Karachi, October 21, 2024 – The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) soared by over 800 points on Monday, crossing the 86,000 mark in response to heightened political clarity. The index closed at 86,057 points, a notable increase from last Friday’s closing of 85,250 points, marking a gain of 807 points or 0.95%.
(more…)Author: Shahnawaz Akhter
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Pakistan’s Current Account Deficit Narrows by 92% in 1QFY25
Karachi, October 21, 2024 – Pakistan’s current account deficit sharply contracted by a staggering 92% year-on-year (YoY) in the first quarter of the fiscal year 2024-25, according to data released by the State Bank of Pakistan (SBP) on Monday.
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FBR Enforces Mechanism for Tax Recovery via Third Parties
Karachi, October 21, 2024 – The Federal Board of Revenue (FBR) has issued a new mechanism enabling the recovery of unpaid taxes through third parties. This procedure, codified under Section 140 of the Income Tax Ordinance, 2001, empowers the government to recover outstanding taxes by requiring entities or individuals holding money on behalf of the taxpayer to make direct payments to the government, according to the FBR.
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Pakistan Sets Bold Path to Interest-Free Banking by 2028
Pakistan is on the cusp of a historic shift in its financial landscape as the newly-passed 26th Constitutional Amendment Bill, 2024, sets January 1, 2028, as the deadline to eliminate Riba (interest-based banking) from the country’s economic system.
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Pakistan’s Interest Payments Skyrocket by 43.3% in FY24: SBP
Karachi, October 20, 2024 — The State Bank of Pakistan (SBP) has reported a staggering 43.3% surge in Pakistan’s interest payments during the fiscal year 2023-24. According to the SBP’s latest report, total interest expenditures reached an alarming Rs 8.2 trillion, up from Rs 5.7 trillion in the previous year, exerting immense pressure on the country’s fiscal health.
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Provincial Tax Revenue-to-GDP Ratio Dips to 0.7%: SBP Report
Karachi, October 20, 2024 — In a recent report, the State Bank of Pakistan (SBP) revealed a concerning decline in the provincial tax revenue-to-GDP ratio, which fell to 0.7% during the fiscal year 2023-24, down from 0.8% in the previous year.
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High Interest Rates Bolster FBR Tax Collection in FY24: SBP
Karachi, October 20, 2024 — The State Bank of Pakistan (SBP) has attributed a significant surge in Federal Board of Revenue (FBR) tax collection for the fiscal year 2023-24 to elevated interest rates.
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FBR Issues Guidelines for Tax Recovery via Property Auctions
Karachi, October 20, 2024 – The Federal Board of Revenue (FBR) has introduced updated guidelines for tax officials outlining procedures for recovering unpaid taxes through property auctions or, in certain cases, arrest of defaulters. These measures are intended to strengthen enforcement and ensure efficient tax collection from those failing to meet their obligations.
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FBR Slashes Valuation of Steel Goods for Sales Tax Calculation
Karachi, October 19, 2024 – The Federal Board of Revenue (FBR) has announced a reduction in the valuation of steel goods for the purpose of calculating sales tax. This adjustment is expected to bring some respite to the sector, which has been grappling with fluctuating input costs and market volatility.
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FBR Clarifies Due Date for Tax Payment under ITO 2001
Karachi, October 19, 2024 – The Federal Board of Revenue (FBR) has provided a detailed explanation regarding the due dates for tax payment under the provisions of the Income Tax Ordinance (ITO), 2001. This clarification is aimed at ensuring taxpayers understand their obligations and comply with deadlines to avoid penalties or surcharges.
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