The Federal Board of Revenue (FBR) has expressed serious concern over an increasing trend of senior officials, particularly Chief Commissioners of Inland Revenue (IR) and Chief Collectors of Pakistan Customs, leaving their designated stations without obtaining prior approval from the concerned authorities.
(more…)Author: Shahnawaz Akhter
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KSE-100 Index Surges to Historic High, Approaches 85,000 Points
Karachi, October 7, 2024 – In a historic leap, the benchmark KSE-100 Index of the Pakistan Stock Exchange (PSX) skyrocketed on Monday, closing just shy of the coveted 85,000-point milestone. The index surged by 1,378 points, or 1.65%, to conclude the trading session at 84,910 points, a significant rise from last Friday’s close of 83,532 points.
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FTO Exposes Cybersecurity Breach in FBR Leading to Rs 14.66 Billion Tax Fraud
Karachi, October 7, 2024 – In a shocking revelation, the Federal Tax Ombudsman (FTO) has identified a monumental tax fraud worth Rs 14.66 billion attributed to a cybercrime breach within the Federal Board of Revenue (FBR). The crime, which infiltrated FBR’s system, resulted in unauthorized access and the misuse of taxpayer data, leading to colossal losses for the national exchequer. This fraud case marks one of the most significant cyberattacks targeting Pakistan’s tax infrastructure.
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FBR Confirms Restrictions on Non-Filers Through Money Bill
Islamabad, October 7, 2024 – The Federal Board of Revenue (FBR) has confirmed the government’s plans to introduce a money bill aimed at imposing stringent restrictions on non-filers of income tax returns, marking a major step in its efforts to enhance tax compliance across the country.
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PPL Reaches Momentous Settlement with Iraqi Oil Company
Karachi, October 7, 2024 – Pakistan Petroleum Limited (PPL) has disclosed the successful conclusion of a long-standing contractual matter with Midland Oil Company (MdOC) of Iraq, culminating in a strategic settlement agreement concerning Block-8 in Iraq.
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FBR Imposes Five-Year Limit on Wealth Statement Modifications
Karachi, October 6, 2024 – The Federal Board of Revenue (FBR) has imposed a stringent five-year time limit on the modification of wealth statements. Taxpayers will no longer be permitted to revise their wealth statements after the expiration of this five-year window, a rule that underscores the FBR’s commitment to ensuring timely and accurate tax compliance.
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FBR Announces Exemption from Return Filing for TY 2024-25
Karachi, October 5, 2024 – The Federal Board of Revenue (FBR) has announced exemptions from annual income tax return filing for specific individuals for the tax year 2024-25. The exemption is aimed at alleviating the tax burden on certain vulnerable segments of society, as outlined under Section 115 of the Income Tax Ordinance, 2001.
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KCCI Calls for 2% Reduction in SESSI Social Security Rates
Karachi, October 5, 2024 – The Karachi Chamber of Commerce and Industry (KCCI) has strongly urged the Sindh government to reduce the Sindh Employees Social Security Institution’s (SESSI) social security contribution rate by at least 2%. The appeal comes amid escalating financial burdens on industries due to rising minimum wages and an increasingly high cost of doing business.
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Petrol Prices in Pakistan Plunge by 23.51% Over Past Year
Islamabad, October 4, 2024 – Pakistan has witnessed a sharp decline in petrol prices, with the cost per liter plunging by a staggering 23.51% over the past year, according to data released by the Pakistan Bureau of Statistics (PBS) on Friday. This marked reduction comes as a welcome respite for consumers amid fluctuating global oil markets and domestic economic pressures.
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Pakistan Equities Soar to Record High of 83,532 Points Amid Yields Decline
Karachi, October 4, 2024 – Pakistan equities soared to a historic high on Friday as the KSE-100 index surged to an unprecedented 83,532 points. This significant milestone was fueled by renewed investor confidence following a sharp decline in yields in the secondary market, particularly in government-issued Treasury Bills (T-Bills) and Pakistan Investment Bonds (PIBs).
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