Karachi, July 25, 2024 – Business owners across Pakistan have expressed heightened pessimism about their future prospects, citing continued political turmoil and a new tax-heavy budget as major concerns, according to a recent Gallup Pakistan survey.
(more…)Author: Shahnawaz Akhter
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FBR Unveils Harsh Penalties for Tax Fraud in Latest Reform Blitz
Karachi, July 25, 2024 – The Federal Board of Revenue (FBR) has implemented stringent penalties for sales tax fraud, signaling a robust crackdown on offenders under amended legislation.
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FBR Imposes 25% Sales Tax on Imported Mobile Phones
Karachi, July 25, 2024 – The Federal Board of Revenue (FBR) has announced new sales tax rates on imported mobile phones, effective immediately. The revised tax structure, introduced through amendments in the Finance Act of 2024, aims to regulate the import and sale of mobile phones in Pakistan.
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FBR Fixes Income Tax Rates for Shops in Lahore Areas
Lahore, July 25, 2024 – The Federal Board of Revenue (FBR) has established fixed income tax rates based on the value of shops located in various areas of Lahore. This move aims to streamline tax collection from shopkeepers and retailers across the city.
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KCCI Signals Street Protests as Last Resort for Economic Relief
Karachi, July 24, 2024: The Karachi Chamber of Commerce and Industry (KCCI) has suggested that street protests might be the only effective method to compel the government to address pressing economic issues.
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Market Survey Foresees SBP Slashing Rate to 19.5%
Karachi, July 24, 2024 – A recent survey conducted by Topline Securities Limited indicates a strong likelihood that the State Bank of Pakistan (SBP) will reduce its benchmark interest rate to 19.5%, down from the current 20.5%. This anticipated decision will be formally deliberated during the SBP’s Monetary Policy Committee (MPC) meeting scheduled for July 29, 2024.
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KATI Warns of Challenges in Achieving $60 Billion Export Target
Karachi, July 24, 2024 – The Korangi Association of Trade and Industry (KATI) has raised significant concerns over the government’s ambitious target of achieving $60 billion in exports within the next three years. In a recent statement, KATI President Qandhari highlighted the substantial challenges posed by high production costs and heavy taxation on the export sector.
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Sindh Releases Tax Card for Banking Services in TY 2025
Karachi, July 24, 2024 – The Sindh Revenue Board (SRB) has unveiled a tax card detailing the sales tax rates on banking services for the tax year 2024-25. This release follows amendments made through the provincial Finance Act, 2024.
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SRB Slaps 15% Sales Tax on Insurance Services
Karachi, July 24, 2024 – The Sindh Revenue Board (SRB) has imposed a 15 percent sales tax on insurance services provided within the Sindh province, effective immediately.
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PBC Raises Concerns Over Ambitious $65 Billion Export Target
Karachi, July 24, 2024 – The Pakistan Business Council (PBC), a leading advocacy group for Pakistani businesses, has expressed reservations about the government’s ambitious export target of $65 billion to be achieved within the next three years.
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