Islamabad, November 13, 2024 – The Federal Board of Revenue (FBR) is contemplating a strategic reversal of the sales tax exemption on petroleum products, potentially introducing a modest 5-7% tax to stabilize fiscal revenues amid a challenging economic landscape.
(more…)Author: Shahnawaz Akhter
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FBR Transfers Batch of IRS Officers of BS-19 and BS-20
Islamabad, November 12, 2024 – The Federal Board of Revenue (FBR) has announced the immediate transfer and posting of a batch of Inland Revenue Service (IRS) officers at the BS-19 and BS-20 levels.
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Pakistan Stocks Slide by 424 Points Amid Profit-Taking
Karachi, November 12, 2024 – Pakistan stocks experienced a notable decline on Tuesday, with the benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) dropping by 424 points. The index closed at 93,224 points, down from the previous day’s close of 93,648 points, as investors engaged in significant profit-taking after recent market gains.
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Pakistan May Introduce Mini Budget Amid Tax Shortfall Concerns
Karachi, November 12, 2024 – As Pakistan faces a widening revenue gap, the government is preparing for the introduction of another mini budget to bridge the anticipated fiscal shortfall for the year 2024-25. With the International Monetary Fund (IMF) delegation currently reviewing the nation’s progress under the Extended Fund Facility (EFF), sources indicate that the mini budget is expected to follow closely after the completion of the IMF team’s visit.
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Pakistan’s Total Debt, Liabilities Rise to Rs 85.84 Trillion in 1QFY25
Karachi, November 11, 2024 – Pakistan’s fiscal challenges intensified as total debt and liabilities surged to Rs 85.84 trillion by the end of the first quarter of FY2024-25, the State Bank of Pakistan (SBP) reported Monday.
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IRSOA Condemns Unlawful Detention of RTO Karachi Officers
Islamabad, November 11, 2024 – The Inland Revenue Service Officers Association (IRSOA) has issued a stern condemnation regarding the unlawful detention of a team from the Regional Tax Office (RTO) Karachi, led by Assistant Commissioner (IR) Rai Hamza Ahmed. The incident, which occurred at a private wedding hall, saw the officers and their staff detained for over four hours while they were performing their official duties.
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KSE-100 Index Fails to Sustain 94K Level, Closes at Record High
Karachi, November 11, 2024 – The KSE-100 index, Pakistan Stock Exchange’s (PSX) benchmark, reached an all-time high of 94,020 points on Monday before slipping slightly to close at a record 93,648 points. The KSE-100 index gained 356 points from last Friday’s close of 93,292 points, marking a 0.38% increase and maintaining its upward trajectory.
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FBR Updates ATL, Adding 130K New Active Taxpayers
Karachi, November 11, 2024 – The Federal Board of Revenue (FBR) has officially updated the Active Taxpayers List (ATL) for the tax year 2024, revealing that 5.47 million individuals now hold active taxpayer status.
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FBR Penalizes Property Purchases Made Through Cash Payments
Karachi, November 11, 2024 – In a move aimed at curbing illicit financial activities, the Federal Board of Revenue (FBR) has announced that individuals purchasing immovable property worth Rs 5 million or more through cash payments will face penalties.
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FBR Urgently Transfers Three Senior Customs Officers to HQ
Islamabad, November 10, 2024 – The Federal Board of Revenue (FBR) has issued a special notification transferring three senior officers of the Pakistan Customs Service (PCS), in grade BS-19, to FBR Headquarters in Islamabad. The transfers were announced on Sunday, a non-working day, highlighting the urgency behind these new postings.
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