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.
(more…)Tag: Income Tax Ordinance 2001
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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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Tax on Telephone and Internet Users in Pakistan for TY 2025
Karachi, December 1, 2024 – The Federal Board of Revenue (FBR) has reiterated its policy of collecting advance income tax from telephone and internet users under Section 236 of the Income Tax Ordinance, 2001.
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Tax on Brokerage and Commission in Pakistan for TY 2024-25
Karachi, November 30, 2024– The Federal Board of Revenue (FBR) has issued the applicable tax rates for brokerage and commission in Pakistan under Section 233 of the Income Tax Ordinance, 2001, for the tax year 2024-25. These rates outline the responsibilities of principals in deducting advance tax on payments to agents, with the specifics detailed in the official notification.
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Advance Tax Imposed on Foreign Domestic Workers in Pakistan
KARACHI, November 26, 2024 – Pakistan has introduced an advance income tax requirement on individuals and agencies hiring foreign nationals for domestic work.
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Advance Tax on Motor Vehicles in Pakistan for TY 2024-25
Advance tax on motor vehicles is levied under Section 231B of the Income Tax Ordinance, 2001, as amended by the Federal Board of Revenue (FBR) for the tax year 2024-25.
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