Karachi, December 23, 2024 – The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) experienced a significant surge on Monday, climbing by 4.03% or 4,411 points, driven by the initiation of talks between the Pakistan Tehreek-i-Insaaf (PTI) party and the government. The KSE-100 index closed at 113,924 points, a notable increase from last Friday’s closing of 109,513 points.
(more…)Author: Shahnawaz Akhter
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FBR Clarifies Tax Credit Restrictions for Supplies
Karachi, December 23, 2024 – The Federal Board of Revenue (FBR) has clarified that tax credit will not be allowed on supplies of certain goods, following the stipulations set under Section 8 of the Sales Tax Act, 1990. This new directive is part of the government’s effort to regulate the input tax credit system and ensure that only eligible businesses benefit from tax credits.
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ATL Soars to 5.83 Million for Tax Year 2024: FBR
Karachi, December 23, 2024 – The Federal Board of Revenue (FBR) on Monday announced that the Active Taxpayers List (ATL) has grown significantly, reaching 5.83 million for the tax year 2024. The FBR stated that this milestone reflects the number of income tax returns filed by December 22, 2024.
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Banks Push Rs 1.35 Trillion Loans Amid ADR Crisis
Karachi, December 22, 2024 – Banks have extended loans to private sector amounting Rs 1.35 trillion during the period between July 1, 2024 to December 6, 2024 in desperation to meet Asset to Deposit Ratio (ADR).
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Sales Tax Registered Persons Allowed Input Deduction
Karachi, December 22, 2024 – Registered persons under the Sales Tax Act, 1990, have been permitted to deduct input tax from output tax on supplies made during a tax period. This provision, governed by Section 7 of the Act, aims to streamline the determination of tax liability for registered taxpayers.
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Constitutional Clash: Tax Bill Amendments Spark Debate
Tax experts at Tola Associates and Tola & Tola have raised concerns regarding numerous amendments introduced through the Tax Laws (Amendments) Bill, 2024. They argue that several provisions within the Bill conflict with fundamental constitutional rights, rendering them problematic from a legal and practical standpoint.
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Committee Formed to Develop Taxation Framework for NMDs
Islamabad, December 21, 2024 – Following directives from Prime Minister Shehbaz Sharif, a high-level committee has been formed to devise a comprehensive taxation regime for the Newly Merged Districts (NMDs).
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PCDMA Urges FBR to Resolve Port Congestion Issues Promptly
Karachi, December 21, 2024 – The Pakistan Chemicals & Dyes Merchants Association (PCDMA) has voiced grave concerns over the escalating backlog of consignments at the nation’s ports, citing insufficient administrative capacity under the recently implemented Faceless Customs Clearance Assessment system, part of the Federal Board of Revenue’s (FBR) Transformation Plan.
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KCCI Raises Alarm Over Mounting Consignment Backlog at Ports
KARACHI: The Karachi Chamber of Commerce & Industry (KCCI) has raised serious concerns over the burgeoning backlog of consignments at the nation’s ports, with KCCI President Muhammad Jawed Bilwani calling for urgent intervention to prevent mounting demurrage and detention costs that are weighing heavily on the business community.
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FBR to Gain Unprecedented Access to Bank Data
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.
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