Karachi, December 10, 2024 – The Federal Board of Revenue (FBR) has announced a significant modernization of its customs operations with the launch of the Faceless Customs Assessment (FCA) system. This initiative aims to enhance trade facilitation, ensure faster clearance of Goods Declarations (GDs), and promote transparency and uniformity in customs processes.
(more…)Author: Shahnawaz Akhter
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SBP Directs Banks for Free Mobile Phone Transaction Alerts
Karachi, December 10, 2024 – The State Bank of Pakistan (SBP) has issued new directives mandating banks to provide free transaction alerts to customers using digital banking services. The initiative aims to enhance the security and transparency of financial transactions conducted through mobile and internet banking platforms.
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FBR Provides Procedure for Claiming Foreign Tax Credit
The Federal Board of Revenue (FBR) has outlined the procedure for resident taxpayers to claim a foreign tax credit under Rule 16 of the Income Tax Rules, 2002. This rule implements Section 103 of the Income Tax Ordinance, 2001, which allows relief for taxes paid abroad, ensuring that resident taxpayers do not face double taxation on their foreign income.
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Relief from Foreign Double Taxation for Resident Persons
The Income Tax Rules, 2002, through Rule 15, provide relief to resident taxpayers from the burden of double taxation on foreign-sourced income. This rule supports Sections 102 and 103 of the Income Tax Ordinance, 2001, which address international double taxation relief for resident individuals.
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FBR Amends Baggage Rules, Issues SRO 2028
Karachi, December 9, 2024 – The Federal Board of Revenue (FBR) has introduced amendments to the Baggage Rules, 2006, through SRO 2028(I)/2024, aiming to tighten regulations and curb misuse of baggage exemptions for commercial purposes.
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SBP Reports 34% Growth in Home Remittances for 5MFY25
Karachi, December 9, 2024 – The State Bank of Pakistan (SBP) announced on Monday that home remittances have experienced a robust growth of 34% during the first five months (July–November) of the fiscal year 2024-25. This surge reflects the resilience of overseas Pakistanis in contributing to the national economy.
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KSE-100 Ends Nears 110,000 Points, Hits Another Record High
Karachi, December 9, 2024 – The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) surged to a new record high on Monday, closing just shy of the 110,000-point milestone. The KSE-100 index ended the session at 109,970 points, marking an impressive gain of 916 points from Friday’s closing of 109,034 points.
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FBR Publishes Names of 5.7 Million Active Taxpayers
Karachi, December 9, 2024 – The Federal Board of Revenue (FBR) has announced the inclusion of over 5.7 million individuals and entities in its Active Taxpayers List (ATL) for the tax year 2024. This reflects an addition of approximately 360,000 new taxpayers since the list’s launch on November 1, 2024, underscoring a significant improvement in tax compliance.
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APTMA Sounds Alarm on EFS Misuse Causing Shutdowns
Karachi, December 9, 2024 – The All Pakistan Textile Mills Association (APTMA), Southern Region, has expressed grave concerns over the widespread misuse of the Export Facilitation Scheme (EFS), which grants exemptions from sales tax and duties on imported cotton and blended yarns. This malpractice is causing severe damage to Pakistan’s textile industry, leading to significant financial losses, widespread unemployment, and closures of domestic manufacturing units.
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Pakistan Customs Establishes Minimum Export Value for Kino
Karachi, December 9, 2024 – Pakistan Customs has announced the minimum export value for Kino for the export season spanning December 1, 2024, to May 15, 2025. This initiative aims to standardize export valuations and address concerns raised by various stakeholders in the fruit export sector.
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