Karachi, July 30, 2024 – In a bid to ensure timely compliance with income tax filing requirements, the Federal Board of Revenue (FBR) has announced the imposition of higher withholding tax rates on late filers and non-filers. This significant change has been enacted through amendments in the Finance Act, 2024.
(more…)Category: Taxation
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.
-
FBR Tightens Tax Exemption Rules for AOPs Under Finance Act
Karachi, July 30, 2024 – The Federal Board of Revenue (FBR) has introduced significant changes to the tax exemption policies for Associations of Persons (AOPs) through amendments in the Finance Act, 2024.
(more…) -
FBR Clarifies 100% Tax Credit for Sindh Coal Mining
Karachi, July 30, 2024 – The Federal Board of Revenue (FBR) has issued a crucial clarification regarding tax credits for coal mining operations in Sindh. According to the latest Circular No. 1 of 2024-25, which outlines amendments made to the Income Tax Ordinance, 2001 through the Finance Act, 2024, a 100% tax credit is available for income exclusively derived from coal mining activities in Sindh.
(more…) -
FBR Introduces Changes to Share Acquisition Tax Rules
Karachi, July 30, 2024 – The Federal Board of Revenue (FBR) has announced a significant update in the taxation process for acquiring shares, following the amendments introduced through the Finance Act, 2024.
(more…) -
Finance Act 2024: FBR Issues Guidelines for Builders, Developers
Karachi, July 30, 2024 – The Federal Board of Revenue (FBR) has issued comprehensive tax guidelines for builders and developers in light of the amendments introduced through the Finance Act, 2024, to the Income Tax Ordinance, 2001.
(more…) -
FBR Rolls Out 10% Surcharge Calculation for Salaried Person
Karachi, July 30, 2024 – Federal Board of Revenue (FBR) has issued formula for calculating surcharge on income above Rs 10 million through newly introduced Section 4AB of Income Tax Ordinance, 2001.
(more…) -
Customs Agents of Karachi and Chattogram Discuss Clearance
Karachi, July 29, 2024 – Mehmood ul Hasan Awan, General Secretary of the Karachi Customs Agents Association (KCAA), announced that for the first time in KCAA’s history, a virtual meeting was held on July 27, 2024, between the Karachi Customs Agents Association and the Chattogram Customs Agents Association.
(more…) -
FBR Sets July 31 as Deadline for Tax Payment by Retailers
Karachi, July 29, 2024 – The Federal Board of Revenue (FBR) has announced July 31, 2024, as the deadline for shopkeepers and retailers to make the first monthly payment of advance tax under the Tajir Dost Scheme.
(more…) -
Business Income Tax Rates for 2024 Return Filing
Islamabad, July 28, 2024 – Business individuals are required to file their annual returns for the tax year 2024 based on the tax rates updated until June 30, 2024, as released by the Federal Board of Revenue (FBR).
(more…) -
FBR Notifies Tax Rates on Electricity Consumption for 2024-25
Karachi, July 27, 2024 – The Federal Board of Revenue (FBR) has announced the new income tax rates on electricity consumption for the fiscal year 2024-25. The updated rates are part of the amendments made to the Income Tax Ordinance, 2001 through the Finance Act, 2024.
(more…)