Karachi, December 7, 2024 – The Federal Board of Revenue (FBR) has issued a detailed explanation of the tax treatment applicable to bonus shares issued by companies during the tax year 2025, as per Section 236Z of the Income Tax Ordinance, 2001.
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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 Instructs CCIRs to Facilitate Overseas Pakistanis in One Day
Karachi, December 6, 2024 – The Federal Board of Revenue (FBR) has issued instructions to Chief Commissioners of Inland Revenue (CCIRs) to expedite property transactions for overseas Pakistanis, ensuring that the verification and approval process is completed within a single business day.
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FBR Issues Rules for Azerbaijan-Pakistan Transit Trade
Karachi, December 6, 2024 – The Federal Board of Revenue (FBR) has officially notified rules to regulate Azerbaijan-Pakistan transit trade operations as per the recently signed Azerbaijan-Pakistan Transit Trade Agreement (PATTA) 2024.
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FBR Expands Single Sales Tax Return to Two New Sectors
Islamabad, December 6, 2024 – The Federal Board of Revenue (FBR) announced on Friday the expansion of its Single Sales Tax Return (SSTR) facility to include two additional sectors. This move is part of the FBR’s ongoing efforts to streamline tax compliance and simplify the filing process for taxpayers.
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FBR Sets Deadline for Corporate 2024 Return Filing
Karachi, December 6, 2024 – The Federal Board of Revenue (FBR) has announced December 31, 2024, as the final deadline for corporate entities to file their income tax returns for the tax year 2024. FBR officials have emphasized that this deadline will not be extended, urging companies to comply promptly to avoid penalties.
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FBR Updates Tax Rates on Property Purchase for TY 2025
Karachi, December 6, 2024 – The Federal Board of Revenue (FBR) has announced updated advance tax rates on the purchase and transfer of immovable property for the tax year 2025. These updates, implemented under the Finance Act, 2024, have been incorporated into the Income Tax Ordinance, 2001, and specifically explained under Section 236K of the ordinance.
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Advance Tax on Retailers, Distributors, Wholesalers Explained
Karachi, December 5, 2024 – The Federal Board of Revenue (FBR) has updated advance income tax rates for retailers, distributors, dealers, and wholesalers applicable for the tax year 2025. These tax rates are governed by Sections 236G and 236H of the Income Tax Ordinance, 2001, and aim to enhance tax compliance and streamline revenue collection.
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NTC Reviews Agriculture, Property Taxation Strategies
Islamabad, December 4, 2024 – The National Tax Council (NTC) convened on Wednesday to explore measures aimed at boosting revenue through enhanced agricultural income and property taxation. The session, chaired by Minister for Finance and Revenue Senator Muhammad Aurangzeb, underscored the importance of federal-provincial collaboration to achieve comprehensive tax reforms and improve compliance.
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Tax Rates for Foreign TV Plays, Advertisements in Pakistan
Karachi, December 4, 2024 – The Federal Board of Revenue (FBR) has updated advance tax rates for foreign TV dramas, plays, and advertisements in Pakistan for the tax year 2025. These changes aim to regulate content featuring foreign talent and promote compliance within the entertainment industry.
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FBR Establishes Procurement Committees for Transformation Plan
Islamabad, December 4, 2024 – The Federal Board of Revenue (FBR) announced the formation of multiple procurement committees on Wednesday to facilitate the implementation of its Transformation Plan.
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