Karachi, October 30, 2024 – The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) experienced a tumultuous trading day on Wednesday, concluding with a substantial decline of 577 points.
(more…)Author: Shahnawaz Akhter
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NBP Profits Plunge by 76% in 9M 2024 Amid Rising Costs
Karachi, October 30, 2024 – National Bank of Pakistan (NBP) reported a substantial 76% drop in after-tax profits for the nine-month period ending September 30, 2024, driven by escalating operational costs and intense inflationary pressures.
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PTBA Urges Swift Resolution of Federal-Provincial Tax Disputes
Karachi, October 30, 2024 – In a recent appeal to Prime Minister Shehbaz Sharif, the Pakistan Tax Bar Association (PTBA) has called for urgent intervention to resolve the ongoing federal-provincial tax disputes that have created significant uncertainty and administrative burdens for compliant taxpayers.
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FBR Increases Valuation of Immovable Properties Nationwide
Islamabad, October 30, 2024 – In a move aimed at aligning property values with actual market rates, the Federal Board of Revenue (FBR) has revised the valuations of immovable properties across Pakistan, significantly impacting withholding tax collection.
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SBP Levies Rs 290.71 Million in Penalties on Habib Bank
Karachi, October 29, 2024 — The State Bank of Pakistan (SBP) has imposed a hefty penalty of Rs 290.71 million on Habib Bank Limited (HBL) over the first nine months of 2024, marking a significant increase in regulatory fines compared to the same period last year.
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Tax Collection on Cash Withdrawals Drops 15% in Q1 FY2025
Karachi, October 29, 2024 — The Federal Board of Revenue (FBR) reported a 15% decline in tax collection on cash withdrawals in the first quarter (Q1) of the fiscal year 2024-25, highlighting the effects of an aggressive return-filing drive.
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KSE-100 Index Continues Record-Breaking Rally on Strong Corporate Earnings
Karachi, October 29, 2024 — The Pakistan Stock Exchange (PSX) witnessed yet another surge as its benchmark KSE-100 index soared to new record levels, driven by robust corporate earnings and substantial institutional buying.
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Pakistan Honors Dedicated Service of Sajidullah Siddiqui
Karachi, October 29, 2024 — The Government of Pakistan has formally recognized the remarkable contributions of Sajidullah Siddiqui, a BS-21 officer of the Inland Revenue Service (IRS), who is set to retire in March 2025.
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FBR Transfers 14 Senior Customs Officials in Major Shake-Up
Islamabad, October 29, 2024 — The Federal Board of Revenue (FBR) has issued a significant reshuffle of top Pakistan Customs Service (PCS) officials, transferring and posting 14 senior officers across key positions.
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SBP Reports 85% Surge in Foreign Profit Repatriation in Q1 FY25
Karachi, October 28, 2024 – The State Bank of Pakistan (SBP) reported a significant 85% rise in the repatriation of profits and dividends by foreign investors during the first quarter of the fiscal year 2024-25, reflecting a sharp increase in the outflow of funds.
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