Karachi, October 28, 2024 – In a record-breaking surge, Pakistan’s tax authorities reported a 176% increase in revenue collection from advance tax on electricity consumption during the first quarter of fiscal year 2024-25, spanning July to September. The dramatic rise, attributed to escalating power tariffs, underscores the financial strain on consumers while offering the Federal Board of Revenue (FBR) a substantial revenue boost.
(more…)Author: Shahnawaz Akhter
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Indus Motor Posts Impressive 58% Profit Surge in Q1
Karachi, October 28, 2024 – Indus Motor Company Limited, the official assembler of Toyota vehicles in Pakistan, has reported a robust 58% increase in net profit for the quarter ending September 2024, fueled by a significant boost in revenue from customer contracts.
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FBR Seals Two Restaurants in Islamabad for Issuing Fake Invoices
Islamabad, October 27, 2024 – The Federal Board of Revenue (FBR) has sealed two prominent restaurants in Islamabad’s commercial districts, Blue Area and Super Market, for allegedly issuing counterfeit invoices through their Point of Sale (POS) systems.
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FBR Clarifies Role of DG Customs Intelligence and Investigation
The Federal Board of Revenue (FBR) issued a formal clarification on Sunday, addressing recent media reports that misrepresented the role and achievements of the Directorate General of Intelligence and Investigation (Customs).
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FBR Sets Valuation for Your Immovable Property: Check Now
The Federal Board of Revenue (FBR) has officially set the valuation of immovable properties, a significant move aimed at enhancing the collection of withholding tax.
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Rupee Likely to Trade in Narrow Range Against Dollar Next Week
The Pakistani rupee is anticipated to maintain a narrow trading range against the US dollar over the forthcoming week. Market participants are keenly awaiting the State Bank of Pakistan’s (SBP) interest rate decision on November 4, which is expected to significantly influence the local currency’s trajectory.
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FBR Prepares Post-Deadline Crackdown to Enforce Strict Tax Compliance
Karachi, October 27, 2024 – The Federal Board of Revenue (FBR) is set to initiate a sweeping crackdown on individuals who have failed to submit their income and asset declarations by the approaching October 31 deadline.
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FBR Appoints Wajid Ali as New Member of Customs Policy
Karachi, October 26, 2024 – The Federal Board of Revenue (FBR) has appointed Wajid Ali, a senior BS-21 officer from the Pakistan Customs Service (PCS), as the new Member of Customs Policy.
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Stock Market to Sustain Momentum Amid Anticipated Rate Cuts
Karachi, October 26, 2024 – The stock market is poised to maintain its bullish momentum next week as investors anticipate a significant policy rate cut, according to analysts at Arif Habib Limited.
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FBR Outlines Import Tax Collection Process for Tax Year 2025
Karachi, October 26, 2024 – The Federal Board of Revenue (FBR) has detailed the process for collecting advance tax at the import stage for the fiscal year 2024-25. According to the FBR, this process is primarily governed by Section 148 of the Income Tax Ordinance, 2001.
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