FBR Issues Tax Rates for Business Individuals and AOPs

July 17, 2024 

Karachi, July 17, 2024 – The Federal Board of Revenue (FBR) has announced the new tax rates for business individuals and Association of Persons (AOPs) as per the amendments made through the Finance Act, 2024. These updated rates are effective from July 1, 2024, and are applicable for the tax year 2025.

According to the FBR, the revised tax rates apply to the income of every individual and AOP, excluding salaried individuals. This amendment aims to bring more clarity and fairness to the taxation process for non-salaried entities and to ensure equitable tax collection from diverse income groups.