Karachi, July 22, 2024 – Pakistan stocks experienced a sharp decline on Monday, plummeting 1,579 points due to the uncertain political conditions in the country.
(more…)Author: Shahnawaz Akhter
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Banking Mohtasib Provides Relief of Rs 681 Million in 1HCY24
Karachi, July 22, 2024 – The Banking Mohtasib Pakistan has provided significant monetary relief to banking customers, amounting to Rs 681.07 million, by resolving 12,568 complaints during the first half of the current calendar year, 2024.
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Sindh Imposes 15% Sales Tax on Travel Agents, Tour Operators
Karachi, July 22, 2024 – The Sindh government has announced a 15% sales tax on services provided by travel agents and tour operators for the tax year 2024-25. This decision, formalized through the provincial Finance Act, 2024, marks an increase in the sales tax rates for these services.
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SRB Notifies Tax Rates for Advertisement Services in TY2025
Karachi, July 22, 2024 – The Sindh Revenue Board (SRB) has announced new sales tax rates for advertisement services for the tax year 2024-25. The rates were issued following amendments made through the provincial Finance Act, 2024.
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What Documents Are Required for Return Filing in 2024?
The Federal Board of Revenue (FBR) has opened its online portal for filing annual income tax returns for the tax year 2024. As the deadline approaches, taxpayers must be aware of the necessary documents to avoid penalties.
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NCCPL Notifies CGT Rates Updated Through Finance Act 2024
Karachi, July 21, 2024 – The National Clearing Company of Pakistan Limited (NCCPL) has announced updated capital gains tax (CGT) rates as mandated by the Finance Act, 2024. The NCCPL, which collects taxes on behalf of the Federal Board of Revenue (FBR), has outlined the new rates applicable from July 1, 2024, for income generated within Pakistan’s capital markets.
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Government Unveils Petroleum Levy Collection Plan till FY27
Karachi, July 21, 2024 – The Pakistani government has unveiled a comprehensive strategy for the collection of petroleum levy, a crucial non-tax revenue source, with ambitious targets set through the fiscal year 2026-27.
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FBR Aims to Boost Tax-to-GDP Ratio to 11.50% in Three Years
Karachi, July 21, 2024 – The Federal Board of Revenue (FBR) has set an ambitious target to elevate Pakistan’s tax-to-GDP ratio to 11.50 percent within the next three years. This initiative aims to significantly improve from the current 8.73 percent recorded for the fiscal year 2023-24.
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FBR Adopts AI as Key Tool to Detect Tax Non-Compliance
Karachi, July 21, 2024 – The Federal Board of Revenue (FBR) has adopted artificial intelligence (AI) as a pivotal tool to detect non-compliance in the country’s tax system, according to official sources.
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Sindh Imposes 15% Sales Tax on Restaurants for TY2025
Karachi, July 20, 2024 – The Sindh government has imposed a 15 percent sales tax on services rendered by restaurants across the province. The Sindh Revenue Board (SRB) announced the new working tariff for the tax year 2024-25, reflecting amendments introduced through the provincial finance act of 2024.
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