Karachi, January 31, 2025 – Oil and Gas Development Company Limited (OGDCL) has officially commenced oil and gas production from the Bettani-2 appraisal well, located in District Lakki Marwat, Khyber Pakhtunkhwa. This milestone marks a significant advancement in OGDCL’s ongoing exploration and production efforts.
(more…)Author: Shahnawaz Akhter
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FBR issues SRO to extend regulatory duty on steel products
Karachi, January 31, 2025 – The Federal Board of Revenue (FBR) has announced an extension of regulatory duty on steel product imports through a newly issued notification. The FBR released SRO 78(I)/2025 on January 30, 2025, amending SRO 928(I)/2025 dated June 30, 2024, to ensure continued protection for the local steel industry.
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IRSOA Strongly Rebuts Senator Faisal Vawda’s Allegations
Islamabad, January 30, 2025 – The Inland Revenue Service Officers Association (IRSOA) has categorically and unequivocally rejected the serious yet unsubstantiated allegations made by Senator Faisal Vawda during today’s proceedings of the Senate Standing Committee on Finance.
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Pakistan’s Forex Reserves Dip by $137M on Foreign Payments
Karachi, January 30, 2025 – Pakistan’s foreign exchange (forex) reserves saw a decline of $137 million during the week ending January 24, 2025, primarily due to external debt repayments and other foreign payments. This drop reflects the country’s ongoing financial obligations amid efforts to stabilize the economy.
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PSX Gains 1.54% Amid Strong Corporate Earnings
Karachi, January 30, 2025 – The Pakistan Stock Exchange (PSX) witnessed a notable surge on Thursday, posting a 1.54% or 1,717 points gain, driven by robust corporate earnings and improved investor sentiment.
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New Conditions Make Sales Tax Return Filing Impossible: KCCI
Karachi, January 30, 2025 – The Karachi Chamber of Commerce and Industry (KCCI) has raised serious concerns over the newly introduced conditions by the Federal Board of Revenue (FBR), stating that these measures have made sales tax return filing nearly impossible for traders and small businesses.
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FBR Uncovers Rs 78 Bn Tax Evasion in Withholding of Salary Tax
Islamabad – The Federal Board of Revenue (FBR) has unearthed a colossal tax fraud amounting to Rs 78 billion in the collection and deposit of withholding tax on salary income.
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FBR Achieves 42.56% of Annual Tax Target in First Half of FY25
Islamabad, January 30, 2025 – The Federal Board of Revenue (FBR) has successfully collected 42.56% of its annual tax target during the first six months of the fiscal year 2024-25, marking a significant improvement in revenue generation.
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Lack of Market Triggers Drags KSE-100 Down by 543 Points
Karachi, January 29, 2025 – The Pakistan Stock Exchange (PSX) experienced a significant downturn on Wednesday as the benchmark KSE-100 index shed 543 points, primarily due to a lack of market-moving triggers and institutional selling pressure. The index closed at 111,487 points, retreating from the previous day’s close of 112,030 points, marking a decline of 0.48%.
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KTBA Calls for Fixing Anomaly in Sales Tax Return
The Karachi Tax Bar Association (KTBA) has raised an important issue with the Federal Board of Revenue (FBR) regarding a problem in the sales tax return process.
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