Karachi, September 16, 2024 – The Federal Board of Revenue (FBR) has officially issued a Standard Operating Procedure (SOP) for the disposal of condonation of time limit cases, aiming to streamline and clarify the process for taxpayers and tax officials alike.
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FBR, Pakistan’s national tax collecting agency, plays a crucial role in the country’s economy. Pakistan Revenue is committed to providing readers with the latest updates and developments regarding FBR activities.
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FBR Reaches 5.6 Million Active Taxpayers on ATL 2023
Karachi, September 16, 2024 – The Federal Board of Revenue (FBR) announced on Monday that the number of active taxpayers in Pakistan has increased to 5.6 million by the week ending September 15, 2024. This marks a notable rise from the 5.54 million active taxpayers recorded in the previous week, reflecting an addition of 60,000 new taxpayers to the Active Taxpayers List (ATL).
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Tax Credit for Investment in Pakistan During Tax Year 2024-25
Karachi, September 16, 2024 – The Federal Board of Revenue (FBR) has announced that companies investing in Pakistan during the tax year 2024-25 are eligible to receive a tax credit under Section 65B of the Income Tax Ordinance, 2001. This initiative aims to encourage companies to invest in expanding, modernizing, and upgrading their industrial undertakings, which will contribute to the overall economic growth of the country.
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Withholding Tax Rates for Telephone and Internet in TY 2024-25
Karachi, September 15, 2024 – The Federal Board of Revenue (FBR) has updated the withholding tax rates on the usage of telephone and internet services for the tax year 2024-25. This update follows the release of the FBR’s withholding tax card for the current tax year, which outlines the applicable tax rates under Section 236 of the Income Tax Ordinance, 2001.
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FBR Extends Tax Credit for Real-Time Sales Reporting
Karachi, September 15, 2024 – The Federal Board of Revenue (FBR) has announced the continuation of the tax credit facility for taxpayers who are reporting their sales on a real-time basis during tax year 2024-25.
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Withholding Tax Rates for ‘Own Money’ Motor Vehicle Purchase Updated for 2024-25
KARACHI, September 14, 2024 – The Federal Board of Revenue (FBR) has announced updated withholding tax rates for motor vehicle purchases made on ‘own money’ during the tax year 2024-25. The new rates were included in the FBR’s revised withholding tax card, which outlines the specific charges under Section 231B(2A) of the Income Tax Ordinance, 2001.
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Tax Credit for Employment Generation – Section 64B of ITO 2001
KARACHI, September 14, 2024 – The Federal Board of Revenue (FBR) has announced the continuation of the tax credit for employment generation under Section 64B of the Income Tax Ordinance, 2001 for the tax year 2024-25.
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FBR Steps Up Advance Tax Collection to Meet Revenue Targets
ISLAMABAD – September 14, 2024 – The Federal Board of Revenue (FBR) is ramping up its efforts to ensure timely collection of advance tax payments from banks and the corporate sector as it aims to meet its quarterly revenue target of Rs2.652 trillion for the fiscal year 2024-25.
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FBR Reveals Withholding Tax for Electricity Bills in 2024-25
Karachi, September 13, 2024 – The Federal Board of Revenue (FBR) has released updated withholding tax rates applicable to electricity bills for the tax year 2024-25.
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Tax Credit for Pension Fund Contributions for Tax Year 2024-25
Karachi, September 13, 2024 – The Federal Board of Revenue (FBR) has announced the tax credit benefits available for contributions made to approved pension funds during the tax year 2024-25. The FBR, in its updated Income Tax Ordinance, 2001 (valid as of June 30, 2024), highlighted the details under Section 63, which governs contributions to pension funds.
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