Karachi, October 28, 2024 — Meezan Bank has expressed strong confidence in winning its ongoing tax dispute with the Federal Board of Revenue (FBR), which involves the disallowance of expenses tied to the now-defunct HSBC Bank Middle East – Pakistan Branch.
(more…)Author: Shahnawaz Akhter
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KSE-100 Index Hits Record High at 90,196 Points Amid Volatility
Karachi, October 28, 2024 — The KSE-100 Index of the Pakistan Stock Exchange (PSX) soared to a record high of 90,196 points on Monday, amidst a volatile trading session that saw significant fluctuations.
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Tax Revenue from Electricity Consumption Soars 176% in 1QFY25
Karachi, October 28, 2024 – In a record-breaking surge, Pakistan’s tax authorities reported a 176% increase in revenue collection from advance tax on electricity consumption during the first quarter of fiscal year 2024-25, spanning July to September. The dramatic rise, attributed to escalating power tariffs, underscores the financial strain on consumers while offering the Federal Board of Revenue (FBR) a substantial revenue boost.
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Indus Motor Posts Impressive 58% Profit Surge in Q1
Karachi, October 28, 2024 – Indus Motor Company Limited, the official assembler of Toyota vehicles in Pakistan, has reported a robust 58% increase in net profit for the quarter ending September 2024, fueled by a significant boost in revenue from customer contracts.
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FBR Seals Two Restaurants in Islamabad for Issuing Fake Invoices
Islamabad, October 27, 2024 – The Federal Board of Revenue (FBR) has sealed two prominent restaurants in Islamabad’s commercial districts, Blue Area and Super Market, for allegedly issuing counterfeit invoices through their Point of Sale (POS) systems.
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FBR Clarifies Role of DG Customs Intelligence and Investigation
The Federal Board of Revenue (FBR) issued a formal clarification on Sunday, addressing recent media reports that misrepresented the role and achievements of the Directorate General of Intelligence and Investigation (Customs).
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FBR Sets Valuation for Your Immovable Property: Check Now
The Federal Board of Revenue (FBR) has officially set the valuation of immovable properties, a significant move aimed at enhancing the collection of withholding tax.
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Rupee Likely to Trade in Narrow Range Against Dollar Next Week
The Pakistani rupee is anticipated to maintain a narrow trading range against the US dollar over the forthcoming week. Market participants are keenly awaiting the State Bank of Pakistan’s (SBP) interest rate decision on November 4, which is expected to significantly influence the local currency’s trajectory.
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FBR Prepares Post-Deadline Crackdown to Enforce Strict Tax Compliance
Karachi, October 27, 2024 – The Federal Board of Revenue (FBR) is set to initiate a sweeping crackdown on individuals who have failed to submit their income and asset declarations by the approaching October 31 deadline.
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FBR Appoints Wajid Ali as New Member of Customs Policy
Karachi, October 26, 2024 – The Federal Board of Revenue (FBR) has appointed Wajid Ali, a senior BS-21 officer from the Pakistan Customs Service (PCS), as the new Member of Customs Policy.
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