Karachi, November 17, 2024 – The Federal Board of Revenue (FBR) has reiterated that failing to file an income tax return as mandated by the Income Tax Ordinance, 2001, constitutes a punishable offense. The agency emphasized the legal repercussions associated with non-compliance, underscoring its commitment to enforcing tax regulations.
(more…)Author: Shahnawaz Akhter
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FBR Highlights Significance of Section 182A for Non-Filers
Karachi, November 17, 2024 – The Federal Board of Revenue (FBR) has clarified the implications of Section 182A of the Income Tax Ordinance, 2001, emphasizing its importance for individuals and entities failing to file their income tax returns within the due date.
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RTO Hyderabad Seizes Non-Duty Paid Cigarettes Cache
Hyderabad, November 17, 2024 – In a significant move to combat tax evasion, the Regional Tax Office (RTO) Hyderabad has confiscated a massive quantity of non-duty paid cigarettes.
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FBR Reshuffles Cluster of 69 Customs Officers in BS-17 and BS-18
Islamabad, November 16, 2024 – The Federal Board of Revenue (FBR) announced a significant reshuffle within Pakistan Customs Service (PCS) on Saturday, transferring 69 officers in grades BS-17 and BS-18 across various regions of the country. The transfer orders, which were issued on a public holiday, highlight the FBR’s urgency to streamline operations and strengthen the enforcement of anti-smuggling measures.
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PTBA Seeks Chief Justice’s Intervention in High-Profile Tax Cases
The Pakistan Tax Bar Association (PTBA) has urged the newly appointed Chief Justice of Pakistan, Justice Yahya Afridi, to address key high-profile tax cases that remain unresolved. These cases include matters related to the super tax, Capital Value Tax, and the Section 7E levy.
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FPCCI Criticizes Changes in Petroleum Act 1934 Amendments
Karachi, November 16, 2024 – The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has voiced strong objections to the recent amendments made to the Petroleum Act of 1934. The amendments, introduced on August 5, 2023, particularly Clauses A, B, and C, categorize certain petrochemicals, but have raised significant concerns among chemical importers, traders, and industrialists.
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What is Tax Penalty for Concealing Income in Pakistan?
Karachi, November 16, 2024 – The Federal Board of Revenue (FBR) has clarified the monetary penalty for individuals found guilty of concealing income under the Income Tax Ordinance, 2001. The FBR’s latest directive aims to strengthen tax compliance and ensure transparency in income declarations.
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FBR Sets Penalty for Misleading Tax Filings and Statements
Karachi, November 16, 2024 – The Federal Board of Revenue (FBR) has announced a monetary penalty structure for individuals found guilty of providing misleading tax declarations to Inland Revenue authorities. The move is part of the FBR’s ongoing efforts to enhance tax compliance and curb fraudulent practices within the tax system.
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IMF Recommends Reducing State Role in Pakistan Economy
Islamabad, November 16, 2024 – The International Monetary Fund (IMF) has recommended that Pakistan reduce state intervention in its economy and foster greater competition to support sustainable growth. This advice followed the conclusion of a staff visit to Pakistan, led by Nathan Porter, from November 12 to 15, 2024.
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Banking Sector Drives KSE-100 to New Peak of 94,764 Points
Karachi, November 15, 2024 – The KSE-100 index of the Pakistan Stock Exchange (PSX) soared to a historic high of 94,764 points on Friday, marking a remarkable milestone in Pakistan’s financial markets. The benchmark KSE-100 index posted a gain of 572 points, advancing from the previous close of 94,192 points and continuing a bullish trajectory that has captured investor attention.
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