Karachi, November 23, 2024 – The Federal Board of Revenue (FBR) has clarified the provisions regarding offences committed by companies and Associations of Persons (AOPs) under the Income Tax Ordinance, 2001. These offences are detailed in Section 200 of the Ordinance, which outlines the responsibilities and liabilities of individuals associated with such entities when a violation occurs.
(more…)Author: Shahnawaz Akhter
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Salaried Persons’ Bank Deposits Reach Record Rs 4.47 Trillion
Karachi, November 23, 2024 – Bank deposits held by salaried persons reached an unprecedented Rs 4.47 trillion at the end of October 2024, reflecting a significant 25% year-on-year increase from Rs 3.58 trillion in October 2023, according to data from the State Bank of Pakistan (SBP).
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PSX Anticipates 100K Milestone Celebration Next Week
Karachi, November 23, 2024 – The investors of Pakistan Stock Exchange (PSX) anticipate that the benchmark KSE-100 index likely to cross 100K points next week due to improved economic indicators.
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How Will Pakistan Banks Escape the ADR Tax?
With tax obligations tied to the advance-to-deposit ratio (ADR) on the horizon, banks in Pakistan are under pressure to lower deposits and boost lending as 2024 draws to a close. Analysts estimate that banks need to issue an additional Rs 1.85 trillion in loans or reduce deposits by Rs 3.6 trillion during the final months of the year to avoid this taxation.
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False Tax Statements Could Lead to Two Years in Jail: FBR
Karachi, November 22, 2024 – The Federal Board of Revenue (FBR) has issued a strong warning that making false statements in tax filings could lead to severe legal consequences, including up to two years in prison. This reminder is based on the provisions of the Income Tax Ordinance, 2001, specifically Section 195.
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SBP Revises Shariah Governance Framework for Islamic Banks
Karachi, November 22, 2024 – The State Bank of Pakistan (SBP) has revised the Shariah Governance Framework for Islamic Banking Institutions to align it with international best practices.
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KSE-100 Index Heading Towards Psychological 100K Points
Karachi, November 22, 2024 – The benchmark KSE-100 index is heading towards the psychological 100,000 points level, reaching a record high of 98,430 points during intraday trading on Friday.
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FBR Deploys Monitoring Staff at Punjab and Sindh Sugar Mills
Karachi, November 22, 2024 – The Federal Board of Revenue (FBR) on Thursday deployed tax officials at sugar mills located in the Sindh and Punjab provinces to detect tax evasion.
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High Tax Rates in Pakistan Impede Swedish Investment: Envoy
KARACHI: The Ambassador of Sweden, Ms. Alexandra Berg von Linde, highlighted the challenges that Swedish companies face in Pakistan, including high tax rates, when discussing Sweden-Pakistan trade and investment relations.
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FBR Issues SOP for Penalizing Non-ATL Persons
Karachi, November 21, 2024 – The Federal Board of Revenue (FBR) on Thursday issued a Standard Operating Procedure (SOP) for penalizing persons not appearing on the Active Taxpayers List (ATL). The FBR issued the SOP on the directives of the Federal Tax Ombudsman (FTO) to streamline the process of penalizing non-ATL persons by publishing their names in the Income Tax General Order (ITGO).
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