Islamabad, November 3, 2024 – The Federal Tax Ombudsman (FTO) has formally directed the Federal Board of Revenue (FBR) to establish a standardized operating procedure (SOP) for taxpayers affected by blocked mobile phone SIMs, ensuring clear guidelines for their reactivation.
(more…)Author: Shahnawaz Akhter
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FBR Introduces Simplified Procedure for Income Tax Refunds
Karachi, November 3, 2024 – The Federal Board of Revenue (FBR) has issued a streamlined procedure for taxpayers seeking income tax refunds under the Income Tax Ordinance, 2001. In a detailed announcement, the FBR outlined the steps required to apply for refunds under Section 170 of the ordinance, providing clarity for taxpayers who have paid more tax than what they owe.
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Rupee Expected to Remain Steady Against Dollar from Nov 4
Karachi, November 3, 2024 – The Pakistani rupee is projected to hold steady against the U.S. dollar in the upcoming week, supported by improving economic fundamentals and increased foreign capital inflows, according to currency analysts. For the week ending November 1, the rupee traded within a narrow range against the dollar, signaling a potential period of sustained stability.
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FBR Urges National Media to Avoid Spreading Fake News
Islamabad, November 2, 2024 — The Federal Board of Revenue (FBR) on Saturday issued a stern advisory to the national media, urging outlets to exercise caution and refrain from disseminating unsubstantiated reports.
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Petroleum Levy Collection Surges to Rs 262 Billion in 1QFY25
Islamabad, November 2, 2024 – Pakistan’s petroleum levy collection has recorded a robust surge, reaching Rs 262 billion in the first quarter of the fiscal year 2024-25, according to a report released by the Ministry of Finance.
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FBR Announces Tax Regime for Non-ATL Prize Bond Winners
Karachi, November 2, 2024 – The Federal Board of Revenue (FBR) has announced a tax policy for prize bond winners who are not listed on the Active Taxpayers List (ATL).
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Pakistan’s Petroleum Sales Surge by 18% in October 2024
Karachi, November 2, 2024 – Pakistan’s petroleum sales experienced a robust 18% Year-on-Year (YoY) increase in October 2024, totaling 1.49 million tons—the highest monthly sales figure since November 2022, according to a report from analysts at Arif Habib Limited.
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FBR Clarifies Rental Property Income Tax for TY 2024-25
Karachi, November 2, 2024 – The Federal Board of Revenue (FBR) has issued detailed guidance on the taxation of rental income for the tax year 2024-25. Outlined under Section 155 of the Income Tax Ordinance, 2001, this guidance aims to clarify the obligations of individuals, companies, and other entities with respect to rental income from immovable property.
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Pakistan’s Economy Shows Stability Under New IMF Program
Karachi, November 2, 2024 – Pakistan’s economy appears to be on a path of gradual stabilization, supported by the new International Monetary Fund (IMF) program, according to analysts at Topline Securities Limited. With significant improvements in external accounts, a sharp decrease in inflation, and fiscal consolidation, analysts suggest that while the growth outlook remains modest, the country’s economic fundamentals are strengthening.
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Policy Rate Cut Anticipation to Drive Stock Market Next Week
Karachi, November 2, 2024 – The stock market is bracing for a potentially bullish trend next week as investors gear up for a possible aggressive policy rate cut by the State Bank of Pakistan (SBP). This shift could inject renewed vigor into the market, as analysts and investors keenly await the SBP’s upcoming monetary policy meeting.
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