Karachi, January 17, 2025 – In a major development for Pakistan’s banking sector, the Federal Board of Revenue (FBR) has announced a reduction in the corporate tax rate for banks to 43%, down from the previous 44%. This revised tax rate will take effect for the tax year 2026, commencing on January 1, 2025.
(more…)Author: Shahnawaz Akhter
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FBR Establishes Data Governance Office
Islamabad, January 16, 2025 – The Federal Board of Revenue (FBR) has taken a significant step towards enhancing its data management capabilities by announcing the establishment of a dedicated Data Governance Office. This initiative aligns with the recently approved Data Governance and Information Security Policy of the FBR.
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KSE-100 Sheds 659 Points in Bearish Trading
Karachi, January 16, 2025 – The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) experienced a sharp decline on Thursday, shedding 659 points as bearish sentiments dominated the trading session. The KSE-100 index closed at 113,837 points, down from the previous day’s closing of 114,496 points.
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Modes of Notice Service under Sales Tax Act
The Sales Tax Act, 1990, clearly outlines the procedures for service of notices, orders, or decisions to taxpayers or other persons under its jurisdiction. These procedures are governed by Section 56 of the Act, which specifies the acceptable modes of service to ensure proper communication and compliance.
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Extensive Tools Empower IR Officers for Tax Recovery
Karachi, January 16, 2025 – Officers of Inland Revenue (IR) have been provided with extensive mechanisms under the Sales Tax Act, 1990, to ensure the recovery of outstanding sales tax arrears. These measures are outlined in Section 48 of the Act, offering a comprehensive framework to address cases of unpaid taxes.
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FBR Workforce Accounts for Only 2% of Total Tax Collection
Karachi, January 15, 2025 – A startling revelation has emerged from the Federal Board of Revenue’s (FBR) official tax collection data, exposing that the vast network of FBR officials contributed a mere 2% to the overall tax collection efforts.
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KSE-100 Index Loses 308 Points in Volatile Trading Session
Karachi, January 15, 2025 – The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) experienced a significant decline of 308 points during a volatile trading session on Wednesday. The index ended the day at 114,496 points, a drop from the previous session’s close of 114,809 points.
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KCCI Criticizes KE for Escalating Load Shedding in Karachi
Karachi, January 15, 2025 – Muhammad Jawed Bilwani, President of the Karachi Chamber of Commerce and Industry (KCCI), has strongly condemned K-Electric (KE) for its recent intensification of load shedding, which is severely affecting both the residents and businesses of Karachi.
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FBR Transfers 49 IRS Officers Amid Rising Tax Collection Shortfall
Islamabad, January 15, 2025 – In response to ongoing concerns about a tax collection shortfall, the Federal Board of Revenue (FBR) has carried out a significant reshuffle, transferring 49 Inland Revenue Service (IRS) officers from BS-17 to BS-20. The reshuffle comes at a crucial time, with the FBR facing a revenue collection gap of approximately Rs 380 billion in the first half (July–December) of the current fiscal year.
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FBR Unveils Arrest Guidelines for Inland Revenue Officers
Karachi, January 14, 2025 — The Federal Board of Revenue (FBR) has unveiled a detailed procedure governing the actions of Inland Revenue (IR) officers in the arrest of individuals suspected of violating tax laws.
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