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.
(more…)Category: Taxation
Stay updated on taxation news, tax laws, FBR policies, compliance, audits, income tax, sales tax, and fiscal developments in Pakistan.
-
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.
(more…) -
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.
(more…) -
FBR Establishes Procurement Committees for Transformation Plan
Islamabad, December 4, 2024 – The Federal Board of Revenue (FBR) announced the formation of multiple procurement committees on Wednesday to facilitate the implementation of its Transformation Plan.
(more…) -
FBR Mandates Forensic Lab Tests for Vehicle Auctions
The Federal Board of Revenue (FBR) has introduced a significant policy change, requiring the Customs Department to conduct forensic laboratory tests through reputable forensic labs before auctioning confiscated vehicles. This move aims to enhance transparency in the auction process and ensure the sale of non-tampered vehicles to buyers.
(more…) -
Aurangzeb Vows Support for Small Traders in Tax Reforms
Finance Minister Muhammad Aurangzeb has reaffirmed the government’s commitment to integrating the wholesale and retail sectors into the tax net while ensuring that small traders and shopkeepers receive maximum facilitation during this transition.
(more…) -
Advance Tax on Marriage Functions Updated for Tax Year 2025
KARACHI, December 3, 2024 – The Federal Board of Revenue (FBR) has updated advance tax rates applicable to marriage gatherings across Pakistan for the tax year 2025. These updates, issued under Section 236CB of the Income Tax Ordinance, 2001, aim to enhance compliance and revenue collection from events held at marriage-related venues.
(more…) -
FBR Implements New Tax Rates on Sale of Immovable Property
KARACHI, December 3, 2024 – The Federal Board of Revenue (FBR) has announced updated advance tax rates on the sale or transfer of immovable property in Pakistan for the tax year 2025. These changes, outlined under Section 236C of the Income Tax Ordinance, 2001, aim to streamline tax compliance and ensure clarity for property transactions.
(more…) -
Provinces Miss Deadline to Amend Agricultural Tax Laws
ISLAMABAD: The federal government has confirmed that provinces failed to meet the deadline for amending their agriculture income tax legislation, which was set for October 2024. This was disclosed during a presentation to the National Assembly Standing Committee on Finance, where officials provided an update on the quantitative performance criteria and structural benchmarks related to Pakistan’s ongoing International Monetary Fund (IMF) program.
(more…) -
ATIR Rejects FBR Appeal Against Supernet on Technical Grounds
Islamabad, December 2, 2024 – The Appellate Tribunal Inland Revenue (ATIR) Islamabad dismissed an appeal filed by the Federal Board of Revenue (FBR) against M/s. Supernet Limited. The tribunal ruled the appeal non-maintainable under the amended provisions of the Income Tax Ordinance, 2001, introduced through the Tax Laws (Amendment) Act, 2024.
(more…)