Islamabad, November 26, 2024 – Political instability is posing significant challenges for the Federal Board of Revenue (FBR) in achieving its tax collection target for November 2024, according to sources within the department.
(more…)Author: Shahnawaz Akhter
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EOBI to Establish Helpdesk for SITE Association Members
Karachi, November 25, 2024 – Dr. Javed Shaikh, Acting Chairman of Employees Old-Age Benefit Institution (EOBI), has announced to set up EOBI Helpdesk on every Monday at the premises of SITE Association of Industry to facilitate members in resolution of their issues related to EOBI.
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FPCCI Urges Modernized OGRA Laws for LPG Regulation
Karachi, November 25, 2024 – Atif Ikram Sheikh, President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), has urged the introduction of updated laws for the Oil & Gas Regulatory Authority (OGRA) to address challenges in the LPG supply chain. He emphasized the need for a regulatory framework that is fair, inclusive, and aligned with the realities of the industry to benefit all stakeholders and consumers.
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KSE-100 Index Hits New High 98,080 Points Amid Political Unrest
Karachi, November 25, 2024 – The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) soared to a new record high of 98,080 points on Monday, despite ongoing political turmoil in the country. The index closed with a gain of 282 points, up from Friday’s closing of 97,798 points.
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Advance Tax on Motor Vehicles in Pakistan for TY 2024-25
Advance tax on motor vehicles is levied under Section 231B of the Income Tax Ordinance, 2001, as amended by the Federal Board of Revenue (FBR) for the tax year 2024-25.
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FBR Asks Banks to Collect 0.6% Tax on Non-ATL Cash Withdrawal
Karachi, November 25, 2024 – The Federal Board of Revenue (FBR) has mandated banks to deduct 0.6% advance tax on cash withdrawals exceeding PKR 50,000 in a single day from individuals not listed on the Active Taxpayers List (ATL).
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FBR Outlines Arrest Protocol for Tax Defaulters
Karachi, November 24, 2024 – The Income Tax Ordinance, 2001, empowers the Federal Board of Revenue (FBR) to arrest individuals involved in income concealment, enhancing its authority to tackle tax evasion effectively. Section 203B of the updated ordinance outlines the powers and procedures that the FBR can exercise in such cases.
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Tax Officials Empowered to Arrest for Income Concealment
Karachi, November 24, 2024 – The Income Tax Ordinance, 2001, grants tax officials of the Federal Board of Revenue (FBR) the authority to arrest individuals accused of concealing income. Section 203B of the updated ordinance outlines the specific powers and procedures tax officials must follow in such cases.
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Economic Indicators Keep Rupee Resilient Against Dollar
The rupee is expected to remain stable against the dollar next week, supported by healthy foreign exchange reserves and increased remittances, according to dealers.
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PHC Rules Against Pay Order Requirement for Tax Exemption
The Peshawar High Court (PHC) has ruled that the requirement of a pay order for the clearance of tax-exempt consignments undermines the exemption regime granted to certain businesses.
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