Karachi, October 9, 2024 – The KSE-100 index of the Pakistan Stock Exchange (PSX) has achieved a remarkable milestone, surpassing the 86,000 points mark in early trading on Wednesday. The benchmark index is currently trading at 86,048 points, reflecting a notable gain of 384 points from the previous day’s closing figure of 85,664 points.
(more…)Author: Shahnawaz Akhter
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Pakistan’s Debt Soars Beyond Rs 70 Trillion by August 2024
Karachi, October 9, 2024 – Pakistan’s debt burden has surged past Rs 70 trillion by the close of August 2024, according to a report released by the State Bank of Pakistan (SBP).
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FBR Enforces Stringent Rules for Customs Agents Licensing
Karachi, October 8, 2024 – The Federal Board of Revenue (FBR) has introduced stringent new regulations for the grant of customs agents licenses in an effort to bolster compliance and integrity within Pakistan’s customs processes.
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FBR Introduces Tax Holiday for Gwadar Vehicle Imports
Karachi, October 8, 2024 – In a major policy development aimed at fostering economic activity around the Gwadar Port and Free Zones, the Federal Board of Revenue (FBR) announced a tax holiday for vehicles imported by entities operating within these areas.
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SBP Unveils Series of Incentives to Boost Home Remittances
Karachi, October 8, 2024 – In a strategic move aimed at fortifying Pakistan’s foreign exchange reserves and stimulating the inflow of remittances, the State Bank of Pakistan (SBP) announced a series of robust incentives on Tuesday. These initiatives are specifically designed to encourage exchange companies (ECs), authorized dealers (ADs), and microfinance banks (MFBs) to amplify their efforts in mobilizing home remittances.
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Pakistan Stocks Hit New Record High of 85,664 Points Amid Bullish Rally
Karachi, October 8, 2024 – The Pakistan stocks continued its bullish streak on Tuesday as the benchmark KSE-100 index surged to an all-time high of 85,664 points, marking a 754-point gain from the previous day’s close of 84,910 points.
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FBR Enforces Mandatory Declaration of Foreign Assets
Karachi, October 8, 2024 – The Federal Board of Revenue (FBR) has mandated that Pakistani residents with substantial foreign income and assets must declare these holdings as part of their annual tax returns. This new requirement, governed by Section 116A of the Income Tax Ordinance, 2001, will apply to individuals whose foreign income and assets exceed certain thresholds.
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SBP Revises Per Party Exposure Limits to Boost SME Financing
Karachi, October 8, 2024 – The State Bank of Pakistan (SBP) has taken a significant step towards promoting Small and Medium Enterprises (SMEs) by revising the per party exposure limits for these businesses.
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The Imperative of Data Security in the Wake of FBR Cyber Breach
The recent cyberattack on Pakistan’s Federal Board of Revenue (FBR), leading to a Rs 14.66 billion tax fraud, has exposed severe flaws in the security of tax administration system and highlighted an urgent need to address data security vulnerabilities. This breach is not only a shocking reminder of the increasing sophistication of cybercrime but also a cautionary tale for how such attacks can compromise taxpayer data and erode public trust in institutions.
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How to Update Email and Mobile Number on FBR IRIS Portal
The Federal Board of Revenue (FBR) has released a detailed guide for taxpayers on how to modify or change their email address or mobile number when logging into the IRIS portal, especially for filing income tax returns.
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