Karachi, August 2, 2024 – The Federal Board of Revenue (FBR) has announced the introduction of progressive tax rates on the sale and purchase of immovable property, effective from July 1, 2024. This change, brought about through the Finance Act, 2024, aims to create a more equitable tax structure for property transactions.
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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 Clamps Down on Full Tax Exemption Certificates
Karachi, August 2, 2024 – The Federal Board of Revenue (FBR) has announced new restrictions on Inland Revenue (IR) Commissioners, limiting their authority to issue 100% exemption certificates on payments made to non-residents. This significant change comes in the wake of the amendments introduced through the Finance Act, 2024.
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FBR to Notify Values of Imported Goods for Advance Income Tax
Karachi, August 2, 2024 – The Federal Board of Revenue (FBR) has announced it will soon disclose the values of imported goods for the purpose of collecting advance income tax.
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FBR Relaxes Sales Tax Return Filing Conditions
Karachi, August 1, 2024 – The Federal Board of Revenue (FBR) has announced the relaxation of various requirements for filing sales tax returns, addressing the challenges faced by taxpayers following the issuance of SRO 350.
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Finance Act 2024: FBR Explains Penalties for Non-Compliance
Karachi, August 1, 2024 – The Federal Board of Revenue (FBR) has elaborated on the penalties for non-compliance introduced through the Finance Act, 2024. These amendments to the Income Tax Ordinance, 2001, are aimed at enhancing tax compliance and ensuring stricter adherence to tax laws.
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FBR Surpasses July Tax Target and Collects Rs 659 Billion
Islamabad, July 31, 2024 –The Federal Board of Revenue (FBR) has surpassed its tax target for July 2024, collecting Rs 659.2 billion against the target of Rs 656 billion. This milestone, announced in a statement on Wednesday, marks a promising start to the financial year 2024-25.
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FBR Abolishes Holding Period for Immovable Property
Karachi, July 31, 2024 –The Federal Board of Revenue (FBR) has eliminated the holding period concept for immovable properties acquired on or after July 1, 2024. This change marks a substantial shift in the taxation of real estate transactions within Pakistan.
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Exporters to Pay 2% Tax to Withholding Agents: FBR
Karachi, July 31, 2024 – The Federal Board of Revenue (FBR) has announced that exporters must now pay a 2% income tax to withholding agents. This tax is divided into two parts: a 1% minimum tax and a 1% adjustable advance tax.
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FBR Empowers Commissioners to Inquire About Foreign Assets
Karachi, July 31, 2024 – The Federal Board of Revenue (FBR) has empowered commissioners of Inland Revenue (IR) to inquire about foreign assets held by residents, as part of its efforts to enhance tax compliance and transparency.
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FBR Exempts NICOP Holders from Non-Filing Travel Restrictions
Karachi, July 31, 2024 – The Federal Board of Revenue (FBR) has announced a significant exemption for individuals holding a National Identity Card for Overseas Pakistanis (NICOP) from penalties imposed for non-filing of income tax returns.
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