FACO Farhan Ahmad & Co

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Female and Male from Rawalpindi/Islamabad Can Apply

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We Are Hiring!!

Trainees Required in the Field of Tax and Corporate

Female and Male from Rawalpindi/Islamabad Can Apply

Qualification: Fresh B. Com or Business Graduates

Send CV at [email protected]

See less

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The Federal Board of Revenue has expressed its willingness to amend the tax scheme according to the demands of traders, signalling a potential shift in the ongoing discussions over tax collection.

According to FBR sources, a revised note could be issued promptly if traders agree, with proposed changes including exempting small traders from tax liabilities.

One of the significant amendments under consideration is simplifying the income tax return form and issuing it in easy-to-understand Urdu. Additionally, there is a proposal to exempt businesses with an annual turnover of up to Rs 100 million from sales tax.

Federal Board of Revenue (FBR) on Saturday notified traders in Karachi, demanding an advance tax payment of Rs 60,000 per month under the Tajir Dost Scheme.

The scheme, aimed at simplifying tax compliance for traders, has caused concern among the business community, particularly in markets such as Liaquatabad and the electronics market.

Happy 78th Birthday Pakistan!

Congratulations Arshad Nadeem! The whole nation is proud of your historic Olympic Gold Medal 🥇🌟

Pakistan’s salaried class has become the third-largest contributor to income tax collection in the recently concluded fiscal year (FY24), surpassing even the country’s affluent textile exporters. This comes after a significant increase in income tax revenue from the banking sector, which now holds the top spot.

The banking sector saw a remarkable 66% rise in income tax contributions, reaching Rs946.08 billion in FY24. This increase reflects the sector’s growing profitability and its significant share of income tax collection, now at 20.88%.

While banks contribute significantly to income tax, their contributions to other taxes like sales tax, federal excise duty, and customs remain relatively low.

The Punjab government has imposed a new “waste tax” across all cities and towns in the region. The Standing Committee on Finance and Development of the Punjab Cabinet gave a nod to the decision.

According to the notification, the waste tax will be levied on both rural and urban residents, as well as small and large businesses in the province. The tax will be applied based on the size of the residential properties and the scale of commercial operations.

For rural areas, a monthly waste tax of Rs 200 would be charged for houses ranging from 5 to 10 marlas while larger properties between 10 marlas and 1 kanal would be taxed Rs 400 per month. Small businesses and shops in rural areas would be taxed Rs 300 while medium-sized enterprises would pay Rs 700. The larger businesses, factories, and petrol pumps would be charged Rs. 700 per month.

Pakistani authorities are taking news steps to garner taxes and now Federal Board of Revenue (FBR) mandated fixed monthly tax payments for small shopkeepers and retailers in 42 cities, with amounts ranging from Rs. 100 to over Rs. 20,000.

The country's apex tax collection authority outlined market and area-specific indicative incomes, taxes, and monthly advance taxes for small traders based on their shop locations.

Prime Minister Muhammad Shehbaz Sharif has directed the Federal Board of Revenue (FBR) to implement a strategy using the latest technology to expand the tax base without imposing additional burdens on honest taxpayers.