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…)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.
-
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…) -
Decoding Depreciation Under Income Tax Law for TY 2024-25
Karachi, September 4, 2024 – The Federal Board of Revenue (FBR) has provided a comprehensive explanation on the deduction of depreciation against tax liability for the tax year 2024-25, a critical aspect for businesses managing their assets and tax obligations.
(more…) -
FBR, Traders Clash Over Tax Valuation Tables in Key Talks
Islamabad – The Federal Board of Revenue (FBR) has initiated crucial discussions with traders to address concerns surrounding the advance tax under the Tajir Dost Scheme.
(more…) -
FBR Considers Mini Budget to Plug Revenue Gap
Islamabad, September 3, 2024 – The Federal Board of Revenue (FBR) is exploring the possibility of implementing a mini budget to address a significant revenue shortfall by the end of the current month.
(more…) -
FBR Suspends Lady IR Officer for Issuing Illegal Refund
Karachi, September 2, 2024 – The Federal Board of Revenue (FBR) has suspended Ms. Shiraza Hameed, a Deputy Commissioner of the Inland Revenue Service (IRS), following allegations of issuing an illegal refund.
(more…)