The Federal Board of Revenue (FBR) has finally drawn a firm line in the sand, signaling its uncompromising stance against non-filers of income tax returns for the fiscal year 2024.
(more…)Author: Shahnawaz Akhter
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Bank Deposits Surge 18% YoY in August 2024: SBP
Karachi, September 19, 2024 – Bank deposits in Pakistan surged by 18% year-on-year (YoY) in August 2024, according to data released by the State Bank of Pakistan (SBP) on Thursday. Total deposits reached Rs 30.78 trillion by the end of August 2024, up from Rs 26.11 trillion during the same period in 2023.
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Pakistan’s Net Forex Reserves Up $31 Million in a Week
Karachi, September 19, 2024 – Pakistan’s net foreign exchange reserves increased by $31 million during the week ending September 13, 2024, according to the State Bank of Pakistan (SBP). The country’s total forex reserves now stand at $14.827 billion, up from $14.796 billion recorded on September 6, 2024.
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FBR Issues Strict Warnings Ahead of Return Filing Deadline
Karachi, September 19, 2024 – The Federal Board of Revenue (FBR) issued a stern reminder to taxpayers on Thursday regarding the upcoming deadline for filing income tax returns for the fiscal year 2024, with warnings of serious consequences for non-compliance.
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Rupee Appreciates to PKR 277.91 Against Dollar as CAD Shrinks
Karachi, September 19, 2024 – The Pakistani Rupee (PKR) showed a positive trend on Thursday, appreciating to PKR 277.91 against the US dollar. This rise comes as a result of the significant contraction in Pakistan’s Current Account Deficit (CAD) during the first two months of the fiscal year 2024-25.
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FBR Launches Audit of Properties, Vehicles, Banking Transactions
Karachi, September 19, 2024 – The Federal Board of Revenue (FBR) has embarked on an extensive audit of properties, motor vehicles, and banking transactions, marking a significant step toward strengthening tax compliance and enforcement across Pakistan.
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Checklist for Filing Income Tax Return 2024
As the deadline of September 30, 2024, for filing annual income tax returns for the tax year 2024 draws near, taxpayers in Pakistan are advised to gather the necessary documents to ensure smooth compliance with tax regulations.
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Disposal, Acquisition of Assets Under Pakistan Income Tax Laws
Karachi, September 19, 2024 – The Federal Board of Revenue (FBR) has provided a comprehensive clarification regarding the disposal and acquisition of assets under Pakistan’s Income Tax laws. The updated provisions, outlined in Section 75 of the Income Tax Ordinance, 2001 (as of June 30, 2024), aim to ensure transparency and proper tax compliance concerning asset transactions in the country.
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Building Transparency: FBR’s Game-Changing ATL Revisions
The recent amendments introduced by the Federal Board of Revenue (FBR) to the Active Taxpayers List (ATL) represent a landmark effort towards promoting transparency and efficiency within Pakistan’s taxation framework.
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Pakistan Witnesses 55.5% FDI Surge in First Two Months of FY25
Karachi, September 18, 2024 – Pakistan has experienced a remarkable 55.5% surge in foreign direct investment (FDI) during the first two months of the current fiscal year 2024-25, according to data released by the State Bank of Pakistan (SBP) on Wednesday. This sharp increase signals renewed global confidence in Pakistan’s economic outlook, driven by various policy reforms and improved investment conditions.
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