Karachi, January 14, 2025 – The Federal Tax Ombudsman (FTO) has instructed the Federal Board of Revenue (FBR) to clarify issues surrounding the withholding tax deduction on internet usage.
(more…)Author: Shahnawaz Akhter
-
Financial Sector Emerges as Largest Beneficiary of Tax Relief: FBR
Karachi, January 14, 2025 – The Federal Board of Revenue (FBR) has revealed that the financial sector emerged as the largest beneficiary of income tax relief during the tax year 2024. The findings were disclosed in a detailed report highlighting the exemptions and concessions provided across various sectors.
(more…) -
Bank Borrowing: Government Retires Rs 2.42 Trillion in 1HFY25
Karachi, January 14, 2025 – The government has retired a substantial Rs 2.42 trillion in bank borrowing during the first half of the fiscal year 2024-25 (July–December). The data, released by the State Bank of Pakistan (SBP) on Tuesday, highlights the government’s efforts to manage and reduce its reliance on borrowing.
(more…) -
Bulls Propel PSX to 983-Point Dramatic Gain
Karachi, January 13, 2025 – The Pakistan Stock Exchange (PSX) surged on Monday, with the benchmark KSE-100 index gaining 983 points as bullish sentiment dominated the trading session. The PSX’s KSE-100 index closed at 114,230 points, significantly higher than last Friday’s closing of 113,247 points, showcasing renewed investor confidence.
(more…) -
Taxpayer Money Drives Heated Debate on FBR Honda Car Fleet
Karachi, January 13, 2025 – A heated debate has erupted among taxpayers over the Federal Board of Revenue’s (FBR) plan to purchase 1,010 Honda City 1.2 L CVT cars as part of its initiative to strengthen enforcement measures.
(more…) -
FBR Purchases 1,010 Honda City 1.2 L to Boost Tax Enforcement
Islamabad, January 12, 2025 – The Federal Board of Revenue (FBR) has announced the purchase of 1,010 Honda City 1.2 L CVT vehicles to bolster its enforcement efforts against tax evasion. This significant acquisition is part of the FBR’s strategy to enhance its operational capabilities and expand its tax net.
(more…) -
SBP Unveils 3rd Edition of National Financial Inclusion Strategy
Karachi, January 12, 2025 – The State Bank of Pakistan (SBP) has launched the third edition of the National Financial Inclusion Strategy (NFIS) 2024-28, designed to further accelerate financial inclusion and economic empowerment across the country.
(more…) -
LTO Karachi Launches Squad to Tackle Tax Evasion
Karachi, January 12, 2025 – The Large Taxpayers Office (LTO) Karachi has established the Inland Revenue Enforcement Network (IREN) to address tax evasion within its jurisdiction. This initiative aligns with directives issued by the Federal Board of Revenue (FBR), which outlined the scope and functions of the IREN network and the enforcement units within field formations possessing legal territorial or tax jurisdiction over specific cases.
(more…) -
Sales Tax Act Empowers IR Officers to Arrest and Prosecute
Karachi, January 11, 2025 – The Sales Tax Act, 1990, empowers officers of Inland Revenue (IR) to arrest and prosecute individuals for non-compliance with tax laws, strengthening enforcement mechanisms for tax evasion and fraud.
(more…) -
How Much You Pay Default Surcharge for Tax Payment Failure?
The Federal Board of Revenue (FBR) has clarified the rates and application of default surcharge for taxpayers who fail to meet their tax payment obligations. This surcharge is governed under Section 34 of the Sales Tax Act, 1990, and applies to both intentional and unintentional delays or errors in tax payments.
(more…)