Karachi, January 26, 2025 – The Federal Board of Revenue (FBR) has directed its field tax offices, including Large Taxpayers Offices (LTOs) and Regional Tax Offices (RTOs), to adopt a standardized approach for the suspension and blacklisting of sales tax registered persons. These directives aim to ensure uniformity in compliance with Rule 12 of the Sales Tax Rules, 2006, and Section 21(2) of the Sales Tax Act, 1969.
(more…)Author: Shahnawaz Akhter
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ICMAP Calls for SBP to Reduce Policy Rate to 11%
The Institute of Cost and Management Accountants of Pakistan (ICMAP) has urged the State Bank of Pakistan (SBP) to lower the key policy rate from the current 13% to 11%, advocating for a strategic reduction of 200 basis points (bps) to reinvigorate economic activity, boost investment, and restore confidence in Pakistan’s economy.
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FBR Deactivates Affidavit Requirements for Sales Tax Returns
Karachi, January 25, 2025 – The Federal Board of Revenue (FBR) has officially deactivated the mandatory affidavit requirement for filing sales tax returns, a move aimed at simplifying compliance for businesses.
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KCCI Urges SBP to Align Policy Rate With India and China
Karachi, January 25, 2025 – The Karachi Chamber of Commerce and Industry (KCCI) has called on the State Bank of Pakistan (SBP) to lower the benchmark policy rate to align with those of regional economic powerhouses like India and China.
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Investment in Registered Prize Bonds Rises to Rs 58.65 Billion
Karachi, January 25, 2025 – Investment in registered prize bonds has seen a remarkable surge, reaching Rs 58.65 billion by November 2024, according to the latest data released by the State Bank of Pakistan (SBP).
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FBR Unveils Procedure for Updating Sales Tax Registration Details
Karachi, January 25, 2025 – The Federal Board of Revenue (FBR) has announced a streamlined procedure for modifying sales tax registration details under Rule 7 of the Sales Tax Rules, 2006. Businesses can now easily update their registration information to ensure compliance and avoid any potential legal complications.
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Monetary Policy Statement to Steer PSX Trends Next Week
Karachi, January 25, 2025 – Investors at the Pakistan Stock Exchange (PSX) are eagerly anticipating the Monetary Policy Committee (MPC) meeting scheduled for January 27, 2025. This meeting, the first of the calendar year, is expected to set the tone for the PSX in the coming weeks.
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Massive Bank Withdrawals Amid Looming Tax Restrictions
In December 2024, Pakistan witnessed a staggering Rs 862 billion in bank withdrawals, highlighting a rising wave of uncertainty among account holders.
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OCAC Advocates Tax Exemption Removal on Petroleum Products
Karachi, January 24, 2025 – The Oil Companies Advisory Council (OCAC) has called for the removal of sales tax exemptions and the restoration of the zero-rated regime for petroleum products to address the growing challenges faced by Pakistan’s oil industry.
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KSE-100 Gains 843 Points in Rate Cut Anticipation
Karachi, January 24, 2025 – The Pakistan Stock Exchange (PSX) witnessed a robust trading session on Friday as the benchmark KSE-100 index surged by 843 points, fueled by investor optimism over a potential 100 basis points reduction in the benchmark interest rate. This speculation has driven increased market activity, signaling growing confidence among traders.
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