Karachi, January 23, 2025 – Banks in Pakistan experienced a massive withdrawal of Rs 862 billion during December 2024 as the government prepared to impose stringent restrictions on non-filers of income tax returns. This significant outflow highlights the uncertainty and apprehension among account holders in response to impending policy changes.
(more…)Author: Shahnawaz Akhter
-
OGDCL Boosts Oil Production at Kunnar Field
Karachi, January 23, 2025 – Oil and Gas Development Company Limited (OGDCL), Pakistan’s leading exploration and production company, announced a significant enhancement in oil production at the Kunnar Oil Field, a vital energy asset in District Hyderabad, Sindh.
(more…) -
PPL Reports Major Boost in Gas Production at Gambat South
Karachi, January 23, 2025 – Pakistan Petroleum Limited (PPL) has announced a remarkable increase in gas production at the Shandad X-1 well, located in the Gambat South Block.
(more…) -
Peshawar Tax Bar Urges FBR for Removal of Password Expiry
Peshawar, January 23, 2025 – The Peshawar Tax Bar Association has called on the Federal Board of Revenue (FBR) to reconsider and remove the mandatory password expiry condition for taxpayer portals. This appeal aims to alleviate the difficulties faced by taxpayers and practitioners in managing their compliance obligations.
(more…) -
KATI Advocates Cut in Withholding Tax on Property Transactions
Karachi, January 22, 2025 – The Korangi Association of Trade and Industry (KATI) has strongly advocated for a reduction in withholding tax on property transactions to revitalize Pakistan’s struggling construction and housing sector.
(more…) -
FBR Initiates Officer Selection for Cars and Cash Incentives
The Federal Board of Revenue (FBR) has commenced the process of selecting officers from BS-17 and BS-18 ranks for the provision of cars and cash rewards, sources disclosed on Wednesday. This initiative aims to recognize and incentivize officers in the Inland Revenue Service (IRS) and Pakistan Customs Service (PCS) for their contributions under the ongoing transformation plan.
(more…) -
BML Moves Court for Rs 10 Billion Recovery from Omni Group
Karachi, January 22, 2025 – Bank Makramah Limited (BML) has initiated legal proceedings to recover Rs 10 billion in non-performing loans (NPLs) from the Omni Group and its affiliated entities.
(more…) -
Faceless Cuts Customs Clearance Time by 83%: Chief Collector
KARACHI: Chief Collector of Customs Appraisement (South), Muhammad Jamil Nasir Khan, announced that the newly implemented Faceless Customs Assessment (FCA) System has drastically enhanced the efficiency of customs operations, reducing Goods Declaration (GD) clearance time from 109 hours to an average of just 18 hours—an 83% improvement.
(more…) -
KSE-100 Drops 1,599 Points Amid Heavy Selling
Karachi, January 22, 2025 – The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) witnessed a significant downturn on Wednesday, plummeting by 1,599 points due to heavy selling pressure throughout the trading session.
(more…) -
FBR Calls for Customs Duty Proposals for Budget 2025-26
Karachi, January 22, 2025 – The Federal Board of Revenue (FBR) has officially invited stakeholders to submit their proposals concerning customs duty adjustments for the upcoming federal budget of 2025-26.
(more…)