Karachi, December 6, 2024 – The Federal Board of Revenue (FBR) has issued instructions to Chief Commissioners of Inland Revenue (CCIRs) to expedite property transactions for overseas Pakistanis, ensuring that the verification and approval process is completed within a single business day.
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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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FBR Issues Rules for Azerbaijan-Pakistan Transit Trade
Karachi, December 6, 2024 – The Federal Board of Revenue (FBR) has officially notified rules to regulate Azerbaijan-Pakistan transit trade operations as per the recently signed Azerbaijan-Pakistan Transit Trade Agreement (PATTA) 2024.
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FBR Expands Single Sales Tax Return to Two New Sectors
Islamabad, December 6, 2024 – The Federal Board of Revenue (FBR) announced on Friday the expansion of its Single Sales Tax Return (SSTR) facility to include two additional sectors. This move is part of the FBR’s ongoing efforts to streamline tax compliance and simplify the filing process for taxpayers.
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FBR Sets Deadline for Corporate 2024 Return Filing
Karachi, December 6, 2024 – The Federal Board of Revenue (FBR) has announced December 31, 2024, as the final deadline for corporate entities to file their income tax returns for the tax year 2024. FBR officials have emphasized that this deadline will not be extended, urging companies to comply promptly to avoid penalties.
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FBR Updates Tax Rates on Property Purchase for TY 2025
Karachi, December 6, 2024 – The Federal Board of Revenue (FBR) has announced updated advance tax rates on the purchase and transfer of immovable property for the tax year 2025. These updates, implemented under the Finance Act, 2024, have been incorporated into the Income Tax Ordinance, 2001, and specifically explained under Section 236K of the ordinance.
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Advance Tax on Retailers, Distributors, Wholesalers Explained
Karachi, December 5, 2024 – The Federal Board of Revenue (FBR) has updated advance income tax rates for retailers, distributors, dealers, and wholesalers applicable for the tax year 2025. These tax rates are governed by Sections 236G and 236H of the Income Tax Ordinance, 2001, and aim to enhance tax compliance and streamline revenue collection.
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PSW Shares Upcoming Integrations for Swift Clearance
Karachi, December 5, 2024 – Pakistan Single Window (PSW) has announced a series of initiatives aimed at streamlining processes and integrating various organizations and stakeholders to ensure swift and efficient clearance for businesses. These efforts are designed to simplify the clearance procedures for the trade community by enhancing coordination between regulatory bodies, service providers, and other key players.
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PM Shehbaz Orders Strict Measures for Tax Collection
Islamabad, December 5, 2024 – Prime Minister Shehbaz Sharif, on Thursday, issued clear directives to relevant authorities to ensure swift and effective tax collection in Pakistan. He emphasized the need for implementing strict measures to enforce the country’s revenue collection strategy. This was part of his broader vision to strengthen the nation’s fiscal framework, which has been a key focus of his government.
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NTC Reviews Agriculture, Property Taxation Strategies
Islamabad, December 4, 2024 – The National Tax Council (NTC) convened on Wednesday to explore measures aimed at boosting revenue through enhanced agricultural income and property taxation. The session, chaired by Minister for Finance and Revenue Senator Muhammad Aurangzeb, underscored the importance of federal-provincial collaboration to achieve comprehensive tax reforms and improve compliance.
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Tax Rates for Foreign TV Plays, Advertisements in Pakistan
Karachi, December 4, 2024 – The Federal Board of Revenue (FBR) has updated advance tax rates for foreign TV dramas, plays, and advertisements in Pakistan for the tax year 2025. These changes aim to regulate content featuring foreign talent and promote compliance within the entertainment industry.
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