Karachi, August 6, 2024 — The Overseas Investors Chamber of Commerce and Industry (OICCI) has unveiled its 2023 annual economic contribution survey, revealing that foreign investors have significantly bolstered Pakistan’s economy over the past decade. From 2013 to 2023, these investors injected an impressive $22.6 billion into the country, surpassing the net Foreign Direct Investment (FDI) of $19.8 billion received during the same period.
(more…)Author: Shahnawaz Akhter
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Karachi poised to be maritime hub with $2bn Maersk investment
Karachi, August 5, 2024 — Federal Minister for Maritime Affairs Qaiser Ahmed Sheikh has lauded the Karachi Chamber of Commerce for its exceptional execution of the 19th My Karachi Exhibition. During his remarks following the event’s closing at the Karachi Expo Center,
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FBR Expands Definition of Tax Fraud to Close Loopholes
Karachi, August 5, 2024 – In a decisive move to combat tax evasion and bolster revenue integrity, the Federal Board of Revenue (FBR) has significantly broadened the definition of sales tax fraud.
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FBR Rolls Out Major Reforms for Supply Chain Digitization
Karachi, August 5, 2024 – In a significant move to modernize and streamline the tax system, the Federal Board of Revenue (FBR) has unveiled new provisions aimed at digitizing the supply chain. Announced on Monday, these changes are part of the Sales Tax Act, 1990, and come in the wake of the Finance Act, 2024.
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FBR Announces Surge in Active Taxpayers to 5.23 Million
Karachi, August 5, 2024 – The Federal Board of Revenue (FBR) has announced a significant increase in the number of active taxpayers in Pakistan, reaching 5.23 million for the tax year 2023.
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Pakistan Stocks Plunge 1,141 Points Amid Global Downturn
Karachi, August 5, 2024 – The Pakistan stocks experienced a significant drop on Monday, with the benchmark KSE-100 index falling by 1,141 points.
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FBR Outlines Steps for Smooth Income Tax Filing
Karachi, August 4, 2024 – The Federal Board of Revenue (FBR) has released a detailed procedure for taxpayers to seamlessly file their income tax returns for the tax year 2024.
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Deciphering Tax Code: Beginner’s Guide to Income Tax in Pakistan
Understanding the fundamentals of income tax in Pakistan is crucial for individuals and businesses alike before embarking on the process of registration and filing returns. This article provides a basic overview of key concepts to help you navigate the tax landscape.
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Cement Despatches Fall for 11th Straight Month Due to High Taxes
Karachi, August 4, 2024 – The cement industry in Pakistan is grappling with significant challenges as domestic despatches have declined for the eleventh consecutive month, primarily due to heavy taxation and rising input costs. According to the All Pakistan Cement Manufacturers Association (APCMA), this persistent downturn is a major concern for the industry.
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Tax Collection on Payments through Credit Cards Surges 492%
Karachi, August 3, 2024 – The Federal Board of Revenue (FBR) has reported a staggering 492% increase in the collection of withholding tax on foreign payments made through debit and credit cards during the fiscal year 2023-24. The Large Taxpayers Office (LTO) Karachi revealed that the collection soared to Rs 4.7 billion, up from Rs 785 million in the preceding fiscal year.
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