Karachi, October 17, 2024 – The Federal Board of Revenue (FBR) has eased the requirement for submitting an affidavit alongside the sales tax return for September 2024, which is due to be filed in October. This relaxation follows appeals from trade bodies and aims to build trust among all stakeholders, the FBR announced on Thursday.
(more…)Author: Shahnawaz Akhter
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SBP Suggests Measures to Boost Pakistan’s Tax-to-GDP Ratio
Karachi, October 17, 2024 – The State Bank of Pakistan (SBP) on Thursday proposed a series of tax reforms aimed at significantly increasing the country’s tax-to-GDP ratio, which has stagnated at approximately 10% for the last two and a half decades.
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Pakistan’s Weekly Forex Reserves Increase by $64 Million
Karachi, October 17, 2024 – In a positive turn for Pakistan’s economic stability, the country’s net foreign exchange (forex) reserves saw a modest uptick of $64 million by the week ending October 10, 2024, as reported by the State Bank of Pakistan (SBP) on Thursday.
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SBP Projects GDP Growth at 3.5% for FY25, Slightly Below Target
Karachi, October 17, 2024 – The State Bank of Pakistan (SBP) has projected the country’s gross domestic product (GDP) growth at 3.5% for the fiscal year 2024-25, just shy of the government’s target of 3.6%.
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Provisional Assessment Under Section 123 of Income Tax Ordinance, 2001
Section 123 of Pakistan’s Income Tax Ordinance, 2001, provides guidelines for provisional assessment in cases where concealed or undisclosed assets are discovered by the government.
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FBR Unveils New Strategy to Break Sales Tax Fraud Networks
Karachi, October 16, 2024 – In a decisive move to dismantle the entrenched practice of sales tax fraud, the Federal Board of Revenue (FBR) has unveiled a robust strategy aimed at curbing the use of fake and flying invoices.
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HBL Reports 13% YoY Decline in Q3 2024 Earnings
Karachi, October 16, 2024 – Habib Bank Limited (HBL) announced a 13% year-on-year (YoY) decline in earnings for the third quarter of calendar year 2024 (3QCY24), with profits totaling PKR 14.5 billion (Earnings Per Share: PKR 9.85).
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KCCI Advises FBR to Delay Affidavit Condition for Sales Tax Filings
Karachi, October 16, 2024 – The Karachi Chamber of Commerce and Industry (KCCI) has strongly urged the Federal Board of Revenue (FBR) to reconsider the recently imposed requirement for taxpayers to submit an affidavit alongside their sales tax return filings. This advisory comes in light of growing concerns about the potential implications of this regulation on the business community.
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KSE-100 Surges to Record 86,205 Points After SCO Summit Success
Karachi, October 16, 2024 – The Pakistan Stock Exchange (PSX) experienced a landmark day on Wednesday, as the benchmark KSE-100 index surged to an all-time high of 86,205 points.
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People Turn Flying Invoices Into a Business: FBR Chairman
Karachi, October 16, 2024 – Federal Board of Revenue (FBR) Chairman, Rashid Mahmood Langrial, has expressed grave concern over the widespread sales tax fraud in Pakistan, particularly highlighting how “flying invoices” have morphed into a full-fledged business.
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