ByAs the clock strikes midnight and we usher in the New Year 2025, the TaxationPk team extends its warmest greetings to all our readers and the entire tax community.
2024 has been a year of significant developments in the Pakistani tax landscape. Key developments include:
- Increased Income Tax Rates: The Finance Bill 2024-25 introduced adjustments to income tax slabs, resulting in higher tax liabilities for certain income brackets.
- Capital Gains Tax on Immovable Property: The Bill proposes a 15% capital gains tax on immovable property purchased on or after July 1, 2024, for individuals and AOPs not appearing on the Active Taxpayers List (ATL).
- Increased Tax on Securities: The tax rate on capital gains from securities acquired on or after July 1, 2024, has been increased to a flat 15% for filers and normal rates with a minimum of 15% for non-filers.
These changes, while aimed at improving tax revenue and broadening the tax base, have undoubtedly presented challenges for taxpayers and tax professionals alike.
At TaxationPk, we strive to provide our readers with accurate, timely, and insightful information on all aspects of taxation in Pakistan. We believe that informed taxpayers and tax professionals are crucial for a fair and efficient tax system.
As we embark on this new journey in 2025, we remain committed to:
- Keeping you updated: We will continue to provide you with the latest news, analysis, and commentary on all tax-related matters.
- Empowering you: We will equip you with the knowledge and resources you need to navigate the complexities of the tax system.
- Advocating for your rights: We will continue to advocate for a fair and equitable tax system that protects the interests of taxpayers.
We wish you all a prosperous and successful 2025. May the New Year bring you joy, success, and fulfillment.
Happy New Year!
The TaxationPk Team
