Karachi, July 15, 2024 – The Federal Board of Revenue (FBR) has introduced a new withholding tax regime applicable to the purchase or registration of new motor vehicles, marking a significant shift from the previous tax structure.
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Find top stories in this section. Pakistan Revenue brings you the latest and most important news from Pakistan and around the world, keeping you informed with key updates and insights.
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KSE-100 Index Welcomes IMF SLA with New High at 81,156 Points
Karachi, July 15, 2024 – The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) surged to a new record high of 81,156 points on Monday, buoyed by the announcement of a staff-level agreement (SLA) between Pakistan and the International Monetary Fund (IMF).
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FBR Tightens Income Tax Rules on Royalty Payments
Karachi, July 15, 2024 – In a significant move, the Federal Board of Revenue (FBR) has rolled out new tax changes affecting royalty payments, as introduced through the Finance Act, 2024.
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Overseas Pakistanis Can Import Vehicles After 2 Years: FTO
Lahore, July 15, 2024 – In a significant move, the Federal Tax Ombudsman (FTO) has clarified the regulations for overseas Pakistanis regarding vehicle importation. The ruling specifies that expatriates can import vehicles under the baggage scheme, transfer of residence scheme, and gift scheme, provided they adhere to a newly enforced two-year interval.
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Pakistan Denounces Attack on Former US President Donald Trump
Islamabad, July 14, 2024 – Pakistan on Sunday vehemently condemned an assault on former US President Donald Trump, who was injured during an election campaign event. This incident, which has shocked the international community, highlights the pervasive dangers associated with political violence.
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Pakistan Targets Foreign Entities with New Tax Rules
Karachi, July 14, 2024 – Pakistan has introduced measures through the Finance Act 2024 to capture significant economic presence by non-resident entities in Pakistan, aiming to close tax avoidance loopholes and broaden the tax base.
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Finance Act 2024 Cracks Down on Late Tax Return Filings
Karachi, July 14, 2024 – The Finance Act 2024 introduces stringent measures to curb the practice of filing income tax returns after the due date, signaling a significant shift in Pakistan’s tax compliance landscape.
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Rupee Outlook Against Dollar Brightens After IMF Agreement
Karachi, July 14, 2024 – The outlook for the Pakistani rupee against the US dollar has improved following a recent staff-level agreement (SLA) between the International Monetary Fund (IMF) and Pakistan.
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Final Tax Regime Continues for Service Exports in Pakistan
Karachi, July 14, 2024 – Officials of the Federal Board of Revenue (FBR) has said that the export of services will continue to be subject to the final tax regime in Pakistan.
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FTO Exposes Tax Credit Problems in Leased Vehicles
Karachi, July 14, 2024 – The Federal Tax Ombudsman (FTO) has uncovered a significant problem with the withholding tax system for leased vehicles in Pakistan. This issue can lead to double taxation and denial of rightful tax credit for individuals and businesses leasing cars.
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