Karachi, November 10, 2024 – The Federal Board of Revenue (FBR) has announced penalties for individuals and businesses who fail to submit their income tax returns and asset declarations by the due date. These penalties are aimed at encouraging timely compliance with tax laws and apply under Section 182 of the Income Tax Ordinance, 2001.
(more…)Author: Shahnawaz Akhter
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KCCI Flays Restoration of Affidavit Condition for Sales Tax Returns
Karachi, November 9, 2024 – The Karachi Chamber of Commerce and Industry (KCCI) expressed its strong opposition on Saturday to the recent reinstatement of the affidavit requirement for filing sales tax returns. KCCI President Muhammad Jawed Bilwani sharply criticized the move, demanding the immediate suspension of the affidavit mandate until substantial consultations with stakeholders have been conducted and effective alternatives identified.
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FBR Sets New Rules for International Cargo Transfers at Ports
Karachi, November 9, 2024 – The Federal Board of Revenue (FBR) has released draft amendments under SRO 1789 (I)/2024 to streamline the inter-port movement of international transshipment cargo within Pakistan.
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CIR Barred from Auditing Tax Records Beyond Six-Year Limit
Karachi, November 9, 2024 – Pakistan’s Income Tax Ordinance, 2001, have set a definitive limit on how long the Commissioner Inland Revenue (CIR) may demand audit records from taxpayers. As per the latest update for the tax year 2024-25, Section 177 stipulates that the CIR may only request records for audit within six years from the end of the relevant tax year.
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Pakistan Stocks Likely to Continue Rally Next Week – Nov 11
Karachi, November 9, 2024 – Pakistan stocks are expected to maintain their record-breaking rally next week, with analysts forecasting continued positive momentum. The main driver of this optimism is the attractive valuations of certain scrips, which are likely to keep drawing investor interest in the coming week.
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FBR Uses Online Data of 28 Departments to Find New Taxpayers
Karachi, November 9, 2024 – The Federal Board of Revenue (FBR) is now getting real-time data from 28 different departments to help find new taxpayers. This data-sharing partnership includes agreements with these organizations, allowing important information to be transferred directly to the FBR.
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FBR Transfers 59 Customs Officers in Strategic Reshuffle
In a major move aimed at strengthening the functioning of Pakistan Customs Service (PCS), the Federal Board of Revenue (FBR) on Friday announced the transfers and postings of 59 officers across various key positions from BS-17 to BS-20. The sweeping reshuffle, which affects both senior and mid-career officers, is part of a broader restructuring strategy under the leadership of the newly appointed FBR chairman.
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FBR Transfers 140 IRS Officers in Sweeping Overhaul
In a sweeping overhaul, the Federal Board of Revenue (FBR) on Friday announced the transfer and reassignment of 140 Inland Revenue Service (IRS) officers across several critical roles. The large-scale reshuffle includes officers in grades BS-17 through BS-20 and is viewed as a strategic move aimed at bolstering revenue generation and addressing the department’s ongoing fiscal challenges.
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KSE-100 Index Hits Record High of 93,292 Points in Ongoing Rally
Karachi, November 8, 2024 – The Pakistan Stock Exchange (PSX) continued its bullish streak on Friday, with the KSE-100 Index reaching an unprecedented peak of 93,292 points. This fresh high reflects an impressive rally as investor optimism mounts, fueled by macroeconomic stability and enhanced investor confidence in equity markets.
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SBP Stresses Urgent Need for Climate Resilience Financing
In a call to action for the financial sector to embrace sustainability, the Governor of the State Bank of Pakistan (SBP), Jameel Ahmad, underscored the critical need to bolster credit allocation for climate-resilient projects and promote environmentally sustainable growth. Speaking at the event “Enabling Green Financing and Green Bonds via Credit Enhancement Solutions,” hosted by InfraZamin Pakistan, the Governor emphasized the growing importance of aligning Pakistan’s financial sector with global shifts toward sustainability.
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