Tag: Income Tax Ordinance 2001

Karachi, September 16, 2024 – The Federal Board of Revenue (FBR) has announced that companies investing in Pakistan during the tax year 2024-25 are eligible to receive a tax credit under Section 65B of the Income Tax Ordinance, 2001. This initiative aims to encourage companies to invest in expanding, modernizing, and upgrading their industrial undertakings, which will contribute to the overall economic growth of the country.

Karachi, September 15, 2024 – The Federal Board of Revenue (FBR) has announced the continuation of the tax credit facility for taxpayers who are reporting their sales on a real-time basis during tax year 2024-25.

KARACHI, September 14, 2024 – The Federal Board of Revenue (FBR) has announced the continuation of the tax credit for employment generation under Section 64B of the Income Tax Ordinance, 2001 for the tax year 2024-25.

Karachi, September 13, 2024 – The Federal Board of Revenue (FBR) has announced the tax credit benefits available for contributions made to approved pension funds during the tax year 2024-25. The FBR, in its updated Income Tax Ordinance, 2001 (valid as of June 30, 2024), highlighted the details under Section 63, which governs contributions to pension funds.

Karachi, September 12, 2024 – The Federal Board of Revenue (FBR) has announced that individuals and organizations making charitable donations during the tax year 2024-25 will be eligible to claim tax credits under the Income Tax Ordinance, 2001.

Karachi, September 11, 2024 – The Federal Board of Revenue (FBR) has announced that education expenses will continue to be deductible against income tax liability for the tax year 2024-25.

Karachi, September 10, 2024 – In a significant development for taxpayers, the Federal Board of Revenue (FBR) has announced that individuals will be allowed to deduct Zakat payments against their income tax liability for the tax year 2024-25.

Karachi, September 9, 2024 – The Federal Board of Revenue (FBR) has reaffirmed that income sourced in Pakistan under international tax treaties will remain exempt from taxation.

The Federal Board of Revenue (FBR) has reaffirmed that income tax exemptions will continue for diplomats and individuals working for the United Nations (UN) during the 2024-25 tax year.