{"id":100934,"date":"2025-01-01T11:47:47","date_gmt":"2025-01-01T06:47:47","guid":{"rendered":"https:\/\/www.zameen.com\/news\/?p=100934"},"modified":"2025-01-01T18:46:55","modified_gmt":"2025-01-01T13:46:55","slug":"income-tax-amendment-2024-promulgated","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/income-tax-amendment-2024-promulgated.html","title":{"rendered":"Income Tax Amendment 2024: Banking sector faces increased tax burden"},"content":{"rendered":"\n<p>ISLAMABAD: President Asif Ali Zardari on Monday night promulgated the Income Tax (Amendment) Ordinance, 2024, introducing significant changes to the taxation framework for the banking sector. The move is expected to generate an estimated Rs70 billion in revenue by December 31, 2024, aiding the Federal Board of Revenue (FBR) in narrowing its tax collection shortfall.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><strong>Read:<\/strong> <a href=\"https:\/\/www.zameen.com\/news\/fbr-to-tighten-scrutiny-on-lavish-spending.html\" target=\"_blank\" rel=\"noreferrer noopener\">Tax Laws Amendment Bill 2024 approved: FBR to tighten scrutiny on lavish spending<\/a><\/p>\n\n\n\n<p><\/p>\n\n\n\n<p>Under the ordinance, the tax rate for banking companies has been revised to 44% for the tax year 2025. The rate will gradually decrease to 43% in 2026 and 42% from 2027 onwards. In contrast, the tax rates for small companies and other companies remain at 20% and 29%, respectively.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p>The ordinance also amends the First and Seventh Schedules of the Income Tax Ordinance, 2001, specifying that profits and gains of banking companies will be subject to these revised tax rates from the tax year 2025 onward. The \u201cgross advances and deposits\u201d for calculating the Advance Deposit Ratio (ADR) will now be determined based on the amounts disclosed in annual audited accounts.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><strong>Read:<\/strong> <a href=\"https:\/\/www.zameen.com\/news\/overseas-pakistanis-get-real-estate-tax-relief.html\" target=\"_blank\" rel=\"noreferrer noopener\">Overseas Pakistanis get real estate tax relief under new FBR initiative<\/a><\/p>\n\n\n\n<p><\/p>\n\n\n\n<p>The FBR anticipates that the additional revenue from the banking sector will help mitigate its fiscal challenges. This amendment reflects the government\u2019s broader efforts to enhance revenue collection while balancing the tax burden across sectors.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p>This policy adjustment comes as part of a series of fiscal reforms aimed at addressing the country&#8217;s economic challenges, with the banking sector positioned as a key contributor to the national exchequer.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>ISLAMABAD: President Asif Ali Zardari on Monday night promulgated the Income Tax (Amendment) Ordinance, 2024, introducing significant changes to the taxation framework for the banking sector. The move is expected to generate an estimated Rs70 billion in revenue by December 31, 2024, aiding the Federal Board of Revenue (FBR) in narrowing its tax collection shortfall. Read: Tax Laws Amendment Bill 2024 approved: FBR to tighten scrutiny on lavish spending Under the ordinance, the tax rate for banking companies has been revised to 44% for the tax year 2025. The rate will gradually decrease to 43% in 2026 and 42% from 2027 onwards. In contrast, the tax rates for small companies and other companies remain at 20% and 29%, respectively. The ordinance also amends the First and Seventh Schedules of the Income Tax Ordinance, 2001, specifying that profits and gains of banking companies will be subject to these revised tax rates from the tax year 2025 onward. The \u201cgross advances and deposits\u201d for calculating the Advance Deposit Ratio (ADR) will now be determined based on the amounts disclosed in annual audited accounts. Read: Overseas Pakistanis get real estate tax relief under new FBR initiative The FBR anticipates that the additional revenue&hellip;<\/p>\n","protected":false},"author":18,"featured_media":64102,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15015],"tags":[61410,61411,61406,61417,61412,61415,61413,61418,61408,61423,61422,61409,59776,61424,61416,61407,61419,61421,61405,61414,61420],"persona":[],"class_list":{"0":"post-100934","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-legal-taxation","8":"tag-adr-changes","9":"tag-advance-deposit-ratio","10":"tag-banking-companies-taxation","11":"tag-banking-sector-tax","12":"tag-banking-tax-rates","13":"tag-economic-reforms","14":"tag-fbr-revenue-target","15":"tag-financial-policy-updates","16":"tag-first-schedule-amendment","17":"tag-fiscal-policy-pakistan","18":"tag-government-revenue-generation","19":"tag-income-tax-amendment-2024","20":"tag-income-tax-ordinance-2001","21":"tag-national-exchequer","22":"tag-pakistan-tax-policy","23":"tag-president-asif-ali-zardari","24":"tag-seventh-schedule-amendment","25":"tag-tax-burden-increase","26":"tag-tax-collection-shortfall","27":"tag-tax-reforms-pakistan","28":"tag-tax-year-2025","29":"cat-15015-id"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Income Tax Amendment 2024 promulgated - Zameen News<\/title>\n<meta name=\"description\" content=\"Under the ordinance, the tax rate for banking companies has been revised to 44% for the tax year 2025. 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The rate will gradually decrease...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zameen.com\/news\/income-tax-amendment-2024-promulgated.html\" \/>\n<meta property=\"og:site_name\" content=\"Pakistan Real Estate News &amp; Pakistan Property News &amp; Latest Updates - Zameen News\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/ZameenPK\" \/>\n<meta property=\"article:published_time\" content=\"2025-01-01T06:47:47+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-01-01T13:46:55+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/news-cdn.zameen.com\/wp-content\/uploads\/2020\/04\/GoP.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1170\" \/>\n\t<meta property=\"og:image:height\" content=\"400\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Samra Zulfiqar\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@ZameenProperty\" \/>\n<meta name=\"twitter:site\" content=\"@ZameenProperty\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Samra Zulfiqar\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Income Tax Amendment 2024 promulgated - Zameen News","description":"Under the ordinance, the tax rate for banking companies has been revised to 44% for the tax year 2025. 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