Karachi, January 11, 2025 – The Sales Tax Act, 1990, empowers officers of Inland Revenue (IR) to arrest and prosecute individuals for non-compliance with tax laws, strengthening enforcement mechanisms for tax evasion and fraud.
(more…)Author: Shahnawaz Akhter
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How Much You Pay Default Surcharge for Tax Payment Failure?
The Federal Board of Revenue (FBR) has clarified the rates and application of default surcharge for taxpayers who fail to meet their tax payment obligations. This surcharge is governed under Section 34 of the Sales Tax Act, 1990, and applies to both intentional and unintentional delays or errors in tax payments.
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Analysts Anticipate PSX Buoyancy Next Week
Karachi, January 11, 2025 – Analysts at Arif Habib Limited have forecasted a positive outlook for the Pakistan Stock Exchange (PSX) in the coming week, beginning January 13, 2025. This optimism stems from expectations of favorable current account figures for December 2024 and attractive valuations in several scrips following a recent market correction.
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FBR Agrees to Tax Relief on Property Transactions
Islamabad, January 11, 2025 – The Federal Board of Revenue (FBR) has agreed to consider to grant significant tax relief on property transactions, aiming to stimulate the construction and real estate sectors.
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TPL Admits Failure in Providing Satellite Services: FBR
Karachi, January 11, 2025 – The Federal Board of Revenue (FBR) has disclosed that TPL, the company licensed for tracking and monitoring transit cargo, has acknowledged the failure of its satellite services.
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FBR Enhances Tax System with Telecom Data Integration
Karachi, January 10, 2025 – The Federal Board of Revenue (FBR) has successfully acquired detailed customer data for both pre-paid and post-paid telecom subscribers from all major telecom companies for the fiscal year 2023-24. This significant move is part of FBR’s ongoing effort to integrate third-party databases to enhance data accuracy and improve tax compliance across various sectors.
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Evade Tax, Face 10 Years: FBR Sends Stern Message
Karachi, January 10, 2025 – The Federal Board of Revenue (FBR) has announced stringent measures against sales tax fraud, including a jail term of up to 10 years for offenders. These penalties are prescribed under the Sales Tax Act, 1990, and aim to curb fraudulent practices that undermine the country’s revenue collection efforts.
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Key Stocks Drive PSX Recovery, Gains 609 Points
Karachi, January 10, 2025 – The Pakistan Stock Exchange (PSX) closed on a strong note Friday, with the benchmark KSE-100 index gaining 609 points, as institutional buying during the second half drove the market to positive territory. The index ended at 113,247 points, rebounding from the previous day’s closing of 112,638 points.
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SBP Announces Schedule for First MPC Meeting of 2025
Karachi, January 10, 2025 – The State Bank of Pakistan (SBP) has officially announced that the first meeting of the Monetary Policy Committee (MPC) for the year 2025 will take place on January 27.
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PPL Commences Gas Production from Jamshoro Discovery
Karachi, January 10, 2025 – Pakistan Petroleum Limited (PPL) has announced the commencement of gas production from its exploratory discovery in District Jamshoro, Sindh Province. This milestone marks a significant contribution to Pakistan’s energy sector amidst the ongoing energy crisis.
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