Tax

Punjab expands property tax to include housing societies outside urban areas – Trendy Blogger

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Punjab expands property tax to include housing societies outside urban areas – Trendy Blogger

Islamabad: Punjab has expanded its property tax collection system to include residential communities outside urban centres, marking the first time taxes have been imposed on such areas, according to tax department officials. Under the new framework, residents of government-approved housing societies will be required to pay property tax based on metropolitan rates. The Excise Tax … Read more

He urged FBR to set up a tax office in Gwadar amid rising economic activity – Trendy Blogger

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He urged FBR to set up a tax office in Gwadar amid rising economic activity – Trendy Blogger

The Pakistan Tax Bar Association (PTBA) has called on the Federal Board of Revenue (FBR) to set up a dedicated tax office in Gwadar, citing increased economic activity and growing compliance challenges faced by local taxpayers. In a letter to FBR Member (Operations) Hameed Atiq Suroor, the PTBA asserted that the existing facilitation center in … Read more

Punjab introduces new property tax regime – Trendy Blogger

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Punjab introduces new property tax regime – Trendy Blogger

Lahore: The Punjab government has introduced a new property tax system to simplify processes, eliminate complexities and enhance transparency. According to Minister of Excise, Taxation and Narcotics Control Masoud Mukhtar, the new system has become effective from January 1, 2025, and property taxes will now be determined based on the DC schedule of the respective … Read more

More than 33,500 tax cases worth Rs. 4.7 trillion is still pending in the courts – Trendy Blogger

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Punjab introduces new property tax regime – Trendy Blogger

Islamabad: More than 3,522 tax related cases worth Rs. 4.7 trillion remains unresolved in courts and tribunals across the country. This came during a review meeting chaired by Prime Minister Shehbaz Sharif in Islamabad today. The Prime Minister ordered immediate action in these cases. He directed the Federal Board of Revenue (FBR) to employ reputable … Read more

The International Monetary Fund rejects Pakistan’s proposal to reduce sales tax on electricity bills – Trendy Blogger

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The International Monetary Fund rejects Pakistan’s proposal to reduce sales tax on electricity bills – Trendy Blogger

The International Monetary Fund has rejected a formal request from Pakistan’s Ministry of Energy to reduce sales tax on electricity bills, citing liabilities under the existing loan programme, Express News reported. The decision deals a blow to the government’s efforts to ease financial pressures on consumers. The Ministry of Energy had requested IMF approval to … Read more

Karachi maintains first position in tax contributions: FBR report – Trendy Blogger

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Karachi maintains first position in tax contributions: FBR report – Trendy Blogger

The Federal Board of Revenue (FBR) has released its annual report for the financial year 2023-24, highlighting Karachi as the largest contributor to national tax revenue, Express News reported on Tuesday. According to the report, the Karachi Grand Excise Office collected Rs2,522 billion in taxes, including Rs1,360 billion in income tax, Rs136.3 million in federal … Read more

Pakistan achieves IMF December tax target despite hurdles: Prime Minister Shehbaz – Trendy Blogger

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Pakistan achieves IMF December tax target despite hurdles: Prime Minister Shehbaz – Trendy Blogger

Prime Minister Shehbaz Sharif on Wednesday praised Pakistan’s ability to achieve economic stability and achieve fiscal targets despite ongoing political turmoil and attempts at destabilization. Addressing the Federal Cabinet meeting, the Prime Minister highlighted important milestones in resource mobilization, trade efficiency, and anti-smuggling efforts. Prime Minister Shehbaz said: “The protests tried to derail the economy, … Read more

The FBR faces a deficit of Rs 1 trillion to meet the IMF’s tax target by the end of December – Trendy Blogger

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The FBR faces a deficit of Rs 1 trillion to meet the IMF’s tax target by the end of December – Trendy Blogger

The Federal Board of Revenue (FBR) is facing a steep shortfall of Rs 1 trillion to meet its tax collection target of Rs 6.009 trillion for the July-December period, a key condition under Pakistan’s agreement with the International Monetary Fund (IMF). Finance Minister Muhammad Aurangzeb expressed hope during a press conference on Thursday that the … Read more

FBR has been enabled to link income tax data with banks under the new tax law amendments – Trendy Blogger

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He urged FBR to set up a tax office in Gwadar amid rising economic activity – Trendy Blogger

Under the Taxation Laws (Amendment) Bill, 2024, the Federal Board of Revenue (FBR) will now share income tax return data with banks for cross-matching with bank records. This step aims to tighten compliance and reduce tax evasion by implementing restrictions on the economic activities of non-filers. The bill defines two categories: “qualified persons,” who have … Read more

The Court of Appeals for Internal Revenue prohibits commissioners from filing appeals under the Revised Income Tax Act – Trendy Blogger

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The Court of Appeals for Internal Revenue prohibits commissioners from filing appeals under the Revised Income Tax Act – Trendy Blogger

The Appellate Tribunal of Inland Revenue (ATIR) in Islamabad has ruled that commissioners are no longer eligible to file appeals under the amended Section 131 of the Income Tax Act, 2001. The court clarified that the term “commissioner” does not fall under the definition of “person”. “As defined in Article 2 (42), read with Article … Read more