Karachi, September 16, 2024 – Political uncertainty surrounding constitutional amendments weighed heavily on Pakistan’s stock market on Monday, restricting the KSE-100 Index to a modest gain of 158 points. The Pakistan Stock Exchange (PSX) saw the KSE-100 index close at 79,491 points, up from Friday’s closing of 79,333 points.
(more…)Author: Shahnawaz Akhter
-
Gold Prices in Pakistan Skyrocket to Record High at Rs 268,000
Karachi, September 16, 2024 – Gold prices in Pakistan surged to a new record high of Rs 268,000 per tola (24-karat) on Monday, driven by escalating prices in the international bullion markets.
(more…) -
FBR Issues SOP for Disposal of Condonation of Time Limit Cases
Karachi, September 16, 2024 – The Federal Board of Revenue (FBR) has officially issued a Standard Operating Procedure (SOP) for the disposal of condonation of time limit cases, aiming to streamline and clarify the process for taxpayers and tax officials alike.
(more…) -
FBR Reaches 5.6 Million Active Taxpayers on ATL 2023
Karachi, September 16, 2024 – The Federal Board of Revenue (FBR) announced on Monday that the number of active taxpayers in Pakistan has increased to 5.6 million by the week ending September 15, 2024. This marks a notable rise from the 5.54 million active taxpayers recorded in the previous week, reflecting an addition of 60,000 new taxpayers to the Active Taxpayers List (ATL).
(more…) -
Tax Credit for Investment in Pakistan During Tax Year 2024-25
Karachi, September 16, 2024 – The Federal Board of Revenue (FBR) has announced that companies investing in Pakistan during the tax year 2024-25 are eligible to receive a tax credit under Section 65B of the Income Tax Ordinance, 2001. This initiative aims to encourage companies to invest in expanding, modernizing, and upgrading their industrial undertakings, which will contribute to the overall economic growth of the country.
(more…) -
Withholding Tax Rates for Telephone and Internet in TY 2024-25
Karachi, September 15, 2024 – The Federal Board of Revenue (FBR) has updated the withholding tax rates on the usage of telephone and internet services for the tax year 2024-25. This update follows the release of the FBR’s withholding tax card for the current tax year, which outlines the applicable tax rates under Section 236 of the Income Tax Ordinance, 2001.
(more…) -
FBR Extends Tax Credit for Real-Time Sales Reporting
Karachi, September 15, 2024 – The Federal Board of Revenue (FBR) has announced the continuation of the tax credit facility for taxpayers who are reporting their sales on a real-time basis during tax year 2024-25.
(more…) -
Withholding Tax Rates for ‘Own Money’ Motor Vehicle Purchase Updated for 2024-25
KARACHI, September 14, 2024 – The Federal Board of Revenue (FBR) has announced updated withholding tax rates for motor vehicle purchases made on ‘own money’ during the tax year 2024-25. The new rates were included in the FBR’s revised withholding tax card, which outlines the specific charges under Section 231B(2A) of the Income Tax Ordinance, 2001.
(more…) -
Tax Credit for Employment Generation – Section 64B of ITO 2001
KARACHI, September 14, 2024 – The Federal Board of Revenue (FBR) has announced the continuation of the tax credit for employment generation under Section 64B of the Income Tax Ordinance, 2001 for the tax year 2024-25.
(more…) -
Site Association Demands Single-Digit Interest Rate
Karachi, September 13, 2024 – The Site Association of Industry (SAI) has urged the State Bank of Pakistan (SBP) to lower interest rates to a single digit, calling for a more aggressive approach to stimulate economic growth.
(more…)