Karachi, October 4, 2024 – The Federal Board of Revenue (FBR) has announced stringent measures aimed at ensuring compliance with tax return filings for the fiscal year 2024-25. This decisive action follows the provisions outlined in the Income Tax Ordinance, 2001, which has been updated as of June 30, 2024, empowering the FBR to impose penalties and enforce compliance among taxpayers.
(more…)Author: Shahnawaz Akhter
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MD OGDCL Unveils 12% Revenue Growth and Key Discoveries
Karachi, October 4, 2024 — Oil and Gas Development Company Limited (OGDCL), Pakistan’s leading exploration and production (E&P) company, has announced a 12% annual increase in sales revenue for the fiscal year 2023-24, according to CEO and Managing Director Ahmed Hayat Lak.
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Pakistan’s Forex Reserves Hit $16 Billion Amid IMF Support
Karachi, October 3, 2024 — Pakistan’s foreign exchange reserves have surged to nearly $16 billion, marking a significant increase after receiving inflows from the International Monetary Fund (IMF), the State Bank of Pakistan (SBP) announced on Thursday.
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FBR Delegates Powers of Customs Officers to Frontier Corps Balochistan
Islamabad, October 3, 2024 – In a decisive move to combat smuggling across Pakistan’s western borders, the Federal Board of Revenue (FBR) on Thursday delegated key customs powers to the Frontier Corps (FC) Balochistan. This measure aims to curb the illicit trade and smuggling activities rampant in the province’s border regions.
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Pakistan Stock Market Hits All-Time High at 82,722 Points
Karachi, October 3, 2024 – In a historic performance, the Pakistan Stock Exchange (PSX) soared to an all-time high on Thursday, with the benchmark KSE-100 index reaching 82,722 points. The remarkable surge of 755 points from the previous day’s close of 81,967 points highlights the buoyant sentiment that dominated the market, as investors capitalized on improved market conditions and positive corporate earnings.
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FBR Mandates Tax Returns for 2024-25: Who Must File?
Karachi, October 3, 2024 – The Federal Board of Revenue (FBR) has announced the categories of individuals and entities required to file income tax returns for the tax year 2024-25, in compliance with Section 114 of the Income Tax Ordinance, 2001.
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FPCCI Demands Immediate Policy Rate Cut to Single Digits
Karachi, October 2, 2024 – The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has called for an urgent and significant reduction in Pakistan’s benchmark policy rate, urging the State Bank of Pakistan (SBP) to lower it to a single digit.
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KCCI Warns of Industry Closures Over Gas Suspension to Captive Power Plants
Karachi, October 2, 2024 – The President of the Karachi Chamber of Commerce and Industry (KCCI), Muhammad Jawed Bilwani, voiced strong concerns on Wednesday over the government’s decision to suspend gas supply to Captive Power Plants (CPPs) by 2025.
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Rupee Rises Slightly to PKR 277.64 Against Dollar at Interbank
Karachi, October 2, 2024 – The Pakistani rupee showed a slight improvement on Wednesday, appreciating by 5 paisas against the US dollar. The currency closed at PKR 277.64 in the interbank foreign exchange market, up from the previous day’s close of PKR 277.69.
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Prize Bonds Redemption Deadline Extended to December 31, 2024
Karachi, October 2, 2024 – In a significant move aimed at providing relief to prize bondholders, the Government of Pakistan has extended the deadline for the encashment, replacement, and conversion of bearer prize bonds to December 31, 2024. This extension follows the initial expiration date of June 30, 2024, as announced earlier by the State Bank of Pakistan (SBP).
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