Islamabad, September 26, 2024 – The Rawalpindi-Islamabad Tax Bar Association (RITBA) has raised concerns over technical issues in the Federal Board of Revenue’s (FBR) online tax filing system, IRIS, and called for an extension of the income tax return filing deadline for the tax year 2024.
(more…)Author: Shahnawaz Akhter
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Pakistan’s Foreign Exchange Reserves Increase by $46 Million
Karachi, September 26, 2024 – Pakistan’s foreign exchange reserves witnessed an increase of $46 million during the week ending on September 20, 2024, according to data released by the State Bank of Pakistan (SBP) on Thursday. This rise brings the total reserves to $14.873 billion, compared to $14.827 billion recorded a week earlier on September 13, 2024.
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SAI Elects Office Bearers for 2024-26 Term
KARACHI: The Election Commission of the SITE Association of Industry (SAI), chaired by Muhammad Tariq Yousuf, has announced the unopposed election of key office bearers for the 2024-26 term. Ahmed Azeem Alvi has been elected President, Khalid Riaz as Senior Vice President, and Muhammad Riaz Dhedhi as Vice President.
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KSE-100 Index Drops 590 Points Despite IMF Loan Approval
Karachi, September 26, 2024 – The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) experienced a significant drop of 590 points on Thursday, closing at 81,658 points, despite the positive news of the International Monetary Fund (IMF) approving a $7 billion Extended Fund Facility (EFF) for Pakistan. The index, which had closed at a record high of 82,248 points the previous day, reflected a 0.72% decline by the end of the session.
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FBR to Launch Tax Campaign Before Penalty Enforcement
Islamabad, September 26, 2024 – The Federal Board of Revenue (FBR) announced on Thursday that it will initiate a nationwide awareness campaign to promote tax compliance before introducing strict penalties for tax evaders. The campaign is part of the government’s broader efforts to improve Pakistan’s tax compliance culture and ensure that all eligible taxpayers fulfill their legal obligations.
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Profit Repatriation Surges 461% in First Two Months of FY25: SBP
Karachi, September 26, 2024 — The repatriation of profits and dividends by foreign companies operating in Pakistan surged by an astounding 461% during the first two months (July-August) of the current fiscal year 2024-25, according to data released by the State Bank of Pakistan (SBP) on Thursday.
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Taxation of Geographical Sources of Income in Pakistan
Karachi, September 26, 2024 — The Federal Board of Revenue (FBR) has released comprehensive guidelines regarding the taxation of income based on its geographical source within Pakistan for the 2024-25 tax year.
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FBR Set to Implement Amended Rules for ATL Appearance
Karachi, September 26, 2024 – The Federal Board of Revenue (FBR) is preparing to implement amended rules governing the inclusion of individuals and entities in the Active Taxpayers List (ATL). These amendments, which are now finalized, are expected to be formally introduced soon.
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FBR Tightens Grip on Non-Filers with New Enforcement Actions
Islamabad, September 26, 2024 – The Federal Board of Revenue (FBR) is preparing to implement strict enforcement actions against non-filers of income tax returns, following the approval of the prime minister.
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LTBA Urges Extension in Deadline for Tax Return Filing
Lahore, Pakistan – September 25, 2024 – The Lahore Tax Bar Association (LTBA) has formally appealed the government to extend the deadline for filing income tax returns for the tax year 2024.
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