Karachi, September 6, 2024 – The Federal Board of Revenue (FBR) has announced updated income tax rates on payments made for goods and services under Section 153 of the Income Tax Ordinance, 2001.
(more…)Tag: FBR
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.
-
Deduction for Intangibles under Income Tax Law
Karachi, September 6, 2024 – The Federal Board of Revenue (FBR) has clarified the provisions regarding deductions for intangibles under the Income Tax Ordinance, 2001. In its latest update, issued until June 30, 2024, the FBR has outlined the procedures and rules for the amortization of intangible assets, providing a clear framework for taxpayers.
(more…) -
FBR Unveils Rules for FED Collection on Property Transactions
Islamabad, September 5, 2024 – The Federal Board of Revenue (FBR) on Thursday announced new rules for the collection of Federal Excise Duty (FED) on property transactions. The updated regulations were formalized through SRO No. 1376(I)/2024, amending the Federal Excise Rules, 2005, and introducing a new chapter titled “Excise Duty on Property.”
(more…) -
FBR Notifies 35% Tax Rate on Bank Deposit Profit for Non-ATL
Karachi, September 5, 2024 – The Federal Board of Revenue (FBR) has officially notified a significant tax increase for individuals earning profit from bank deposits but who are not listed on the Active Taxpayers List (ATL). The tax rate for these non-ATL individuals has been set at 35%, a substantial hike from the rate applied to ATL members.
(more…) -
Initial Allowance Deduction under Updated ITO 2001
Karachi, September 5, 2024 – The Federal Board of Revenue (FBR) has explained the deduction of the initial allowance for eligible depreciable assets under the Income Tax Ordinance (ITO), 2001, which has been updated as of June 30, 2024.
(more…) -
Customs Officer Fired After Failing to Report for Duty
Islamabad, September 5, 2024 – The Federal Board of Revenue (FBR) has imposed the penalty of dismissal from service upon Fayzan Atif, a Customs Inspector (BS-16) from the Collectorate of Customs (Enforcement), Sargodha. The dismissal stems from a charge of “misconduct” under the Civil Servants (Efficiency & Discipline) Rules, 2020.
(more…) -
FBR May Halt Tax Refunds to Meet September Targets
Karachi, September 5, 2024 – The Federal Board of Revenue (FBR) is contemplating a halt on tax refunds for the month of September 2024 in a bid to meet its ambitious tax collection targets, sources said.
(more…) -
FBR Slaps Non-ATL with Steep Dividend Tax Rates Up to 70%
Karachi, September 4, 2024 – The Federal Board of Revenue (FBR) has imposed staggering tax rates of up to 70% on dividend income for individuals and entities not listed on the Active Taxpayers List (ATL) for the tax year 2024-25.
(more…) -
FBR Exempts Income Tax on Annual Salary Up to Rs 600,000
Karachi, September 4, 2024 – The Federal Board of Revenue (FBR) has released the salary tax card for the tax year 2024-25, offering a relief to salaried individuals by exempting annual incomes up to Rs 600,000 from income tax.
(more…) -
FBR Announces Import Tax Rates for ATL vs Non-ATL
Karachi, September 4, 2024 – The Federal Board of Revenue (FBR) has announced the import tax rates applicable during the tax year 2024-25, distinguishing between those listed in the Active Taxpayers List (ATL) and those not on the list.
(more…)