Karachi, December 31, 2024 – The KSE-100 Index, the benchmark of the Pakistan Stock Exchange (PSX), closed the year 2024 with an exceptional gain of 84% (87% in US dollar terms), marking its highest percentage return in 22 years. The last time the index delivered such a stellar performance was in 2002, with a record return of 112%.
(more…)Author: Shahnawaz Akhter
-
December 2024 Headline Inflation May Hit 80-Month Low
Karachi, December 31, 2024 – Headline inflation in Pakistan is expected to decline to 4.7% in December 2024, marking its lowest level in 80 months, analysts at Insight Securities (Pvt) Limited revealed on Tuesday. This significant decrease in inflation reflects the impact of a favorable base effect and a reduction in transport costs due to lower fuel prices.
(more…) -
FBR to Discontinue Gas and Electricity on Tax Non-Compliance
Karachi, December 31, 2024 – The Federal Board of Revenue (FBR) has issued a stern warning to individuals and businesses failing to comply with sales tax laws. Non-compliant taxpayers may face the disconnection of their gas and electricity connections under strict provisions of the Sales Tax Act, 1990.
(more…) -
PTBA Questions ATIR’s Handling of Revised Tax Jurisdiction
Karachi, December 30, 2024 – The Pakistan Tax Bar Association (PTBA) has formally urged the Chairman of the Appellate Tribunal Inland Revenue (ATIR) to disclose performance metrics for cases resolved under the Tax Laws (Amendment) Act, 2024. This demand underscores widespread frustration within the tax community over inefficiencies in the revamped two-tier appeal system.
(more…) -
FTO’s Urdu Tax Laws Manual to Break Language Barriers
Karachi, December 30, 2024 – The Federal Tax Ombudsman (FTO) has launched an Urdu translation of the Federal Tax Laws Manual. This initiative is expected to eliminate language barriers and empower a larger segment of the population to navigate the complexities of the country’s tax system with ease.
(more…) -
SRB Launches Prize Scheme to Encourage POS Invoice Reporting
Karachi, December 30, 2024 – In a bid to promote transparency and compliance, the Sindh Revenue Board (SRB) has announced an exciting prize scheme aimed at encouraging individuals to report invoices issued through the Point of Sale (POS) system.
(more…) -
FBR Issues Final Call for Corporate Tax Return Filing
Karachi, December 30, 2024 – With the deadline for filing income tax returns rapidly approaching, the Federal Board of Revenue (FBR) has issued a final call for companies to submit their annual income tax returns for the tax year 2024 before December 31, 2024.
(more…) -
FBR Highlights Persons Required for Sales Tax Registration
Karachi, December 30, 2024 – The Federal Board of Revenue (FBR) has outlined the categories of individuals and businesses that are mandated to register for sales tax under the Sales Tax Act, 1990. This move is part of the FBR’s ongoing efforts to ensure compliance and expand the tax net.
(more…) -
FBR Extends Working Hours for December Tax Collection
Karachi, December 30, 2024 – The Federal Board of Revenue (FBR) has announced extended working hours for the collection of duties and taxes for the month of December 2024, in a bid to meet its revenue collection targets.
(more…) -
Banks Pay Price for ADR Tax Removal: Analysts
Karachi, December 29, 2024 – Pakistan’s banks face a pivotal moment as it navigates the fallout from recent tax reforms. Analysts at Arif Habib Limited highlighted on Sunday that while the removal of the Advance to Deposit Ratio (ADR) tax on income from government securities brings relief, it comes at the cost of a higher corporate tax burden.
(more…)