Karachi, November 4, 2024 – In a move aimed at reinforcing transparency and broadening the tax net, the Federal Board of Revenue (FBR) has instructed banks to provide detailed information on account holders involved in transactions subject to withholding tax deductions.
(more…)Author: Shahnawaz Akhter
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SBP Projects Rs 1.3 Trillion Interest Expense Savings on Rate Cuts
Karachi, November 4, 2024 – The State Bank of Pakistan (SBP) projects significant fiscal savings following its recent policy rate cuts, estimating that total interest expenses for the fiscal year 2024-25 will decrease to Rs 8.5 trillion from the initially budgeted Rs 9.8 trillion.
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FPCCI Voices Disappointment Over SBP’s 2.5% Policy Rate Cut
Karachi, November 4, 2024 – The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has expressed dismay at the State Bank of Pakistan’s (SBP) recent decision to reduce the policy rate by only 2.5%, calling it insufficient for the economic needs of the country. Businesses had hoped for a more substantial cut, at least 500 basis points, given the sharp decline in inflation.
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FPCCI Proposes Essential Amendments to Petroleum Act 1934
Karachi, November 4, 2024 – The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has proposed essential amendments to the Petroleum Act of 1934, emphasizing the need for modernization to address the evolving demands of the petrochemical industry.
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KCCI Criticizes SBP’s 2.5% Policy Rate Cut as Inadequate
Karachi, November 4, 2024 – The Karachi Chamber of Commerce and Industry (KCCI) expressed strong dissatisfaction on Monday with the State Bank of Pakistan’s (SBP) decision to reduce the benchmark policy rate by 2.5%, deeming the measure insufficient to address the needs of Pakistan’s business community.
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SBP Slashes Benchmark Policy Rate by 250 Basis Points to 15%
Karachi, November 4, 2024 – In a bold move, the State Bank of Pakistan (SBP) announced a significant reduction in the country’s benchmark interest rate by 250 basis points (bps), bringing it down to 15%. The central bank’s decision, effective from November 5, 2024, reflects growing confidence in the ongoing disinflation trend, with inflation moderating closer to the SBP’s medium-term target range.
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Falling Corporate Profitability Undermines FBR Tax Projections
Karachi, November 4, 2024 – The Federal Board of Revenue (FBR) finds itself grappling with a widening gap in tax targets, exacerbated by a sharp decline in corporate profitability for the first quarter of the fiscal year 2024-25. This financial shortfall underscores the mounting difficulties the FBR faces in achieving its ambitious revenue goals amid a complex economic landscape.
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FTO Directs FBR to Define SOPs for Reactivating Blocked SIMs
Islamabad, November 3, 2024 – The Federal Tax Ombudsman (FTO) has formally directed the Federal Board of Revenue (FBR) to establish a standardized operating procedure (SOP) for taxpayers affected by blocked mobile phone SIMs, ensuring clear guidelines for their reactivation.
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FBR Introduces Simplified Procedure for Income Tax Refunds
Karachi, November 3, 2024 – The Federal Board of Revenue (FBR) has issued a streamlined procedure for taxpayers seeking income tax refunds under the Income Tax Ordinance, 2001. In a detailed announcement, the FBR outlined the steps required to apply for refunds under Section 170 of the ordinance, providing clarity for taxpayers who have paid more tax than what they owe.
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Rupee Expected to Remain Steady Against Dollar from Nov 4
Karachi, November 3, 2024 – The Pakistani rupee is projected to hold steady against the U.S. dollar in the upcoming week, supported by improving economic fundamentals and increased foreign capital inflows, according to currency analysts. For the week ending November 1, the rupee traded within a narrow range against the dollar, signaling a potential period of sustained stability.
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