Finance Bill revised capital gains tax rates on the sale of securities
KARACHI: Finance Bill 2025 has proposed revised capital gains tax (CGT) rates on the sale of securities, set to take effect from July 1, 2024. Under the current regime, CGT…
New tax rates proposed for late income tax return filers
KARACHI: The Federal Board of Revenue (FBR) has announced new tax rates for late income tax return filers as part of the Finance Bill 2024. This measure, unveiled in the…
Government to tax non-filers on cash withdrawals in budget 2023-24
The federal government has decided to impose a flat 0.6 percent tax on citizens not appearing on the Federal Board of Revenue’s (FBR) Active Taxpayer List (ATL) for cash withdrawals…
Non-filers can buy new cars of up to 1300cc
KARACHI: The Finance Supplementary 2nd Amendment Bill presented by Finance Minister Asad Umar on Wednesday has proposed to relax the ban on non-filers, who would now be able to buy…
Tax on banking transactions reduced
KARACHI: Federal Budget 2018-19 has proposed reduced rate of advance tax on banking transactions by non-filers. Under section 236P of the Ordinance banks are obliged to collect advance tax at…
Federal Budget seeks to institutes tax reforms in the real estate sector
KARACHI: The Federal Budget 2018-19 seeks to institute tax reforms in the real estate sector. Widespread tax reforms have been envisaged for streamlining the issues related to the real estate…
Ishaq Dar chairs ECC meeting
ISLAMABAD: The Federal Minister for Finance Senator Mohammad Ishaq Dar chaired the meeting of the Economic Coordination Committee (ECC) of the Cabinet here at the Prime Minister’s Office. ECC has…
Income tax return filers surge to 1.08 million
KARACHI: The number of income tax return filers has surged to 1.08 million, suggests the latest Active Taxpayers List (ATL) released by Federal Board of Revenue (FBR). Appearance of taxpayers…
FBR further clarifies taxation of immovable property, Through finance Act 2016
KARACHI: Federal Board of Revenue (FBR) on Thursday said that about eight amendments have been introduced to Income Tax Ordinance, 2001 through Finance Act, 2016 regarding taxation of immovable properties…
Prices of kitchen items, medicine and other to increase one per cent from Friday
KARACHI: After increasing one per cent Customs Duty of above 1400 products, the prices of medicine, tea, green tea, rice and other kitchen item would be increased from tomorrow (Friday)…
Non-filers to pay more CGT on securities
KARACHI: The federal government has increased the rate of capital gains tax (CGT) on disposable of securities for non-filers, while rates are kept intact for filers. Finance Bill 2016 proposes…
Federal Budget 2016-17 brings relief to almost all sectors, custom duties reduced, strict measures against non filers proposed
KARACHI: Federal Finance Minister Senator Ishaq Dar announced relief and special measures for almost all sectors of economy besides a substantial increase in salaries of Federal government employees, pensioners while…
FBR launches campaign to make tax amnesty scheme a success
KARACHI: The Voluntary Tax Compliance Scheme (VTCS) is applicable for both non-filers and filers and those who have already filed the tax returns can revise their filing on payment of…