Karachi, August 14, 2024 – Oil and Gas Development Company Limited (OGDCL) has announced a major gas discovery in the Mari East Block, located in Rahim Yar Khan, Punjab. This development represents a significant milestone for Pakistan’s energy sector and is expected to bolster the country’s energy security.
(more…)Author: Shahnawaz Akhter
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Tax Collection Rise 70% as Electricity Bills Burden Consumers
Karachi, August 14, 2024 – The Federal Board of Revenue (FBR) has reported a remarkable 70% surge in advance tax collection from electricity bills during the fiscal year 2023-24. This increase is largely attributed to the escalating electricity tariffs, which have been a source of concern for both industrial and residential consumers across Pakistan.
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PTBA Raises Alarming Concerns Over ATIR’s Conduct
Karachi, August 13, 2024 – The Pakistan Tax Bar Association (PTBA) has voiced serious concerns regarding the functioning of the Appellate Tribunal Inland Revenue (ATIR), highlighting issues that threaten to undermine the tribunal’s credibility and the broader tax system.
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FBR Unveils Sales Tax Essentials: A Guide for Taxpayers
Islamabad, August 12, 2024 – The Federal Board of Revenue (FBR) has recently released a comprehensive guide explaining the basics of sales tax to help taxpayers navigate the complexities of registration and filing. This initiative aims to ensure that taxpayers have a clear understanding of sales tax laws, thereby facilitating compliance and reducing errors in tax returns.
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FPCCI Blasts Harsh Taxation and Soaring Power Tariffs
Karachi, August 12, 2024 – The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has launched a fierce critique against the country’s harsh taxation policies and soaring electricity tariffs, calling for urgent reforms to alleviate the financial strain on businesses and the national economy.
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Rupee Slides to PKR 278.64 Against Dollar at Interbank Closing
Karachi, August 12, 2024 – The Pakistani Rupee experienced a slight decline on Monday, slipping 9 paisas to settle at PKR 278.64 against the US dollar by the close of trading on the interbank foreign exchange market.
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MTL Sounds Alarm: Unclear GST Risks Production Shutdown
Karachi, August 12, 2024 – Millat Tractors Limited (MTL) raised a critical red flag on Monday, warning that the ongoing ambiguity in General Sales Tax (GST) regime could compel the company to halt its production activities.
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Small Traders Launch Protest Against Advance Income Tax
Karachi, August 12, 2024 – In a bold move signaling rising discontent among Karachi’s small business community, traders have announced a major protest against the imposition of advance income tax on retail operations.
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Pakistan Rupee Expected to Maintain Stability Upcoming Week
KARACHI – Currency dealers are forecasting a stable outlook for the Pakistani rupee in the upcoming week, primarily due to a balanced supply and demand of the US dollar. The market has seen no significant triggers that could lead to volatility. This week, the rupee exhibited minimal fluctuations, with the interbank rate closing at PKR 278.63 per USD on Friday.
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FBR Extends Rs 41 Billion Tax Bonanza to Power Sector
Karachi, August 11, 2024 – In a move that is likely to raise eyebrows, the Federal Board of Revenue (FBR) has extended tax concessions worth a staggering Rs 41 billion to the power sector for the tax year 2024.
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