Karachi, July 17, 2024 – Pakistan’s bank borrowing surged to an unprecedented Rs 8.56 trillion in the fiscal year 2023-24, marking a 130 percent increase over the previous fiscal year, according to official data.
(more…)Author: Shahnawaz Akhter
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Economic Risks Loom Large for Pakistan, Fitch Warns
Islamabad, July 17, 2024 – Fitch Ratings has raised alarm over the fragile economic state of Pakistan, citing significant risks stemming from both internal and external factors.
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Finance Act 2024: New FED Rates on Foreign Air Travel
Karachi, July 17, 2024 – The Federal Board of Revenue (FBR) has announced new Federal Excise Duty (FED) rates for international air travel, as amended through the Finance Act 2024. The revised rates have been in effect since July 1, 2024.
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FBR Issues Tax Rates for Business Individuals and AOPs
Karachi, July 17, 2024 – The Federal Board of Revenue (FBR) has announced the new tax rates for business individuals and Association of Persons (AOPs) as per the amendments made through the Finance Act, 2024. These updated rates are effective from July 1, 2024, and are applicable for the tax year 2025.
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FBR Notifies Salary Tax Rates Amended via Finance Act 2024
Karachi, July 17, 2024 – The Federal Board of Revenue (FBR) has officially announced the amended salary tax rates as enacted through the Finance Act, 2024. These revisions are set to take effect from July 1, 2024, and will be applicable for the tax year 2025.
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FTO Directs FBR to Conduct Comprehensive WHT Audit of Banks
ISLAMABAD, July 16, 2024 – The Federal Tax Ombudsman (FTO) has directed the Federal Board of Revenue (FBR) to conduct a detailed withholding tax (WHT) audit of commercial banks to address potential revenue leakage.
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FBR Says ATL 2023 Gets Over 5 Million Active Taxpayers
ISLAMABAD, July 16, 2024 (PkRevenue.com) – The Federal Board of Revenue (FBR) has announced a significant milestone, revealing that the number of active taxpayers for the tax year 2023 has surpassed 5 million.
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Bank Deposits of Private Sector Surge by 13.50% in FY24
Karachi, July 16, 2024 – The State Bank of Pakistan (SBP) has reported a significant surge of 13.50% in bank deposits from the private sector during the fiscal year 2023-24, marking a notable increase from the previous year.
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Pakistan Oilfields Strikes Black Gold in Jhandial-03 Well
Karachi, July 15, 2024 – Pakistan Oilfields Limited (POL), a leading oil and gas exploration company, has announced a significant discovery of hydrocarbon reserves at its Jhandial-03 well located in Attock district. This promising development comes after drilling commenced in October 2023.
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FBR Implements New Withholding Tax Regime for Motor Vehicles
Karachi, July 15, 2024 – The Federal Board of Revenue (FBR) has introduced a new withholding tax regime applicable to the purchase or registration of new motor vehicles, marking a significant shift from the previous tax structure.
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