Higher withholding tax rates on property transactions for late filers have been withdrawn, aligning them with active taxpayers to encourage return filing.
(more…)Tag: Income Tax Ordinance 2001
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Finance Act 2026 defines authorised shipping agent for tax compliance
New legal definition places greater tax responsibilities on local representatives of non-resident shipping companies operating in Pakistan.
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FBR identifies seven types of income tax exemptions and concessions
Tax Expenditure Report 2026 categorises major income tax relief measures to improve transparency and assess their fiscal impact.
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Finance Act 2026 cracks down on fake tax credit claims with 100% penalty
Taxpayers claiming unverifiable excess withholding tax credits will now pay a penalty equal to the overstated amount
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Finance Act, 2026 fixes 5% tax for all social media incomes
Government abolishes ATL distinction as uniform withholding tax applies to earnings from YouTube, Facebook, Instagram, TikTok and other digital platforms
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Finance Act, 2026 enforces algorithmic settlement for tax returns
FBR to offer AI-driven digital tax settlements without physical intervention under new legal framework
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Finance Act, 2026 introduces mandatory digital filing format for corporate tax returns
Companies must submit financial statements in machine-readable formats from tax year 2026 or risk invalid tax returns
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Finance Act, 2026 sets fair market value rule for inherited property
Government revises Finance Bill proposal by linking inherited property’s cost to transfer date instead of original owner’s death
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Finance Act, 2026 confirms tax credit for FBR digital integration
Businesses integrating with FBR’s real-time digital systems to receive 10% tax credit on eligible technology investments
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Finance Act, 2026: Govt empowered to reduce minimum WHT rates by 1%
New Section 53A allows targeted withholding tax relief for financially stressed businesses, excluding minimum tax under Section 113
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