Tax relief aims to support airline’s privatisation while preserving underlying income tax liabilities
(more…)Tag: withholding tax
-
5% withholding sales tax halts Pakistan’s mineral exports
KCCI urges government to review Finance Act 2026 measure as exporters warn of severe supply chain disruption
(more…) -
LHC Rules Against Retrospective Application of Tax Hike
Lahore – The Lahore High Court (LHC) has declared that the enhanced rates of withholding tax on late filers of income tax returns, introduced by the Finance Act 2024, will not apply to transactions, returns, or assessments that were finalized before the enactment of the new law. This verdict represents a major development in tax legislation, providing clarity for taxpayers on the scope of the amendments.
(more…) -
FBR Announces Import Tax Rates for ATL vs Non-ATL
Karachi, September 4, 2024 – The Federal Board of Revenue (FBR) has announced the import tax rates applicable during the tax year 2024-25, distinguishing between those listed in the Active Taxpayers List (ATL) and those not on the list.
(more…) -
Pakistan Allows No Tax Deduction for Citizens Exempted from Return Filing
Karachi, October 6, 2023 – Pakistan has implemented a policy allowing for no deduction of withholding tax for citizens who are exempted from filing tax returns.
(more…) -
Non-ATL Property Buyers to Face 250% Higher Income Tax in FY 2023-24
Karachi, August 8, 2023 – The non-ATL buyers of immoveable property will face 250 percent higher tax during fiscal year 2023-24, according to the Federal Board of Revenue (FBR).
(more…) -
Latest Tax Rates for Electricity Consumption in FY 2023-24
Karachi, August 6, 2023 – The Federal Board of Revenue (FBR) has announced the latest tax rates for electricity consumption for the fiscal year 2023-24.
(more…) -
FBR Introduces 200% Higher Tax Rates for Non-ATL Motor Vehicle Registration in FY 2023-24
In a move aimed at broadening the tax net and encouraging tax compliance, the Federal Board of Revenue (FBR) has announced a substantial 200 percent increase in tax rates for individuals not appearing on the Active Taxpayers List (ATL) at the time of motor vehicle registration during the fiscal year 2023-24.
(more…) -
Income Tax Rates on Prize Bond Winnings in Pakistan for FY 2023-24
Karachi, August 4, 2023 – The Federal Board of Revenue (FBR) in Pakistan has announced updated income tax rates on the winning of prize bonds and lottery for the fiscal year 2023-24, in accordance with Section 156 of the Income Tax Ordinance, 2001.
(more…) -
Tax Rates on Bank Deposits and Saving Schemes in Pakistan Revealed
Karachi, August 3, 2023 – The Federal Board of Revenue (FBR) in Pakistan has issued an official notification revealing the tax rates on bank deposits and national savings schemes under Section 151 of the Income Tax Ordinance, 2001.
(more…)