board of Revenue (FBR) has outlined the definition of a “resident individual” for income tax purposes, elaborating the criteria under Rule 14 of the Income Tax Rules, 2002. This rule, which aligns with Section 82 of the Income Tax Ordinance, 2001, provides a detailed framework for determining an individual’s residential status within Pakistan for taxation.
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Special Procedure for Collection of Capital Gains Tax
The Income Tax Rules, 2002, under Rule 13N, prescribe a detailed and structured procedure for the computation and collection of capital gains tax (CGT). This rule delineates the roles, responsibilities, and mechanisms involved, primarily focusing on the National Clearing Company of Pakistan Limited (NCCPL) and other related entities.
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Law Ministry Conducts Test for ATIR Member Appointments
Islamabad, December 8, 2024: The Ministry of Law and Justice conducted a Qualifying Skills Test on Sunday to appoint members to the Appellate Tribunal of Inland Revenue (ATIR). The test aims to fill 20 critical vacancies in the tribunal, an essential body overseeing appeals related to Inland Revenue Service (IRS) decisions.
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FBR Directs PSX Investors to Maintain Comprehensive Records
Karachi, December 8, 2024 – The Federal Board of Revenue (FBR) has issued directives to Pakistan Stock Exchange (PSX) investors, requiring them to maintain detailed records of their securities transactions and accounts. This initiative by the FBR is in line with the Income Tax Rules, 2001, and aims to enhance transparency and compliance within the stock market.
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FBR Restricts Entertainment Expenditures for Tax Adjustments
Karachi, December 8, 2024 – The Federal Board of Revenue (FBR) has imposed stricter limitations on entertainment expenditures eligible for deduction against income tax liability, as outlined in the Income Tax Rules, 2002.
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IHC Halts Final Appointments of ATIR Members
ISLAMABAD: The Islamabad High Court (IHC) has issued an interim order restraining the Law Ministry from finalizing the appointments of Members for the Appellate Tribunal Inland Revenue (ATIR). This decision was made in response to a petition challenging the transparency and legality of the recruitment process for these positions.
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Tax Treatment of Bonus Shares for Tax Year 2025
Karachi, December 7, 2024 – The Federal Board of Revenue (FBR) has issued a detailed explanation of the tax treatment applicable to bonus shares issued by companies during the tax year 2025, as per Section 236Z of the Income Tax Ordinance, 2001.
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PSW Partners with Alibaba to Develop e-Commerce Module
Karachi, December 7, 2024 – Pakistan Single Window (PSW), in collaboration with Alibaba, one of the world’s leading e-commerce platforms, is working on an innovative e-commerce module aimed at enhancing the clearance process for cross-border trade.
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