FBR Guidlines & Updates

10/07/2024

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13/06/2024

13/06/2024

Salary Class effected most

13/06/2024

Summary of budget speech:
- Exports to be covered under NTR
- Income tax on non-salaried persons will increase to 45%
- Changes in salaried class slabs
- Income tax @ 15% on capital gain on immovable properties for filers. For non-filers, income tax upto 45%.
- Income tax on capital gain on securities will be 15% for filers. For non-filers, income tax upto 45%.
- Three categories for advance tax on purchase of immovable properties vis-à-vis, Filers, Non-Filers and Late Filers
- Rate of advance Income Tax on sale of goods to Non-Filer Distributors, Wholesalers, Retailers, Dealers increased to 2.25%
- Basis of Advance tax on registration of Motor Vehicle changed from engine capacity to value
- Reduced rate and exemptions abolished. Mentioned in the bill
- Tax exemption to FATA/PATA removed.
- Default Surcharge on unpaid Sales Tax and FED changed from 12% to KIBOR+3%

04/06/2024

Super Tax 4C (tax year 2022)

Division Bench of Lahore High Court allowed the appeals filed by taxpayers and dismissed the appeals filed by FBR. It is announced that super tax u/s 4C shall not apply retrospectively to tax year 2022 and rate of super tax more than 4% for tax year 2022 was also upheld to be discriminatory. Regards.

31/05/2024

ٱلْحَمْدُ لِلَّٰهِ