Karachi, July 4, 2024 – Pakistanis are urged to fill their tanks today as the Pakistan Petroleum Dealers Association (PPDA) prepares for a nationwide strike starting tomorrow, July 5th. The strike, which could last more than a day, comes after failed negotiations between the PPDA and the government regarding a newly imposed tax.
(more…)Author: Shahnawaz Akhter
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SBP Tightens Oversight on Foreign Currency Accounts
Karachi, July 3, 2024 – The State Bank of Pakistan (SBP) on Wednesday issued a directive to all banks, requiring detailed submissions of transactions conducted through foreign currency accounts (FCA).
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SRB Introduces 3% Sales Tax for Hospital Rooms and Beds
Karachi, July 3, 2024 – The Sindh Revenue Board (SRB) has implemented a reduced rate of 3% sales tax on services provided by hospitals for rooms and beds, effective from July 1, 2024.
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Finance Act, 2024: Rs100M Penalty for Failure in ITGO Compliance
Karachi, July 3, 2024 – The Finance Act, 2024, has introduced significant penalties for utility providers failing to comply with the Income Tax General Order (ITGO). The government has recommended a penalty of up to Rs 100 million for non-compliance.
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Mari Mining Gets Mineral Licenses for Exploration in Balochistan
Karachi, July 3, 2024 – Mari Mining Company Private Limited announced on Wednesday that it has secured mineral exploration licenses in Chagai, Balochistan. The company, a wholly-owned subsidiary of Mari Petroleum Company Limited (MPCL), disclosed this development in a communication shared with the Pakistan Stock Exchange (PSX).
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Prof. Sharif Becomes First Pakistani to Chair WFNS Committee
Karachi, July 3, 2024 – In a historic achievement for Pakistan, Prof. Salman Sharif, Head of Neurosurgery at Liaquat National Hospital & Medical College, has been appointed as the Coordinator of the World Federation of Neurosurgical Societies (WFNS) Committee.
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Motor Vehicle Tax Rates Updated by Sindh Finance Act 2024
Karachi, July 3, 2024 – The Sindh government has issued updated motor vehicle tax rates under the Sindh Finance Act, 2024. These new rates, applicable from July 1, 2024, aim to standardize the tax regime for both imported and locally manufactured vehicles, reflecting the government’s strategy to balance revenue generation with promoting local automotive industries.
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Sindh Implements Standard Sales Tax Rate at 15%
Karachi, July 2, 2024 – The Sindh government has officially increased the standard rate of sales tax on services from 13% to 15%, effective from July 1, 2024. This change, outlined in the provincial budget for 2024-25, marks a significant adjustment in the province’s tax regime.
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Pakistan Seeks Bigger Bite of IMF Apple: Requests $10 Billion
Islamabad, July 2, 2024 – Pakistan has requested the International Monetary Fund (IMF) to expand its proposed bailout package to $10 billion, citing the country’s deteriorating economic conditions.
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SSGC in Gridlock: Sales Tax Return Woes Disrupt Supply Chain
Karachi, July 2, 2024 – Sui Southern Gas Company Limited (SSGC), a major gas utility company in Pakistan, is facing a bureaucratic nightmare due to an anomaly in a recent tax regulation. This anomaly has thrown SSGC’s sales tax return for April 2024 into disarray, creating a ripple effect that is disrupting the entire supply chain.
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