ISLAMABAD – June 21, 2025: The National Assembly’s Standing Committee on Finance has approved a major tax relief proposal for the salaried class, reducing the income tax rate on mid-level earners. In a meeting chaired by MNA Syed Naveed Qamar, the committee reviewed and gave clause-by-clause approval to key income tax amendments included in the […]
National Assembly’s Standing Committee on Finance
FBR says banks pay 53% tax on income, seeks end to special privileges
ISLAMABAD: The Federal Board of Revenue (FBR) has revealed that banks in Pakistan pay a heavy 53% tax on their income. FBR Chairman Rashid Langrial disclosed this during a meeting of the National Assembly’s Standing Committee on Finance on Thursday, sparking discussions on the tax structure for financial institutions. He stated that the government wants […]
Govt raises non-filer cash withdrawal limit to Rs75,000, hikes advance tax rate
The federal government has increased the cash withdrawal limit for non-filers from Rs50,000 to Rs75,000 per day, under the revised budget proposals for FY2025-26. However, in a move to generate more revenue, the advance tax on withdrawals above this limit will rise to 0.8%, up from the current 0.6%. This adjustment, approved by the National […]
Pakistan maintains ban on cryptocurrency, calls for proper regulations: finance secretary
Pakistan’s Finance Secretary has confirmed that cryptocurrency remains banned in the country and emphasized the urgent need for proper regulations to manage digital assets. He made the remarks during a meeting of the National Assembly’s Standing Committee on Finance held on May 29, 2025. The session, chaired by Dr. Nafisa Shah, also saw MNA Sharmila […]