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.
(more…)Author: Shahnawaz Akhter
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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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FBR Enacts Amendments to Vehicle Import Rules for Tourists
Karachi, October 25, 2024 – The Federal Board of Revenue (FBR) has announced significant amendments to regulations governing the temporary import of vehicles by tourists, aimed at enhancing compliance and ensuring that imported vehicles are utilized solely for travel purposes.
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FBR Revises Baggage Rules to Seize Commercial Quantity Goods
Karachi, October 25, 2024 – The Federal Board of Revenue (FBR) has proposed amendments to the Baggage Rules, 2006, introducing provisions for the confiscation of goods brought into Pakistan in commercial quantities. The draft amendments, published through SRO 1649(I)/2024, signal FBR’s intent to intensify regulatory scrutiny over items entering the country under personal baggage exemptions.
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SBP Briefs Global Investors on Pakistan’s Promising Outlook
Karachi, October 25, 2024 – Jameel Ahmad, Governor of the State Bank of Pakistan (SBP), met with international rating agencies and global investors during events hosted by prominent financial institutions, including Standard Chartered, JP Morgan, Bank of America, and Jefferies. These meetings took place on the sidelines of the 2024 IMF-World Bank annual gatherings in Washington, DC.
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FBR Imposes Major Penalty on Customs Officer in Corruption Case
Karachi, October 25, 2024 – The Federal Board of Revenue (FBR) has imposed a severe disciplinary penalty, removing customs officer Shahid Naseem Joiya from service due to corruption and serious misconduct.
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