Karachi, November 1, 2024 – The Federal Board of Revenue (FBR) has imposed a substantial tax demand against Bank Makramah, citing discrepancies in its financial reporting. According to the bank’s recently published financial statement, the FBR has disputed various tax treatments applied by Bank Makramah, leading to huge tax demand, which the bank has challenged through appeals.
(more…)Author: Shahnawaz Akhter
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FBR Unveils ATL 2024: 5.34 Million Taxpayers Get Active Status
Islamabad, November 1, 2024 – The Federal Board of Revenue (FBR) released its Active Taxpayers List (ATL) on Friday, marking a pivotal shift in Pakistan’s tax compliance framework. This year’s ATL reflects filings based on income tax returns for the fiscal year 2024, with approximately 5.34 million taxpayers now classified as active following timely submissions by October 31, 2024.
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New Valuations for Karachi Properties: FBR Issues SRO 1724
Karachi, October 31, 2024 – The Federal Board of Revenue (FBR) has announced new valuations for immovable properties in Karachi, ushering in significant changes to the property landscape with implications for withholding tax collection. Issued under SRO 1724(I)/2024 on October 29, 2024, the updated valuations will take effect on November 1, 2024, and apply to properties spanning Karachi’s residential, commercial, and industrial sectors.
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Pakistan’s Foreign Exchange Reserves Rise by $32 Million
Karachi, October 31, 2024 – Pakistan’s foreign exchange reserves posted a modest uptick, increasing by $32 million over the past week, as revealed by the latest data from the State Bank of Pakistan (SBP) on Thursday.
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FBR Introduces Real-Time Tax System to Prevent Evasion
Islamabad, October 31, 2024 – The Federal Board of Revenue (FBR) has introduced an advanced Stock Register system via its new Information Center 2.0 platform, enhancing tax compliance and transparency for businesses across Pakistan.
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Pakistan Records Historic Budget Surplus After Decades of Deficits
Karachi, October 31, 2024 – In a landmark development, Pakistan has reported its first budget surplus in decades, marking a significant turnaround for the nation’s economic landscape. The surplus, recorded at 1.4% of the GDP for the first quarter (July-September) of the fiscal year 2024-25, reflects an amount of PKR 1.7 trillion. This achievement comes amid Pakistan’s longstanding struggle with fiscal deficits and spiraling debt.
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UBL to Transform KP and Balochistan Regions into Islamic Banking
Karachi, October 31, 2024 – United Bank Limited (UBL) has unveiled ambitious plans to transition the entire Khyber Pakhtunkhwa (KP) and Balochistan regions to Islamic banking. This strategic move was announced during a corporate briefing organized by Topline Securities, featuring insights from UBL President Muhammad Jawaid Iqbal.
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FBR Revises Property Valuations for Lahore with New SRO 1722
Islamabad, October 31, 2024 – The Federal Board of Revenue (FBR) has announced a significant revision in property valuations for Lahore, issuing SRO 1722(I)/2024 on October 29, 2024.
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PSO Discloses Billions in Tax Contingencies Amid Ongoing Appeals
Karachi, October 31, 2024 – Pakistan State Oil (PSO) has revealed substantial tax contingencies totaling billions of rupees as of September 30, 2024, according to its latest financial report.
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Non-Filers’ Nightmare: FBR Set to Release ATL 2024
The Federal Board of Revenue (FBR) is poised to unveil the Active Taxpayers List (ATL) for 2024, a move that signals a stern warning for non-filers.
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