Karachi, September 27, 2024 – In a significant move aimed at managing public debt and liquidity in the financial markets, the State Bank of Pakistan (SBP) has announced its decision to conduct an auction for the buyback of Market Treasury Bills (MTBs).
(more…)Author: Shahnawaz Akhter
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FBR Elaborates CGT on Asset Disposal Outside Pakistan
Karachi, September 27, 2024 – The Federal Board of Revenue (FBR) has recently provided detailed guidelines regarding the imposition of Capital Gain Tax (CGT) on the disposal of assets located outside Pakistan during the tax year 2024-25.
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Interbank Market Opens with 19-Paisa Gain for Rupee to Dollar
Karachi, September 27, 2024 – The interbank foreign exchange market began trading on Friday with a notable 19-paisa gain in the value of the Pakistani rupee against the US dollar, driven by optimism following the approval of a loan from the International Monetary Fund (IMF). The rupee appreciated to PKR 277.50 from the previous day’s close of PKR 277.69 per US dollar.
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FBR Overhauls POS Prize Scheme, Targets Unverified Invoices
Karachi, September 27, 2024 – In a significant move aimed at promoting tax compliance and transparency, the Federal Board of Revenue (FBR) has made sweeping changes to the Point of Sale (POS) Prize Scheme, as announced through SRO 1513(I)/2024 issued on September 26, 2024. The revised scheme primarily targets customers reporting unverified invoices issued by Tier-1 retailers.
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FBR Forms Committee for Single Sales Tax Return for All Sectors
Islamabad, September 26, 2024 – In a significant move aimed at simplifying the tax filing process and improving ease of business in Pakistan, the Federal Board of Revenue (FBR) has formed a new committee to oversee the design, development, and implementation of a single sales tax return (SSTR) system for all sectors. This initiative is part of the FBR’s ongoing reforms to streamline tax procedures across multiple jurisdictions.
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FBR Dismisses IR Inspector Over Inefficiency and Misconduct
Islamabad, September 26, 2024 – The Federal Board of Revenue (FBR) has imposed a major penalty of dismissal from service on Muhammad Furquan Baig, Inspector-IR (BS-16), for inefficiency and misconduct. The disciplinary action was initiated after Baig’s extended and unexplained absence from duty since January 1, 2024.
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RITBA Identifies IRIS Glitches, Seeks Return Filing Date Extension
Islamabad, September 26, 2024 – The Rawalpindi-Islamabad Tax Bar Association (RITBA) has raised concerns over technical issues in the Federal Board of Revenue’s (FBR) online tax filing system, IRIS, and called for an extension of the income tax return filing deadline for the tax year 2024.
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Pakistan’s Foreign Exchange Reserves Increase by $46 Million
Karachi, September 26, 2024 – Pakistan’s foreign exchange reserves witnessed an increase of $46 million during the week ending on September 20, 2024, according to data released by the State Bank of Pakistan (SBP) on Thursday. This rise brings the total reserves to $14.873 billion, compared to $14.827 billion recorded a week earlier on September 13, 2024.
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SAI Elects Office Bearers for 2024-26 Term
KARACHI: The Election Commission of the SITE Association of Industry (SAI), chaired by Muhammad Tariq Yousuf, has announced the unopposed election of key office bearers for the 2024-26 term. Ahmed Azeem Alvi has been elected President, Khalid Riaz as Senior Vice President, and Muhammad Riaz Dhedhi as Vice President.
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KSE-100 Index Drops 590 Points Despite IMF Loan Approval
Karachi, September 26, 2024 – The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) experienced a significant drop of 590 points on Thursday, closing at 81,658 points, despite the positive news of the International Monetary Fund (IMF) approving a $7 billion Extended Fund Facility (EFF) for Pakistan. The index, which had closed at a record high of 82,248 points the previous day, reflected a 0.72% decline by the end of the session.
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