Karachi, October 1, 2024 – The Federal Board of Revenue (FBR) has extended its tax treatment regulations concerning unexplained income and assets for the fiscal year 2024-25, under Section 111 of the Income Tax Ordinance, 2001.
(more…)Author: Shahnawaz Akhter
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SBP Mandates Stringent Guidelines for Further Sugar Exports
Karachi, October 1, 2024 – The State Bank of Pakistan (SBP) issued a comprehensive directive on Tuesday, instructing banks and authorized dealers (ADs) to adhere to new regulations concerning the export of an additional 100,000 metric tons (MT) of sugar.
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KCCI Elects Jawed Bilwani as President for 2024-26 Term
In a pivotal moment for Karachi’s business community, Muhammad Jawed Bilwani has been elected as the new President of the Karachi Chamber of Commerce & Industry (KCCI) for the 2024-26 term.
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SBP Accepts Rs 351 Billion in MTBs Buyback Auction
Karachi, October 1, 2024 – In a significant financial maneuver, the State Bank of Pakistan (SBP) has accepted bids totaling Rs 351 billion in a buyback auction of Market Treasury Bills (MTBs). This strategic move is seen as a vital step towards reprofiling the government’s short-term debt and bolstering liquidity within the financial system.
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FBR Grants 14-Day Extension for 2024 Income Tax Return Filing
Islamabad, October 1, 2024 – In a significant move, the Federal Board of Revenue (FBR) has granted a 14-day extension for the filing of income tax returns for the tax year 2024, providing relief to millions of taxpayers.
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Yousaf Hussain Elected OICCI President for 2024-2026 Term
Karachi, September 30, 2024 – Yousaf Hussain, President and CEO of Faysal Bank Ltd., has been elected as the new president of the Overseas Investors Chamber of Commerce and Industry (OICCI) for the 2024-2026 term.
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SAI Demands Extension for Income and Sales Tax Return Filing
Karachi, September 30, 2024 – The SITE Association of Industry (SAI) has urged the Federal Board of Revenue (FBR) to extend the deadline for filing income tax and sales tax returns by at least 15 days. This appeal comes after the FBR’s Integrated Risk Information System (IRIS) experienced technical difficulties, leaving taxpayers unable to file their returns ahead of the September 30 deadline.
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FBR Issues Guidelines for Transactions Between Associates
Karachi, September 30, 2024 – The Federal Board of Revenue (FBR) has introduced new guidelines for transactions between associates under the Income Tax Ordinance, 2001. These rules aim to clarify and regulate how income, deductions, and tax credits should be managed between related parties.
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NCCPL to Collect August CGT on October 8, 2024
Karachi, September 30, 2024 – The National Clearing Company of Pakistan Limited (NCCPL) has announced that the collection of Capital Gain Tax (CGT) for the month of August 2024 will take place on October 8, 2024.
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FBR Extends Return Filing Deadline for Tax Year 2024?
As the clock ticks down to the final hours of the income tax filing deadline, a critical question reverberates among Pakistan’s taxpayers: Has the Federal Board of Revenue (FBR) extended the deadline for filing income tax returns for the tax year 2024? With the deadline expiring today, millions of taxpayers remain in limbo, awaiting clarity from the country’s apex tax authority.
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