Karachi, November 30, 2024– The Federal Board of Revenue (FBR) has issued the applicable tax rates for brokerage and commission in Pakistan under Section 233 of the Income Tax Ordinance, 2001, for the tax year 2024-25. These rates outline the responsibilities of principals in deducting advance tax on payments to agents, with the specifics detailed in the official notification.
(more…)Tag: Federal Board of Revenue
The Federal Board of Revenue is Pakistan’s apex tax agency, overseeing tax collection and policies. Pakistan Revenue is committed to providing timely updates on the Federal Board of Revenue to its readers.
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FBR Grants Tax Exemption to Overseas Pakistanis on Properties
Karachi, November 29, 2024 – The Federal Board of Revenue (FBR) has announced an extension of tax exemptions for overseas Pakistanis involved in property transactions, reaffirming its commitment to facilitating expatriates.
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FBR Urges SBP to Ensure Tax Payment Saturday Arrangements
Islamabad, November 29, 2024 – The Federal Board of Revenue (FBR) has called on the State Bank of Pakistan (SBP) to make special arrangements for facilitating tax payments on Saturday, November 30, 2024.
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Karachi’s Large Taxpayers Pay Rs 12.50 Billion Electricity Tax
Karachi, November 29, 2024 – Karachi’s large taxpayers have paid Rs 12.50 billion as advance tax on electricity consumption during the first four months (July – October) of the current fiscal year 2024-25, according to sources from the Federal Board of Revenue (FBR). The payment marks a significant surge, highlighting a substantial increase in tax collection for the period.
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FBR Anticipates Revenue Shortfall Due to Political Turmoil
ISLAMABAD, November 29, 2024 – The Federal Board of Revenue (FBR) has projected a significant shortfall in revenue collection for November 2024, attributing it to disruptions caused by recent political protests and government-imposed lockdowns.
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Over 1,500 Exporters Avail Duty-Free Facilitation Scheme: FBR
ISLAMABAD, November 29, 2024 – The Federal Board of Revenue (FBR) has reported that over 1,500 exporters are utilizing the Export Facilitation Scheme (EFS), enabling duty- and tax-free imports into Pakistan.
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PTBA Demands Data Sharing on Digital Transformation Progress
Karachi, November 28, 2024 – The Pakistan Tax Bar Association (PTBA) has called on the Federal Board of Revenue (FBR) to share updates on the progress made following its initiatives for documenting the economy and enhancing the tax system’s productivity through digital transformation.
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FBR Withdraws Property Valuation Rebates in Karachi
Karachi, November 28, 2024 – The Federal Board of Revenue (FBR) has clarified that no reductions in property valuations are available under its latest notification for Karachi. The Regional Tax Office (RTO) – 1 Karachi, a key arm of the FBR, issued this clarification in response to doubts raised about Notification No. SRO 1724(I)/2024, dated October 29, 2024, which outlines updated property valuation tables for the city.
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FBR Initiates Registration of 1.35 Million Potential Taxpayers
Islamabad – The Federal Board of Revenue (FBR) has embarked on an ambitious initiative to register 1.35 million potential taxpayers identified through third-party data analysis. The FBR has shared this data with Inland Revenue field formations, tasking them with further action to expand the tax base.
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Tax Collection from New Car Registrations Jumps 111% in 4MFY25
Karachi, November 27, 2024 – The Federal Board of Revenue (FBR) has reported a significant increase in tax collection from new car registrations, reflecting a 111% surge in the first four months of the fiscal year 2024-25 (July–October).
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