Karachi, October 23, 2024 – The Federal Board of Revenue (FBR) has issued a detailed procedure outlining the tax assessment for individuals planning to leave Pakistan, ensuring compliance with Section 145 of the Income Tax Ordinance, 2001. This move seeks to address the tax liabilities of those departing the country with no intention of returning.
(more…)Author: Shahnawaz Akhter
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FBR Targets High Net Worth Non-Filers in Intensified Tax Audit for 2023
Karachi, October 23, 2024 – The Federal Board of Revenue (FBR) has launched a rigorous crackdown on high net worth individuals who have failed to file their income tax returns for the tax year 2023.
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UBL Posts Record Quarterly Earnings of Rs 18.3 Billion in 3Q2024
Karachi, October 23, 2024 – United Bank Limited (UBL) has announced its highest-ever quarterly earnings, reporting a remarkable profit of Rs18.3 billion for the third quarter of 2024 (3Q2024), translating to an earnings per share (EPS) of Rs14.96. This represents a 24% year-on-year (YoY) and quarter-on-quarter (QoQ) increase, aligning with market expectations.
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KSE-100 Index Rises by 409 Points Amid Institutional Buying
Karachi, October 22, 2024 – The Pakistan Stock Exchange (PSX) witnessed a strong performance on Tuesday as the benchmark KSE-100 index surged by 409 points, driven by institutional buying and robust corporate earnings.
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FBR Launches Power Cut Drive Against Unregistered Taxpayers
Karachi, October 22, 2024 – The Federal Board of Revenue (FBR) has initiated the disconnection of electricity connections for individuals and businesses who have failed to obtain mandatory sales tax registration. This decisive action is part of a broader effort to tighten compliance and curtail revenue losses.
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FBR to Terminate Active Status of 6.1 Million Taxpayers Under New Amendments
Karachi, October 21, 2024 — The Federal Board of Revenue (FBR) is poised to terminate the active status of approximately 6.1 million taxpayers as a result of recent amendments introduced to the Income Tax Rules, 2002. These changes will impact taxpayers who fail to meet the deadline for filing income tax returns for the tax year 2024.
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Foreign Direct Investment Surges by Over 48% in 1QFY25: SBP
Karachi, October 21, 2024 – The State Bank of Pakistan (SBP) announced on Monday a remarkable increase in foreign direct investment (FDI), which surged by over 48% in the first quarter (July-September) of the fiscal year 2024-25.
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KSE-100 Index Surges Over 800 Points Amid Political Certainty
Karachi, October 21, 2024 – The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) soared by over 800 points on Monday, crossing the 86,000 mark in response to heightened political clarity. The index closed at 86,057 points, a notable increase from last Friday’s closing of 85,250 points, marking a gain of 807 points or 0.95%.
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Pakistan’s Current Account Deficit Narrows by 92% in 1QFY25
Karachi, October 21, 2024 – Pakistan’s current account deficit sharply contracted by a staggering 92% year-on-year (YoY) in the first quarter of the fiscal year 2024-25, according to data released by the State Bank of Pakistan (SBP) on Monday.
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FBR Enforces Mechanism for Tax Recovery via Third Parties
Karachi, October 21, 2024 – The Federal Board of Revenue (FBR) has issued a new mechanism enabling the recovery of unpaid taxes through third parties. This procedure, codified under Section 140 of the Income Tax Ordinance, 2001, empowers the government to recover outstanding taxes by requiring entities or individuals holding money on behalf of the taxpayer to make direct payments to the government, according to the FBR.
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