Pakistan Revenue
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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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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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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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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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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Karachi, July 31, 2024 – Pakistan has introduced stricter tax rules for non-residents with substantial business activities within the country. This initiative, driven by the Federal Board of Revenue (FBR), aims to capture a larger share of revenue from global entities benefiting from the Pakistani market.
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Karachi, July 30, 2024 – In a bid to ensure timely compliance with income tax filing requirements, the Federal Board of Revenue (FBR) has announced the imposition of higher withholding tax rates on late filers and non-filers. This significant change has been enacted through amendments in the Finance Act, 2024.
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Karachi, July 30, 2024 – The Federal Board of Revenue (FBR) has introduced significant changes to the tax exemption policies for Associations of Persons (AOPs) through amendments in the Finance Act, 2024.
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Karachi, July 30, 2024 – The Federal Board of Revenue (FBR) has issued a crucial clarification regarding tax credits for coal mining operations in Sindh. According to the latest Circular No. 1 of 2024-25, which outlines amendments made to the Income Tax Ordinance, 2001 through the Finance Act, 2024, a 100% tax credit is available […]
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Karachi, July 30, 2024 – The Federal Board of Revenue (FBR) has issued comprehensive tax guidelines for builders and developers in light of the amendments introduced through the Finance Act, 2024, to the Income Tax Ordinance, 2001.
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