The Supreme Court has ruled that dividend income received by companies shall be subject to the tax levied under section 5 of the Income Tax Ordinance 2001, and it cannot be brought under the purview of the 35 percent normal corporate tax. A two-member bench comprising Chief Justice Yahya Afridi and Justice Aqeel Ahmed Abbasi […]
Tax
Digital reforms key to boost revenue without raising tax rates: finmin
Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb said on Friday that fully digitalised taxation system is imperative to eliminate leakage in addition to enhancing collection without creating any hassle among taxpayers. Addressing the business community at Faisalabad Chamber of Commerce & Industry (FCCI), he said that it is not a post-budget conference but […]
Bilal Kiyani, business community discuss tax reforms
Minister of State for Finance and Revenue, Bilal Azhar Kiyani here on Monday chaired a consultative meeting with representatives of the business and export sectors to discuss measures for improving the tax regime, facilitating exports, and fostering a more conducive business environment. The meeting reviewed various policy and administrative measures to facilitate trade, strengthen industrial […]
Around 3.5m shopkeepers to be brought into tax net, says state minister
Minister of State for Finance and Revenue Bilal Azhar Kayani on Friday said that around 3.5 million shopkeepers will be included in the tax net during fiscal year 2026-27. Participating in the National Assembly debate on the federal budget 2026-27, he said the government’s economic policy aims to strengthen the national economy and ensure inclusive […]
NA panel approves 5% withholding tax on YouTube, social media earnings
The National Assembly’s Standing Committee on Finance on Thursday approved a series of recommendations for the proposed Finance Bill 2026-27, including the imposition of a 5% withholding income tax earned through social media platforms. Other recommendations included the abolition of a 1% advance tax on exporters and changes to the taxation of inherited properties. The […]
Bilawal vows to defend rights of tribal people after Centre imposes tax
Pakistan People’s Party (PPP) Chairman Bilawal Bhutto Zardari on Tuesday tasked Khyber Pakhtunkhwa (KP) Governor Faisal Karim Kundi with addressing the prevailing wheat crisis in the province. The directive came during a meeting with PPP Khyber Pakhtunkhwa President Muhammad Ali Shah Bacha where in Kundi was also present. PPP Central Secretary Information Nadeem Afzal Chan […]
Budget aimed at public relief, reduction in tax burden, says PM
Prime Minister Shehbaz Sharif Friday said the government presented the budget of relief and public welfare, reduced the burden on the salaried class and took steps for increasing exports, promoting industries and agricultural growth, investment and economic development. In a statement regarding the federal budget, he said, “I am immensely grateful to Allah Almighty, by […]
PM directs pilot launch of automated tax collection system in Islamabad
Prime Minister Shehbaz Sharif on Thursday directed the launch of a pilot project for a proposed automated income tax collection system in Islamabad, the Prime Minister’s Office (PMO) said. In a statement, the PMO said that Prime Minister Shehbaz chaired a review meeting on ongoing reforms in the Federal Board of Revenue (FBR), attended by […]
Ministry urges tax relief extension for telecom sector
The Ministry of Information Technology and Telecommunication (MoITT) has proposed a comprehensive package of fiscal incentives for the telecom sector, including exemption from withholding tax, reduction in import duties on telecom equipment and lower taxes on mobile handset components, aimed at attracting fresh investment, creating employment opportunities and improving digital connectivity across the country. According […]
Royalty on finished product akin to tax: FCC
The Federal Constitutional Court of Pakistan on Wednesday observed that the government could levy royalty only on minerals and that imposing royalty on a finished product appeared, prima facie, to be equivalent to a tax. A three-member bench headed by Justice Hassan Azhar Rizvi heard a case relating to the imposition of royalty on cement […]