Karachi, January 4, 2025 – The Federal Board of Revenue (FBR) has introduced a clear procedure for taxpayers seeking an extension in filing their sales tax returns. This step aims to streamline compliance and provide relief to registered persons facing genuine difficulties.
(more…)Author: Shahnawaz Akhter
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FBR Tightens Reins: Full Sales Details Now Compulsory
Karachi, January 4, 2025 – The Federal Board of Revenue (FBR) has made it mandatory for registered taxpayers to furnish comprehensive transaction details in their sales tax returns.
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PSX May Continue Record-Breaking Trends Next Week
Karachi, January 4, 2025 – The Pakistan Stock Exchange (PSX) is anticipated to extend its record-breaking performance in the upcoming week starting January 6, 2025, according to analysts at Arif Habib Limited.
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NTN or CNIC Mandatory for Sales Tax Invoices: FBR
The Federal Board of Revenue (FBR) has mandated that all sales tax invoices for taxable supplies made to unregistered persons must include the National Tax Number (NTN) or Computerized National Identity Card (CNIC) of the buyer.
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Maintenance of Records under the Sales Tax Act, 1990
The Federal Board of Revenue (FBR) has clarified that the Sales Tax Act, 1990, mandates registered persons to maintain specific records of their business activities at their premises for a duration specified by the FBR. This requirement aims to ensure transparency, facilitate tax compliance, and streamline audits.
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FBR Transfers Pakistan Customs Officers in BS-17 to BS-20
Islamabad, January 2, 2025 – The Federal Board of Revenue (FBR) announced the immediate transfer and posting of senior officers in the Pakistan Customs Service (PCS) in grades BS-17 to BS-20. The reshuffling aims to streamline operations and ensure efficient management within the customs framework. Below is the full list of transfers:
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Pakistan’s Forex Reserves Rise $37 Million Despite SBP Fall
Karachi, January 2, 2025 – Pakistan’s net foreign exchange (forex) reserves increased by $37 million during the week ending December 27, 2024, despite a significant decline in the official reserves held by the State Bank of Pakistan (SBP). This disparity underscores evolving trends in the country’s financial framework.
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Sindh Invites Tax Proposals for Budget 2025-26
Karachi, January 2, 2025 – The Sindh Revenue Board (SRB) has invited stakeholders to submit tax proposals for the upcoming Budget 2025-26, signaling its commitment to fostering a collaborative approach to fiscal planning. The SRB aims to incorporate the suggestions of taxpayers and industry representatives into the final budget to ensure a balanced and effective taxation framework.
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KSE-100 Achieves New Record High Amid Highly Volatile Trading
Karachi, January 2, 2025 – The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) reached a new record high on Thursday, January 2, 2025, closing at 117,120 points after a highly volatile trading session. The index gained 112 points from the previous day’s closing of 117,008 points, marking a 0.1% increase.
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Petroleum Sales Surge in December Amid Anti-Smuggling Drive
Karachi, January 2, 2025 – Pakistan’s petroleum sales recorded a notable 3% year-on-year (YoY) increase in December 2024, bolstered by strict measures to curb smuggling from Iran.
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