Karachi, July 1, 2024 – Pakistan has introduced a normal tax regime for exporters through the Finance Act 2024, detailing the new tax rates on the export of goods. This shift marks a significant change from the previous final tax regime, aiming to streamline and rationalize the tax structure for exporters.
(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.
-
IRSOA Congratulates FBR for Impressive FY24 Tax Collection
KARACHI: The Inland Revenue Service Officers Association (IRSOA) has lauded the Federal Board of Revenue (FBR) for achieving remarkable tax collection results in the fiscal year 2023-24.
(more…) -
FBR Surpasses Tax Collection Target by Rs 54 Billion for FY24
Islamabad, June 30, 2024 – The Federal Board of Revenue (FBR) announced on Sunday that it has surpassed its tax collection target for the fiscal year 2023-24 by Rs 54 billion, achieving a total collection of Rs 9.306 trillion.
(more…) -
Finance Act, 2024 – Tax on Builders and Developers Explained
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…) -
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.
(more…) -
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.
(more…) -
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.
(more…) -
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.
(more…) -
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.
(more…) -
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.
(more…)