Karachi, January 10, 2025 – The Federal Board of Revenue (FBR) has announced stringent measures against sales tax fraud, including a jail term of up to 10 years for offenders. These penalties are prescribed under the Sales Tax Act, 1990, and aim to curb fraudulent practices that undermine the country’s revenue collection efforts.
(more…)Author: Shahnawaz Akhter
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Key Stocks Drive PSX Recovery, Gains 609 Points
Karachi, January 10, 2025 – The Pakistan Stock Exchange (PSX) closed on a strong note Friday, with the benchmark KSE-100 index gaining 609 points, as institutional buying during the second half drove the market to positive territory. The index ended at 113,247 points, rebounding from the previous day’s closing of 112,638 points.
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SBP Announces Schedule for First MPC Meeting of 2025
Karachi, January 10, 2025 – The State Bank of Pakistan (SBP) has officially announced that the first meeting of the Monetary Policy Committee (MPC) for the year 2025 will take place on January 27.
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PPL Commences Gas Production from Jamshoro Discovery
Karachi, January 10, 2025 – Pakistan Petroleum Limited (PPL) has announced the commencement of gas production from its exploratory discovery in District Jamshoro, Sindh Province. This milestone marks a significant contribution to Pakistan’s energy sector amidst the ongoing energy crisis.
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Hyderabad Customs Announces Auction of Non-Duty Paid Vehicles
Hyderabad, January 9, 2025 – The Model Customs Collectorate (MCC) Hyderabad has officially announced the auction of several Non-Duty Paid (NDP) vehicles, set to take place on January 14, 2025. This auction presents an opportunity for potential buyers to acquire various vehicles that are no longer in regular customs clearance, providing a wide range of models for public bidding.
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FBR Ends Substandard Cargo Tracking, Initiates New Process
Karachi, January 9, 2025 – The Federal Board of Revenue (FBR) has exposed significant failures in a company’s ability to monitor and track transit cargo destined for Afghanistan, leading to the termination of its license. In a detailed statement, the FBR addressed concerns raised by recent media reports, clarifying the rationale behind its actions and highlighting measures taken to ensure effective cargo monitoring during the interim period.
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RTO-I Karachi Cracks Down on Six More Wedding Halls
Karachi, January 9, 2025 – The Regional Tax Office (RTO-I) Karachi has extended its crackdown on tax defaulters by taking action against six additional wedding halls. This move comes as part of the ongoing efforts to enforce compliance with tax laws and broaden the tax net.
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PBC Criticizes Termination of Transit Cargo Satellite Tracking
Karachi, January 9, 2025 – The Pakistan Business Council (PBC) has raised serious concerns regarding the Federal Board of Revenue’s (FBR) decision to terminate satellite tracking of transit cargo containers destined for Afghanistan. In a detailed letter addressed to the FBR chairman, the PBC highlighted the potential risks and adverse consequences of this policy change.
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Pakistan’s Net Forex Reserves Dip $31 Million on Weekly Basis
Karachi, January 9, 2025 – Pakistan’s net foreign exchange (forex) reserves experienced a decline of $31 million during the week ending January 3, 2025, according to the State Bank of Pakistan (SBP). This reduction highlights ongoing pressures on the country’s external account as inflows and outflows continue to fluctuate.
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PSX Suffers 1,510-Point Drop Amid Absence of Tax Relief
Karachi, January 9, 2025 – The Pakistan Stock Exchange (PSX) experienced a steep decline on Thursday, as the benchmark KSE-100 index plunged by 1,510 points. The market closed at 112,688 points, down from the previous day’s closing of 114,148 points. This significant drop came after the government announced its decision not to provide any tax relief under the newly introduced Tax Laws (Amendment) Bill, 2024.
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