Islamabad, January 2, 2025 – The Federal Board of Revenue (FBR) announced the immediate transfer and posting of senior officers in the Pakistan Customs Service (PCS) in grades BS-17 to BS-20. The reshuffling aims to streamline operations and ensure efficient management within the customs framework. Below is the full list of transfers:
(more…)Author: Shahnawaz Akhter
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Pakistan’s Forex Reserves Rise $37 Million Despite SBP Fall
Karachi, January 2, 2025 – Pakistan’s net foreign exchange (forex) reserves increased by $37 million during the week ending December 27, 2024, despite a significant decline in the official reserves held by the State Bank of Pakistan (SBP). This disparity underscores evolving trends in the country’s financial framework.
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Sindh Invites Tax Proposals for Budget 2025-26
Karachi, January 2, 2025 – The Sindh Revenue Board (SRB) has invited stakeholders to submit tax proposals for the upcoming Budget 2025-26, signaling its commitment to fostering a collaborative approach to fiscal planning. The SRB aims to incorporate the suggestions of taxpayers and industry representatives into the final budget to ensure a balanced and effective taxation framework.
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KSE-100 Achieves New Record High Amid Highly Volatile Trading
Karachi, January 2, 2025 – The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) reached a new record high on Thursday, January 2, 2025, closing at 117,120 points after a highly volatile trading session. The index gained 112 points from the previous day’s closing of 117,008 points, marking a 0.1% increase.
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Petroleum Sales Surge in December Amid Anti-Smuggling Drive
Karachi, January 2, 2025 – Pakistan’s petroleum sales recorded a notable 3% year-on-year (YoY) increase in December 2024, bolstered by strict measures to curb smuggling from Iran.
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Section 21 of the Sales Tax Act, 1990: Suspension of Registration
Section 21 of the Sales Tax Act, 1990, provides detailed guidelines for de-registration, blocking, and suspension of taxpayer registration. It is a vital mechanism used by the Federal Board of Revenue (FBR) to address tax evasion and ensure compliance. Here’s an expanded overview:
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Pakistan Burns Rs 276 Billion on Cigarettes in Nine Months
Karachi, January 2, 2025 – In the midst of unprecedented economic challenges, Pakistanis spent a staggering Rs 276 billion on cigarettes during the first nine months of 2024. This shocking revelation emerges as the nation grapples with soaring inflation and dwindling resources for essential commodities.
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FBR Seals Two Famous Bakeries in Karachi for POS Violation
Karachi, January 1, 2025 – The Regional Tax Office (RTO) – 1 Karachi, an important wing of the Federal Board of Revenue (FBR), has taken decisive action by sealing two prominent bakeries in the city for failing to comply with Point of Sale (POS) regulations.
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FBR Implements Digital Eye for Tax Monitoring in Sugar Sector
Karachi, January 1, 2025 – The Federal Board of Revenue (FBR) has launched a cutting-edge “digital eye” system for real-time monitoring and video surveillance of production in Pakistan’s sugar sector. This initiative aims to enhance tax compliance and streamline the monitoring process.
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Pakistan’s Exports Surge by 10.52% in 1HFY25
Islamabad, January 1, 2025 – Pakistan’s exports witnessed a remarkable growth of 10.52% during the first half (July–December) of the current fiscal year 2024-25, according to trade data released by the Pakistan Bureau of Statistics (PBS) on Wednesday.
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