Karachi, October 7, 2024 – Pakistan Petroleum Limited (PPL) has disclosed the successful conclusion of a long-standing contractual matter with Midland Oil Company (MdOC) of Iraq, culminating in a strategic settlement agreement concerning Block-8 in Iraq.
(more…)Author: Shahnawaz Akhter
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FBR Imposes Five-Year Limit on Wealth Statement Modifications
Karachi, October 6, 2024 – The Federal Board of Revenue (FBR) has imposed a stringent five-year time limit on the modification of wealth statements. Taxpayers will no longer be permitted to revise their wealth statements after the expiration of this five-year window, a rule that underscores the FBR’s commitment to ensuring timely and accurate tax compliance.
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FBR Announces Exemption from Return Filing for TY 2024-25
Karachi, October 5, 2024 – The Federal Board of Revenue (FBR) has announced exemptions from annual income tax return filing for specific individuals for the tax year 2024-25. The exemption is aimed at alleviating the tax burden on certain vulnerable segments of society, as outlined under Section 115 of the Income Tax Ordinance, 2001.
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KCCI Calls for 2% Reduction in SESSI Social Security Rates
Karachi, October 5, 2024 – The Karachi Chamber of Commerce and Industry (KCCI) has strongly urged the Sindh government to reduce the Sindh Employees Social Security Institution’s (SESSI) social security contribution rate by at least 2%. The appeal comes amid escalating financial burdens on industries due to rising minimum wages and an increasingly high cost of doing business.
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Petrol Prices in Pakistan Plunge by 23.51% Over Past Year
Islamabad, October 4, 2024 – Pakistan has witnessed a sharp decline in petrol prices, with the cost per liter plunging by a staggering 23.51% over the past year, according to data released by the Pakistan Bureau of Statistics (PBS) on Friday. This marked reduction comes as a welcome respite for consumers amid fluctuating global oil markets and domestic economic pressures.
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Pakistan Equities Soar to Record High of 83,532 Points Amid Yields Decline
Karachi, October 4, 2024 – Pakistan equities soared to a historic high on Friday as the KSE-100 index surged to an unprecedented 83,532 points. This significant milestone was fueled by renewed investor confidence following a sharp decline in yields in the secondary market, particularly in government-issued Treasury Bills (T-Bills) and Pakistan Investment Bonds (PIBs).
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FBR Implements Stringent Measures to Enforce Tax Return Filing
Karachi, October 4, 2024 – The Federal Board of Revenue (FBR) has announced stringent measures aimed at ensuring compliance with tax return filings for the fiscal year 2024-25. This decisive action follows the provisions outlined in the Income Tax Ordinance, 2001, which has been updated as of June 30, 2024, empowering the FBR to impose penalties and enforce compliance among taxpayers.
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MD OGDCL Unveils 12% Revenue Growth and Key Discoveries
Karachi, October 4, 2024 — Oil and Gas Development Company Limited (OGDCL), Pakistan’s leading exploration and production (E&P) company, has announced a 12% annual increase in sales revenue for the fiscal year 2023-24, according to CEO and Managing Director Ahmed Hayat Lak.
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Pakistan’s Forex Reserves Hit $16 Billion Amid IMF Support
Karachi, October 3, 2024 — Pakistan’s foreign exchange reserves have surged to nearly $16 billion, marking a significant increase after receiving inflows from the International Monetary Fund (IMF), the State Bank of Pakistan (SBP) announced on Thursday.
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FBR Delegates Powers of Customs Officers to Frontier Corps Balochistan
Islamabad, October 3, 2024 – In a decisive move to combat smuggling across Pakistan’s western borders, the Federal Board of Revenue (FBR) on Thursday delegated key customs powers to the Frontier Corps (FC) Balochistan. This measure aims to curb the illicit trade and smuggling activities rampant in the province’s border regions.
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