The Finance Bill 2025 proposes wide-ranging amendments to the Income Tax Ordinance, 2001, aimed at restructuring the tax regime for tax year 2026, starting from July 1, 2025.
(more…)Tag: Income Tax Ordinance 2001
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Taxpayers and Concealment: Proving Intentional Misreporting
Concealment of income is a serious matter in the realm of tax law, and it can lead to severe consequences if proven for taxpayers.
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Constitutional Clash: Tax Bill Amendments Spark Debate
Tax experts at Tola Associates and Tola & Tola have raised concerns regarding numerous amendments introduced through the Tax Laws (Amendments) Bill, 2024. They argue that several provisions within the Bill conflict with fundamental constitutional rights, rendering them problematic from a legal and practical standpoint.
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Tax Treatment of Bonus Shares for Tax Year 2025
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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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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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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Advance Tax on Marriage Functions Updated for Tax Year 2025
KARACHI, December 3, 2024 – The Federal Board of Revenue (FBR) has updated advance tax rates applicable to marriage gatherings across Pakistan for the tax year 2025. These updates, issued under Section 236CB of the Income Tax Ordinance, 2001, aim to enhance compliance and revenue collection from events held at marriage-related venues.
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FBR Implements New Tax Rates on Sale of Immovable Property
KARACHI, December 3, 2024 – The Federal Board of Revenue (FBR) has announced updated advance tax rates on the sale or transfer of immovable property in Pakistan for the tax year 2025. These changes, outlined under Section 236C of the Income Tax Ordinance, 2001, aim to streamline tax compliance and ensure clarity for property transactions.
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Advance Income Tax on Property Auctions for TY 2025
Karachi, December 1, 2024 – The Federal Board of Revenue (FBR) has reaffirmed its advance income tax policy on the sale of property and goods through auctions for the tax year 2025. The FBR has announced that the existing tax rates will remain unchanged, ensuring consistency in its approach to revenue collection under Section 236A of the Income Tax Ordinance, 2001.
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