Islamabad, December 1, 2024 – The Federal Board of Revenue (FBR) is grappling with an expanding revenue shortfall for November 2024, compounding challenges in meeting the national tax agency’s collection targets for the fiscal year.
(more…)Author: Shahnawaz Akhter
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Tax on Brokerage and Commission in Pakistan for TY 2024-25
Karachi, November 30, 2024– The Federal Board of Revenue (FBR) has issued the applicable tax rates for brokerage and commission in Pakistan under Section 233 of the Income Tax Ordinance, 2001, for the tax year 2024-25. These rates outline the responsibilities of principals in deducting advance tax on payments to agents, with the specifics detailed in the official notification.
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PSX Expected to Maintain Positive Momentum Coming Week
The Pakistan Stock Exchange (PSX) is expected to maintain its upward trajectory in the upcoming week, with analysts at Arif Habib Limited forecasting further gains fueled by declining inflation expectations. Analysts predict that the inflation rate for November 2024 will ease to 4.7% year-on-year (YoY), a development likely to boost investor sentiment and push the PSX higher.
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FBR Grants Tax Exemption to Overseas Pakistanis on Properties
Karachi, November 29, 2024 – The Federal Board of Revenue (FBR) has announced an extension of tax exemptions for overseas Pakistanis involved in property transactions, reaffirming its commitment to facilitating expatriates.
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PPRA Issues Notice to KPT Over Procurement Rule Violations
Karachi, November 29, 2024 – The Public Procurement Regulatory Authority (PPRA) has issued a notice to the Karachi Port Trust (KPT), seeking an explanation for alleged violations of public procurement rules related to maintenance dredging works at the Karachi Harbour Approach Channel.
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FBR Urges SBP to Ensure Tax Payment Saturday Arrangements
Islamabad, November 29, 2024 – The Federal Board of Revenue (FBR) has called on the State Bank of Pakistan (SBP) to make special arrangements for facilitating tax payments on Saturday, November 30, 2024.
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Karachi’s Large Taxpayers Pay Rs 12.50 Billion Electricity Tax
Karachi, November 29, 2024 – Karachi’s large taxpayers have paid Rs 12.50 billion as advance tax on electricity consumption during the first four months (July – October) of the current fiscal year 2024-25, according to sources from the Federal Board of Revenue (FBR). The payment marks a significant surge, highlighting a substantial increase in tax collection for the period.
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FBR Anticipates Revenue Shortfall Due to Political Turmoil
ISLAMABAD, November 29, 2024 – The Federal Board of Revenue (FBR) has projected a significant shortfall in revenue collection for November 2024, attributing it to disruptions caused by recent political protests and government-imposed lockdowns.
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PTBA Demands Data Sharing on Digital Transformation Progress
Karachi, November 28, 2024 – The Pakistan Tax Bar Association (PTBA) has called on the Federal Board of Revenue (FBR) to share updates on the progress made following its initiatives for documenting the economy and enhancing the tax system’s productivity through digital transformation.
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FBR Withdraws Property Valuation Rebates in Karachi
Karachi, November 28, 2024 – The Federal Board of Revenue (FBR) has clarified that no reductions in property valuations are available under its latest notification for Karachi. The Regional Tax Office (RTO) – 1 Karachi, a key arm of the FBR, issued this clarification in response to doubts raised about Notification No. SRO 1724(I)/2024, dated October 29, 2024, which outlines updated property valuation tables for the city.
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