Karachi, December 21, 2024 – In a landmark move aimed at tightening tax compliance, the Federal Board of Revenue (FBR) is set to be granted sweeping powers to obtain and cross-check taxpayers’ bank details with the income and assets declared in their returns.
(more…)Author: Shahnawaz Akhter
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Tax Bill Proposes Restrictions on Various Transactions
The Tax Laws (Amendment) Bill, 2024 introduces a series of proposed restrictions targeting non-compliant individuals and entities under Section 114C(1) of the Income Tax Ordinance, 2001. These amendments are aimed at curbing tax evasion and improving tax compliance by restricting certain transactions for individuals and businesses that fail to meet tax obligations. The bill, as outlined by Tola Associates and Tola & Tola, specifies several key restrictions that will come into effect once notifications are issued by the Federal Board of Revenue (FBR).
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Only Eligible Persons to Make Financial Transactions in Pakistan
Karachi, December 21, 2024 – The Government of Pakistan has introduced the concept of “eligible persons” for conducting financial transactions in the country. This proposal is part of the Tax Laws (Amendment) Bill, 2024, aiming to streamline financial activity and ensure compliance with tax regulations.
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PTBA Demands Accountability in Utilization of Taxpayers Money
Karachi, December 20, 2024 – The Pakistan Tax Bar Association (PTBA) has raised critical concerns over the utilization of taxpayer funds, particularly for foreign trips and inflated government salaries. This pressing issue was articulated in a formal letter addressed to Syed Naveed Qamar, Chairman of the Standing Committee on Finance and Revenue, National Assembly.
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FBR Issues Work Schedule on Holidays for Tax Offices
Islamabad, December 20, 2024 – The Federal Board of Revenue (FBR) announced an extended work schedule for its tax offices during upcoming weekends in December 2024 to ensure smooth collection of duties and taxes.
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Proposed Tax Amendments to Bolster Cash Economy: Experts
Karachi, December 20, 2024 – Leading tax experts have expressed grave concerns over the proposed amendments to tax laws, warning that these measures could unintentionally drive a significant shift towards a cash-based economy.
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Meezan Bank Denies Reports of Data Breach
Karachi, December 19, 2024 – Meezan Bank has categorically denied recent reports alleging a data breach in its banking system, reassuring customers of the safety and security of their information.
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SBP Reports Increase in Net Forex Reserves to $16.63 Billion
Karachi, December 19, 2024 – The State Bank of Pakistan (SBP) has announced an increase in the country’s total liquid foreign exchange reserves, which now stand at $16.633 billion as of December 13, 2024. This marks a modest rise of $32 million from the previous week’s level of $16.601 billion as reported on December 6, 2024.
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KCCI Urges PM to Reject OGRA’s Proposed Gas Tariff Hike
KARACHI: The Karachi Chamber of Commerce and Industry (KCCI) has strongly appealed to Prime Minister Shehbaz Sharif to reject the Oil and Gas Regulatory Authority’s (OGRA) proposed increase in gas tariffs.
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Pakistan Stock Market Crashes 4.32% on New Tax Bill
Karachi, December 19, 2024 – The Pakistan Stock Exchange (PSX) on Thursday experienced a dramatic downturn, closing with a significant loss of 4.32% amid widespread negative sentiments triggered by the introduction of a new tax bill by the government of Pakistan.
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