Islamabad, December 27, 2024 – In a decisive effort to broaden the tax base, the Federal Board of Revenue (FBR), in collaboration with the National Database and Registration Authority (NADRA), has identified approximately 4.9 million wealthy individuals to be incorporated into the tax net. This joint initiative reflects the government’s firm commitment to addressing tax evasion and ensuring fiscal equity.
(more…)Author: Shahnawaz Akhter
-
PPL Commissions Exploratory Well to Address Energy Crisis
Karachi, December 27, 2024 – Pakistan Petroleum Limited (PPL) has successfully commissioned an exploratory well in Sindh, a development poised to alleviate the country’s gas supply gap amid the prevailing energy crisis.
(more…) -
RTO-1 Karachi Targets Tax-Evading Wedding Halls
Karachi, December 27, 2024 – In a move to curb tax evasion, the Regional Tax Office-1 (RTO-1) Karachi has announced stringent action against four prominent wedding halls in the city for failing to deposit taxes mandated under Section 236CB of the Income Tax Ordinance, 2001.
(more…) -
Tax Bill Unlikely to Impact Stock Market: Analysts
Karachi, December 27, 2024 – Financial analysts assert that the recently approved tax bill is unlikely to exert any substantial influence on the stock market, primarily due to the minimal involvement of non-filers in trading activities.
(more…) -
Pakistan’s Forex Reserves Dip by $262M Due to Debt Servicing
Karachi, December 26, 2024 – Pakistan’s net foreign exchange (forex) reserves have witnessed a significant decline of $262 million within a week, according to the State Bank of Pakistan (SBP). The country’s overall forex reserves stood at $16.371 billion as of December 20, 2024, compared to $16.633 billion recorded a week earlier, on December 13, 2024.
(more…) -
FBR Dismisses Customs Inspector in Misconduct Case
Islamabad, December 26, 2024 – The Federal Board of Revenue (FBR) has dismissed Muhammad Ali Ijaz Malik, an Inspector of Pakistan Customs (BS-16), for misconduct following an extensive inquiry under the Civil Servants (Efficiency & Discipline) Rules, 2020. This decision comes as part of FBR’s commitment to uphold integrity and discipline within its ranks.
(more…) -
FBR Introduces Point Scoring System for Customs Agents
Karachi, December 26, 2024 – The Federal Board of Revenue (FBR) has announced the implementation of a new point-scoring mechanism for customs agents, aimed at enhancing efficiency and accountability in the consignment declaration process. The initiative was formalized through SRO 2071(I)/2024, issued on December 24, 2024.
(more…) -
PTBA Recommends 2FA for Taxpayers Login Security on IRIS
Karachi, December 26, 2024 – The Pakistan Tax Bar Association (PTBA), the premier tax advisory body in the country, has strongly recommended that the Federal Board of Revenue (FBR) adopt Two-Factor Authentication (2FA) for securing taxpayer accounts on the IRIS portal.
(more…) -
OGDCL Enhances Oil Production from Pasakhi-5 Well
Karachi, December 26, 2024 – Oil and Gas Development Company Limited (OGDCL) announced on Thursday the successful revival and significant enhancement of oil production from the Pasakhi-5 Well, situated in District Hyderabad, Sindh. This development marks another milestone in OGDCL’s efforts to strengthen Pakistan’s energy sector.
(more…) -
FBR Allows Refunds of Input Tax under Sales Tax Act
Karachi, December 26, 2024 – The Federal Board of Revenue (FBR) has authorized refunds of input tax under Section 10 of the Sales Tax Act, 1990, bringing relief to registered persons who face an excess of input tax over output tax during a tax period. This provision, as clarified by the FBR, aims to streamline the refund process and ensure smoother tax compliance for businesses.
(more…)