Karachi, November 5, 2024 – The Federal Board of Revenue (FBR) has announced that it must collect an additional Rs 3.61 trillion to achieve its ambitious revenue target of Rs 12.91 trillion for the fiscal year 2024-25. This goal represents a 38.9% increase from last year’s collection of Rs 9.31 trillion, posing a substantial challenge for the revenue authority.
(more…)Author: Shahnawaz Akhter
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KSE-100 Index Reaches Record High of 92,304 Points
Karachi, November 5, 2024 – The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 index surged to an all-time high of 92,304 points on Tuesday, marking a significant milestone for the local stock market.
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Taxpayers Obligated to Retain Tax Records for Six Years: FBR
Karachi, November 5, 2024 – The Federal Board of Revenue (FBR) has reiterated that all taxpayers in Pakistan must retain their tax records for a minimum of six years, as stipulated under Section 174 of the Income Tax Ordinance, 2001. This directive serves to ensure transparency and accountability, with specific record-keeping requirements set to facilitate audit and compliance procedures.
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FBR Acquires Details of Account Holders from Banks
Karachi, November 4, 2024 – In a move aimed at reinforcing transparency and broadening the tax net, the Federal Board of Revenue (FBR) has instructed banks to provide detailed information on account holders involved in transactions subject to withholding tax deductions.
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SBP Projects Rs 1.3 Trillion Interest Expense Savings on Rate Cuts
Karachi, November 4, 2024 – The State Bank of Pakistan (SBP) projects significant fiscal savings following its recent policy rate cuts, estimating that total interest expenses for the fiscal year 2024-25 will decrease to Rs 8.5 trillion from the initially budgeted Rs 9.8 trillion.
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FPCCI Voices Disappointment Over SBP’s 2.5% Policy Rate Cut
Karachi, November 4, 2024 – The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has expressed dismay at the State Bank of Pakistan’s (SBP) recent decision to reduce the policy rate by only 2.5%, calling it insufficient for the economic needs of the country. Businesses had hoped for a more substantial cut, at least 500 basis points, given the sharp decline in inflation.
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FPCCI Proposes Essential Amendments to Petroleum Act 1934
Karachi, November 4, 2024 – The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has proposed essential amendments to the Petroleum Act of 1934, emphasizing the need for modernization to address the evolving demands of the petrochemical industry.
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KCCI Criticizes SBP’s 2.5% Policy Rate Cut as Inadequate
Karachi, November 4, 2024 – The Karachi Chamber of Commerce and Industry (KCCI) expressed strong dissatisfaction on Monday with the State Bank of Pakistan’s (SBP) decision to reduce the benchmark policy rate by 2.5%, deeming the measure insufficient to address the needs of Pakistan’s business community.
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SBP Slashes Benchmark Policy Rate by 250 Basis Points to 15%
Karachi, November 4, 2024 – In a bold move, the State Bank of Pakistan (SBP) announced a significant reduction in the country’s benchmark interest rate by 250 basis points (bps), bringing it down to 15%. The central bank’s decision, effective from November 5, 2024, reflects growing confidence in the ongoing disinflation trend, with inflation moderating closer to the SBP’s medium-term target range.
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Falling Corporate Profitability Undermines FBR Tax Projections
Karachi, November 4, 2024 – The Federal Board of Revenue (FBR) finds itself grappling with a widening gap in tax targets, exacerbated by a sharp decline in corporate profitability for the first quarter of the fiscal year 2024-25. This financial shortfall underscores the mounting difficulties the FBR faces in achieving its ambitious revenue goals amid a complex economic landscape.
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