Karachi, December 19, 2024 – Meezan Bank has categorically denied recent reports alleging a data breach in its banking system, reassuring customers of the safety and security of their information.
(more…)Author: Shahnawaz Akhter
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SBP Reports Increase in Net Forex Reserves to $16.63 Billion
Karachi, December 19, 2024 – The State Bank of Pakistan (SBP) has announced an increase in the country’s total liquid foreign exchange reserves, which now stand at $16.633 billion as of December 13, 2024. This marks a modest rise of $32 million from the previous week’s level of $16.601 billion as reported on December 6, 2024.
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KCCI Urges PM to Reject OGRA’s Proposed Gas Tariff Hike
KARACHI: The Karachi Chamber of Commerce and Industry (KCCI) has strongly appealed to Prime Minister Shehbaz Sharif to reject the Oil and Gas Regulatory Authority’s (OGRA) proposed increase in gas tariffs.
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Pakistan Stock Market Crashes 4.32% on New Tax Bill
Karachi, December 19, 2024 – The Pakistan Stock Exchange (PSX) on Thursday experienced a dramatic downturn, closing with a significant loss of 4.32% amid widespread negative sentiments triggered by the introduction of a new tax bill by the government of Pakistan.
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Tax Laws (Amendment) Bill, 2024: No Input Tax Adjustment
Karachi, December 18, 2024 – Registered taxpayers in Pakistan may face significant challenges as the federal government has proposed the removal of input tax adjustment for supplies made to unregistered persons. The amendment, introduced as part of the Tax Laws (Amendment) Bill, 2024, seeks to tighten compliance and broaden the tax net under the Sales Tax Act, 1990.
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Pakistan Proposes Harsh Actions for Sales Tax Registration Failure
Karachi, December 18, 2024 – The government of Pakistan has introduced stringent measures to enforce compliance with the Sales Tax Act, 1990. Aimed at broadening the tax net, these measures target individuals and entities who fail to obtain mandatory registration. The proposed amendments, introduced as part of the Tax Laws (Amendment) Bill, 2024, include the addition of Section 14AE to the Sales Tax Act.
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Tax Laws (Amendment) Bill, 2024: Property Transfer Restriction
Karachi, December 18, 2024 – In a step toward enhancing tax compliance, the federal government has proposed restrictions on the transfer of immovable property for individuals or entities failing to register under the Sales Tax Act, 1990.
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Tax Laws (Amendment) Bill, 2024: Bar on Bank Account Operations
Karachi, December 18, 2024 – In a development aimed at tightening tax compliance, the federal government has proposed a key amendment to the Sales Tax Act of 1990. The government tabled the Tax Laws (Amendment) Bill, 2024 in the National Assembly on Wednesday, which introduces Section 14AC to the Sales Tax Act. The proposed section grants the Commissioner the authority to bar the operations of bank accounts for individuals or entities that fail to register for tax purposes.
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FBR Set to Ban Cash Withdrawals by Non-Filers
Karachi, December 18, 2024 – The Federal Board of Revenue (FBR) is poised to introduce a significant change in the banking sector with the potential imposition of a ban on cash withdrawals by individuals who are non-filers of income tax returns.
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FBR Halts Issuance of NOC for Specialized Trusts
Karachi, December 18, 2024 – The Federal Board of Revenue (FBR) has officially ceased the issuance of No Objection Certificates (NOCs) for the registration of specialized trusts, including Employees Provident Funds, Gratuity Funds, and Superannuation Funds.
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