As the deadline of September 30, 2024, for filing annual income tax returns for the tax year 2024 draws near, taxpayers in Pakistan are advised to gather the necessary documents to ensure smooth compliance with tax regulations.
(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.
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Disposal, Acquisition of Assets Under Pakistan Income Tax Laws
Karachi, September 19, 2024 – The Federal Board of Revenue (FBR) has provided a comprehensive clarification regarding the disposal and acquisition of assets under Pakistan’s Income Tax laws. The updated provisions, outlined in Section 75 of the Income Tax Ordinance, 2001 (as of June 30, 2024), aim to ensure transparency and proper tax compliance concerning asset transactions in the country.
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Building Transparency: FBR’s Game-Changing ATL Revisions
The recent amendments introduced by the Federal Board of Revenue (FBR) to the Active Taxpayers List (ATL) represent a landmark effort towards promoting transparency and efficiency within Pakistan’s taxation framework.
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FBR Announces Major Overhaul to Active Taxpayers List Rules
Karachi, September 18, 2024 – In a significant development, the Federal Board of Revenue (FBR) has unveiled comprehensive amendments to the rules governing the Active Taxpayers List (ATL).
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FBR Explains Duration of Tax Year in Pakistan
Karachi, September 18, 2024 – The Federal Board of Revenue (FBR) has provided a detailed explanation of the duration of the tax year in Pakistan as per the Income Tax Ordinance, 2001, updated until June 30, 2024.
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FBR Issues Withholding Tax Card for Property Sale in TY 2024-25
KARACHI, September 17, 2024 – The Federal Board of Revenue (FBR) has released the updated withholding tax card for property sales for the tax year 2024-25, bringing clarity to tax obligations associated with the sale of immovable properties.
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FBR Determines Fair Market Value for Tax Year 2024-25
KARACHI, September 17, 2024 – The Federal Board of Revenue (FBR) has officially announced the determination of fair market values for assets and properties under the Income Tax Ordinance, 2001, applicable for the tax year 2024-25.
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FBR Issues SOP for Disposal of Condonation of Time Limit Cases
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 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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