Karachi, January 22, 2025 – Bank Makramah Limited (BML) has initiated legal proceedings to recover Rs 10 billion in non-performing loans (NPLs) from the Omni Group and its affiliated entities.
(more…)Author: Shahnawaz Akhter
-
Faceless Cuts Customs Clearance Time by 83%: Chief Collector
KARACHI: Chief Collector of Customs Appraisement (South), Muhammad Jamil Nasir Khan, announced that the newly implemented Faceless Customs Assessment (FCA) System has drastically enhanced the efficiency of customs operations, reducing Goods Declaration (GD) clearance time from 109 hours to an average of just 18 hours—an 83% improvement.
(more…) -
KSE-100 Drops 1,599 Points Amid Heavy Selling
Karachi, January 22, 2025 – The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) witnessed a significant downturn on Wednesday, plummeting by 1,599 points due to heavy selling pressure throughout the trading session.
(more…) -
FBR Calls for Customs Duty Proposals for Budget 2025-26
Karachi, January 22, 2025 – The Federal Board of Revenue (FBR) has officially invited stakeholders to submit their proposals concerning customs duty adjustments for the upcoming federal budget of 2025-26.
(more…) -
IRSOA Set to Boycott FBR’s Rating and Reward System
Islamabad, January 22, 2025 – The Inland Revenue Service Officers Association (IRSOA) has announced its firm decision to boycott the recently introduced Rating and Reward System (RRS) by the Federal Board of Revenue (FBR). In a detailed statement, IRSOA strongly urged its members to stand united in rejecting what it deems a deeply flawed and counterproductive initiative.
(more…) -
LHC Rejects FBR’s Income Tax Reference
In a significant ruling, a division bench of the Lahore High Court (LHC) dismissed an income tax reference filed by a Commissioner Inland Revenue of the Federal Board of Revenue (FBR) under Section 133(1) of the Income Tax Ordinance, 2001.
(more…) -
KCCI Urges Business Friendly Strategic Trade Policy Framework
KARACHI: The Karachi Chamber of Commerce & Industry (KCCI) and the Pakistan Hosiery Manufacturers Association (PHMA) have jointly called on the government to draft a pro-business Strategic Trade Policy Framework (STPF) and Textile & Apparel Policy for the next five years. They emphasized that these policies must include actionable and realistic measures, avoiding the shortcomings of the 2020-25 policies, which failed to deliver on many of their promises.
(more…) -
FBR Directed to Address Excessive Tax on Electricity Bills
Islamabad, January 21, 2025 – The President of Pakistan has instructed the Federal Board of Revenue (FBR) to take immediate steps to address the issue of excessive taxation on electricity bills, following a significant decision that validates the recommendations of the Federal Tax Ombudsman (FTO).
(more…) -
Complaints Against FBR Surge 51% in 2024: FTO
Islamabad, January 21, 2025 – The Federal Tax Ombudsman (FTO) reported a significant 51% increase in complaints lodged against the Federal Board of Revenue (FBR) during 2024 compared to the previous year.
(more…) -
FBR Secures Rs 200 Billion Tax From Property Transactions
Karachi, January 21, 2025 – The Federal Board of Revenue (FBR) has achieved a monumental milestone by collecting an impressive Rs 200 billion in taxes from immovable property transactions during the tax year 2024. This marks a substantial 30% increase compared to the Rs 153.75 billion collected in the previous tax year, according to official documentation.
(more…)