Karachi, August 5, 2024 – In a significant move to modernize and streamline the tax system, the Federal Board of Revenue (FBR) has unveiled new provisions aimed at digitizing the supply chain. Announced on Monday, these changes are part of the Sales Tax Act, 1990, and come in the wake of the Finance Act, 2024.
(more…)Author: Shahnawaz Akhter
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FBR Announces Surge in Active Taxpayers to 5.23 Million
Karachi, August 5, 2024 – The Federal Board of Revenue (FBR) has announced a significant increase in the number of active taxpayers in Pakistan, reaching 5.23 million for the tax year 2023.
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Pakistan Stocks Plunge 1,141 Points Amid Global Downturn
Karachi, August 5, 2024 – The Pakistan stocks experienced a significant drop on Monday, with the benchmark KSE-100 index falling by 1,141 points.
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FBR Outlines Steps for Smooth Income Tax Filing
Karachi, August 4, 2024 – The Federal Board of Revenue (FBR) has released a detailed procedure for taxpayers to seamlessly file their income tax returns for the tax year 2024.
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Deciphering Tax Code: Beginner’s Guide to Income Tax in Pakistan
Understanding the fundamentals of income tax in Pakistan is crucial for individuals and businesses alike before embarking on the process of registration and filing returns. This article provides a basic overview of key concepts to help you navigate the tax landscape.
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Cement Despatches Fall for 11th Straight Month Due to High Taxes
Karachi, August 4, 2024 – The cement industry in Pakistan is grappling with significant challenges as domestic despatches have declined for the eleventh consecutive month, primarily due to heavy taxation and rising input costs. According to the All Pakistan Cement Manufacturers Association (APCMA), this persistent downturn is a major concern for the industry.
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Tax Collection on Payments through Credit Cards Surges 492%
Karachi, August 3, 2024 – The Federal Board of Revenue (FBR) has reported a staggering 492% increase in the collection of withholding tax on foreign payments made through debit and credit cards during the fiscal year 2023-24. The Large Taxpayers Office (LTO) Karachi revealed that the collection soared to Rs 4.7 billion, up from Rs 785 million in the preceding fiscal year.
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FBR Expands Scope of CVT to Residential Houses
Karachi, August 3, 2024 – The Federal Board of Revenue (FBR) has broadened the reach of the capital value tax (CVT) to include residential houses and farmhouses starting from the tax year 2024-25.
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PSX Outlook: Corporate Results Set to Influence Market Trajectory
Karachi, August 3, 2024 – The sentiments at Pakistan Stock Exchange (PSX) will heavily depend on corporate results during the next week starting August 5, 2024. Analysts at Arif Habib Limited forecast that the PSX would maintain a positive trajectory as certain scrips are anticipated to gain prominence amid expectations of robust results.
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Sindh CM Claims Supplying 50% Cheaper Electricity
Karachi, August 2, 2024 – The Chief Minister of Sindh, Syed Murad Ali Shah, on Friday claimed that the province could supply electricity generated from indigenous coal at 50% lower rates than current tariffs.
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