Karachi, January 15, 2025 – A startling revelation has emerged from the Federal Board of Revenue’s (FBR) official tax collection data, exposing that the vast network of FBR officials contributed a mere 2% to the overall tax collection efforts.
(more…)Author: Shahnawaz Akhter
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KSE-100 Index Loses 308 Points in Volatile Trading Session
Karachi, January 15, 2025 – The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) experienced a significant decline of 308 points during a volatile trading session on Wednesday. The index ended the day at 114,496 points, a drop from the previous session’s close of 114,809 points.
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KCCI Criticizes KE for Escalating Load Shedding in Karachi
Karachi, January 15, 2025 – Muhammad Jawed Bilwani, President of the Karachi Chamber of Commerce and Industry (KCCI), has strongly condemned K-Electric (KE) for its recent intensification of load shedding, which is severely affecting both the residents and businesses of Karachi.
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FBR Transfers 49 IRS Officers Amid Rising Tax Collection Shortfall
Islamabad, January 15, 2025 – In response to ongoing concerns about a tax collection shortfall, the Federal Board of Revenue (FBR) has carried out a significant reshuffle, transferring 49 Inland Revenue Service (IRS) officers from BS-17 to BS-20. The reshuffle comes at a crucial time, with the FBR facing a revenue collection gap of approximately Rs 380 billion in the first half (July–December) of the current fiscal year.
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FBR Unveils Arrest Guidelines for Inland Revenue Officers
Karachi, January 14, 2025 — The Federal Board of Revenue (FBR) has unveiled a detailed procedure governing the actions of Inland Revenue (IR) officers in the arrest of individuals suspected of violating tax laws.
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SBP May Cut Policy Rate by 100bps: Topline Survey
A recent survey conducted by Topline Securities Limited indicates that market participants widely anticipate a 100 basis points (bps) reduction in the benchmark policy rate during the upcoming Monetary Policy Committee (MPC) meeting. The State Bank of Pakistan (SBP) is set to convene this crucial meeting on January 27, 2025.
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FTO Directs FBR to Clarify Tax Deduction on Internet Usage
Karachi, January 14, 2025 – The Federal Tax Ombudsman (FTO) has instructed the Federal Board of Revenue (FBR) to clarify issues surrounding the withholding tax deduction on internet usage.
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Financial Sector Emerges as Largest Beneficiary of Tax Relief: FBR
Karachi, January 14, 2025 – The Federal Board of Revenue (FBR) has revealed that the financial sector emerged as the largest beneficiary of income tax relief during the tax year 2024. The findings were disclosed in a detailed report highlighting the exemptions and concessions provided across various sectors.
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Bank Borrowing: Government Retires Rs 2.42 Trillion in 1HFY25
Karachi, January 14, 2025 – The government has retired a substantial Rs 2.42 trillion in bank borrowing during the first half of the fiscal year 2024-25 (July–December). The data, released by the State Bank of Pakistan (SBP) on Tuesday, highlights the government’s efforts to manage and reduce its reliance on borrowing.
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Bulls Propel PSX to 983-Point Dramatic Gain
Karachi, January 13, 2025 – The Pakistan Stock Exchange (PSX) surged on Monday, with the benchmark KSE-100 index gaining 983 points as bullish sentiment dominated the trading session. The PSX’s KSE-100 index closed at 114,230 points, significantly higher than last Friday’s closing of 113,247 points, showcasing renewed investor confidence.
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