Islamabad, October 30, 2024 – In a move aimed at aligning property values with actual market rates, the Federal Board of Revenue (FBR) has revised the valuations of immovable properties across Pakistan, significantly impacting withholding tax collection.
(more…)Author: Shahnawaz Akhter
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SBP Levies Rs 290.71 Million in Penalties on Habib Bank
Karachi, October 29, 2024 — The State Bank of Pakistan (SBP) has imposed a hefty penalty of Rs 290.71 million on Habib Bank Limited (HBL) over the first nine months of 2024, marking a significant increase in regulatory fines compared to the same period last year.
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Tax Collection on Cash Withdrawals Drops 15% in Q1 FY2025
Karachi, October 29, 2024 — The Federal Board of Revenue (FBR) reported a 15% decline in tax collection on cash withdrawals in the first quarter (Q1) of the fiscal year 2024-25, highlighting the effects of an aggressive return-filing drive.
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KSE-100 Index Continues Record-Breaking Rally on Strong Corporate Earnings
Karachi, October 29, 2024 — The Pakistan Stock Exchange (PSX) witnessed yet another surge as its benchmark KSE-100 index soared to new record levels, driven by robust corporate earnings and substantial institutional buying.
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Pakistan Honors Dedicated Service of Sajidullah Siddiqui
Karachi, October 29, 2024 — The Government of Pakistan has formally recognized the remarkable contributions of Sajidullah Siddiqui, a BS-21 officer of the Inland Revenue Service (IRS), who is set to retire in March 2025.
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FBR Transfers 14 Senior Customs Officials in Major Shake-Up
Islamabad, October 29, 2024 — The Federal Board of Revenue (FBR) has issued a significant reshuffle of top Pakistan Customs Service (PCS) officials, transferring and posting 14 senior officers across key positions.
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SBP Reports 85% Surge in Foreign Profit Repatriation in Q1 FY25
Karachi, October 28, 2024 – The State Bank of Pakistan (SBP) reported a significant 85% rise in the repatriation of profits and dividends by foreign investors during the first quarter of the fiscal year 2024-25, reflecting a sharp increase in the outflow of funds.
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Tax Deduction on Salary Income under Section 149 of ITO
Karachi, October 28, 2024 – The Federal Board of Revenue (FBR) has explained the deduction of tax at source from salary payments, as stipulated under Section 149 of the Income Tax Ordinance, 2001.
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Meezan Bank Anticipates Victory in Complex HSBC Tax Dispute
Karachi, October 28, 2024 — Meezan Bank has expressed strong confidence in winning its ongoing tax dispute with the Federal Board of Revenue (FBR), which involves the disallowance of expenses tied to the now-defunct HSBC Bank Middle East – Pakistan Branch.
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KSE-100 Index Hits Record High at 90,196 Points Amid Volatility
Karachi, October 28, 2024 — The KSE-100 Index of the Pakistan Stock Exchange (PSX) soared to a record high of 90,196 points on Monday, amidst a volatile trading session that saw significant fluctuations.
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