Karachi, October 20, 2024 — The State Bank of Pakistan (SBP) has attributed a significant surge in Federal Board of Revenue (FBR) tax collection for the fiscal year 2023-24 to elevated interest rates.
(more…)Author: Shahnawaz Akhter
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FBR Issues Guidelines for Tax Recovery via Property Auctions
Karachi, October 20, 2024 – The Federal Board of Revenue (FBR) has introduced updated guidelines for tax officials outlining procedures for recovering unpaid taxes through property auctions or, in certain cases, arrest of defaulters. These measures are intended to strengthen enforcement and ensure efficient tax collection from those failing to meet their obligations.
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FBR Slashes Valuation of Steel Goods for Sales Tax Calculation
Karachi, October 19, 2024 – The Federal Board of Revenue (FBR) has announced a reduction in the valuation of steel goods for the purpose of calculating sales tax. This adjustment is expected to bring some respite to the sector, which has been grappling with fluctuating input costs and market volatility.
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FBR Clarifies Due Date for Tax Payment under ITO 2001
Karachi, October 19, 2024 – The Federal Board of Revenue (FBR) has provided a detailed explanation regarding the due dates for tax payment under the provisions of the Income Tax Ordinance (ITO), 2001. This clarification is aimed at ensuring taxpayers understand their obligations and comply with deadlines to avoid penalties or surcharges.
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Outlook for Pakistan Stock Market Next Week Starting October 21
Karachi, October 19, 2024 – The Pakistan Stock Market is poised to continue its bullish momentum into next week, starting October 21, 2024. According to analysts at Arif Habib Limited, investor optimism is likely to persist as the result season progresses, with several stocks set to attract attention due to anticipated strong financial performance.
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FBR Orders Swift Action Against Tax Officials Involved in Flying Invoices
Karachi, October 19, 2024 – The Federal Board of Revenue (FBR) has issued a resolute directive calling for immediate action against tax officials implicated in the facilitation of counterfeit and flying invoices within sales tax returns.
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SHC Orders No Affidavit for September Sales Tax Returns
The Sindh High Court (SHC) has issued a pivotal directive to the Federal Board of Revenue (FBR), mandating that companies submit their sales tax returns for September 2024 without the requirement of affidavits from their chief financial officers. This order, articulated by the SHC on Friday, compels the FBR to facilitate the filing process of these returns devoid of the contested affidavits until the next scheduled hearing.
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FBR to Launch New Active Taxpayers List on November 1, 2024
Karachi, October 18, 2024 – The Federal Board of Revenue (FBR) is poised to unveil the new Active Taxpayers List (ATL) for the tax year 2024 on November 1, 2024, marking a pivotal moment in Pakistan’s tax management system.
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KSE-100 Index Drops 335 Points As Profit Taking Continues
Karachi, October 18, 2024 – The Pakistan Stock Exchange (PSX) saw the KSE-100 index fall by 335 points on Friday, continuing its downward trend as investors engaged in profit-taking. The benchmark KSE-100 index closed at 85,250 points, down from the previous day’s close of 85,585 points.
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FBR’s Sales Tax Crackdown Triggers Alarm Among Foreign Buyers
Karachi, October 18, 2024 – Major textile exporters have raised concerns about Pakistan’s international reputation following the Federal Board of Revenue’s (FBR’s) aggressive crackdown on sales tax fraud. The Pakistan Textile Council (PTC), representing leading textile and apparel exporters, has issued a stark warning that foreign buyers are losing confidence in the country’s credibility due to the FBR’s recent actions.
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