Karachi, October 8, 2024 – The State Bank of Pakistan (SBP) has taken a significant step towards promoting Small and Medium Enterprises (SMEs) by revising the per party exposure limits for these businesses.
(more…)Author: Shahnawaz Akhter
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The Imperative of Data Security in the Wake of FBR Cyber Breach
The recent cyberattack on Pakistan’s Federal Board of Revenue (FBR), leading to a Rs 14.66 billion tax fraud, has exposed severe flaws in the security of tax administration system and highlighted an urgent need to address data security vulnerabilities. This breach is not only a shocking reminder of the increasing sophistication of cybercrime but also a cautionary tale for how such attacks can compromise taxpayer data and erode public trust in institutions.
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How to Update Email and Mobile Number on FBR IRIS Portal
The Federal Board of Revenue (FBR) has released a detailed guide for taxpayers on how to modify or change their email address or mobile number when logging into the IRIS portal, especially for filing income tax returns.
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FBR Warns Chiefs on Unauthorized Station Departures
The Federal Board of Revenue (FBR) has expressed serious concern over an increasing trend of senior officials, particularly Chief Commissioners of Inland Revenue (IR) and Chief Collectors of Pakistan Customs, leaving their designated stations without obtaining prior approval from the concerned authorities.
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KSE-100 Index Surges to Historic High, Approaches 85,000 Points
Karachi, October 7, 2024 – In a historic leap, the benchmark KSE-100 Index of the Pakistan Stock Exchange (PSX) skyrocketed on Monday, closing just shy of the coveted 85,000-point milestone. The index surged by 1,378 points, or 1.65%, to conclude the trading session at 84,910 points, a significant rise from last Friday’s close of 83,532 points.
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FTO Exposes Cybersecurity Breach in FBR Leading to Rs 14.66 Billion Tax Fraud
Karachi, October 7, 2024 – In a shocking revelation, the Federal Tax Ombudsman (FTO) has identified a monumental tax fraud worth Rs 14.66 billion attributed to a cybercrime breach within the Federal Board of Revenue (FBR). The crime, which infiltrated FBR’s system, resulted in unauthorized access and the misuse of taxpayer data, leading to colossal losses for the national exchequer. This fraud case marks one of the most significant cyberattacks targeting Pakistan’s tax infrastructure.
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FBR Confirms Restrictions on Non-Filers Through Money Bill
Islamabad, October 7, 2024 – The Federal Board of Revenue (FBR) has confirmed the government’s plans to introduce a money bill aimed at imposing stringent restrictions on non-filers of income tax returns, marking a major step in its efforts to enhance tax compliance across the country.
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PPL Reaches Momentous Settlement with Iraqi Oil Company
Karachi, October 7, 2024 – Pakistan Petroleum Limited (PPL) has disclosed the successful conclusion of a long-standing contractual matter with Midland Oil Company (MdOC) of Iraq, culminating in a strategic settlement agreement concerning Block-8 in Iraq.
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FBR Imposes Five-Year Limit on Wealth Statement Modifications
Karachi, October 6, 2024 – The Federal Board of Revenue (FBR) has imposed a stringent five-year time limit on the modification of wealth statements. Taxpayers will no longer be permitted to revise their wealth statements after the expiration of this five-year window, a rule that underscores the FBR’s commitment to ensuring timely and accurate tax compliance.
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FBR Announces Exemption from Return Filing for TY 2024-25
Karachi, October 5, 2024 – The Federal Board of Revenue (FBR) has announced exemptions from annual income tax return filing for specific individuals for the tax year 2024-25. The exemption is aimed at alleviating the tax burden on certain vulnerable segments of society, as outlined under Section 115 of the Income Tax Ordinance, 2001.
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