Karachi, August 7, 2024 – MCB Bank has announced a record-breaking profit before tax (PBT) for the first half of 2024, reaching Rs 62.7 billion, a 16% increase from the previous year.
(more…)Author: Shahnawaz Akhter
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FBR Reduces FED on Air Tickets to Rs 5,000 for Labour Visa
Karachi, August 7, 2024 – The Federal Board of Revenue (FBR) has announced a reduction in the Federal Excise Duty (FED) on air tickets for passengers holding labour visas. Effective immediately, the FED on such tickets will be reduced to a fixed rate of Rs 5,000 per ticket, a substantial relief for those embarking on international journeys from Pakistan to Gulf Cooperation Council (GCC) countries.
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FBR Collects Rs 12 Billion Withholding Tax on Cash Withdrawal
Karachi, August 7, 2024 – The Federal Board of Revenue (FBR) successfully garnered approximately Rs 12 billion through the imposition of withholding tax on cash withdrawals from banks in the fiscal year 2023-24.
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FBR Gets Powers to Fix Value of Third Schedule Items
Karachi, August 7, 2024 – The Federal Board of Revenue (FBR) has been granted significant new powers to fix the value of items listed under the Third Schedule of the Sales Tax Act, 1990.
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Finance Act 2024 Redefines Time of Supply: FBR
Karachi, August 7, 2024 – The Federal Board of Revenue (FBR) has announced a significant redefinition of the “time of supply” under sales tax law, as stipulated in the Finance Act, 2024.
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FBR Announces Stringent Sales Tax Penalties
Karachi, August 7, 2024 – The Federal Board of Revenue (FBR) has announced the imposition of stringent penalties related to sales tax violations. The new measures were detailed in Sales Tax Circular No. 3, which elaborates on amendments to the sales tax laws introduced through the Finance Act, 2027.
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OGDCL Announces Major Gas Discovery in Pakistan
Karachi, August 6, 2024 – The Oil and Gas Development Company Limited (OGDCL), a prominent player in Pakistan’s energy sector, has announced a significant new gas discovery in the country.
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Foreign Investors Infuse $22 Billion into Pakistan Over 10 Years
Karachi, August 6, 2024 — The Overseas Investors Chamber of Commerce and Industry (OICCI) has unveiled its 2023 annual economic contribution survey, revealing that foreign investors have significantly bolstered Pakistan’s economy over the past decade. From 2013 to 2023, these investors injected an impressive $22.6 billion into the country, surpassing the net Foreign Direct Investment (FDI) of $19.8 billion received during the same period.
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Karachi poised to be maritime hub with $2bn Maersk investment
Karachi, August 5, 2024 — Federal Minister for Maritime Affairs Qaiser Ahmed Sheikh has lauded the Karachi Chamber of Commerce for its exceptional execution of the 19th My Karachi Exhibition. During his remarks following the event’s closing at the Karachi Expo Center,
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FBR Expands Definition of Tax Fraud to Close Loopholes
Karachi, August 5, 2024 – In a decisive move to combat tax evasion and bolster revenue integrity, the Federal Board of Revenue (FBR) has significantly broadened the definition of sales tax fraud.
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