KARACHI: Banks in Pakistan are scrambling to meet the required 50% gross advance-to-deposit ratio (ADR) by the end of 2024 to avoid hefty tax rates, analysts said on Saturday. Failure to meet the target would trigger an additional 16% tax on investment income, a financial blow that many banks are eager to sidestep.
(more…)Author: Shahnawaz Akhter
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FBR Issues New Withholding Tax Card for Exports
Karachi, September 7, 2024 – The Federal Board of Revenue (FBR) has released the updated withholding tax rates for exports, effective from the tax year 2024-25.
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FBR Extends Tax Exemption on Agricultural Income for TY 2024-25
Karachi, September 7, 2024 – The Federal Board of Revenue (FBR) has announced the continuation of tax exemption on agricultural income for the tax year 2024-25.
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PSX Expected to Stay Positive on Anticipated Rate Cut
Karachi, September 7, 2024 – The Pakistan Stock Exchange (PSX) is anticipated to remain positive in the upcoming week, starting September 9, 2024, as market participants look forward to a possible rate cut during the Monetary Policy Committee (MPC) meeting scheduled for September 12.
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KATI Demands Urgent Cut in Interest Rates
Karachi, September 6, 2024 – The Korangi Association of Trade and Industry (KATI) on Friday issued an urgent call for a reduction in interest rates, citing the recent drop in inflation. KATI President Johar Qandhari emphasized the need for a 4% cut in interest rates to align with the current inflation rate, which stands at 9%.
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FBR Issues Tax Rates on Payments for Goods and Services
Karachi, September 6, 2024 – The Federal Board of Revenue (FBR) has announced updated income tax rates on payments made for goods and services under Section 153 of the Income Tax Ordinance, 2001.
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National Foods Sees 26.35% Profit Decline Despite Strong Sales
Karachi, September 6, 2024 – National Foods Limited on Friday reported a significant 26.35% decline in net profit for the fiscal year ended June 30, 2024, despite robust sales growth.
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Deduction for Intangibles under Income Tax Law
Karachi, September 6, 2024 – The Federal Board of Revenue (FBR) has clarified the provisions regarding deductions for intangibles under the Income Tax Ordinance, 2001. In its latest update, issued until June 30, 2024, the FBR has outlined the procedures and rules for the amortization of intangible assets, providing a clear framework for taxpayers.
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PBF Calls on Traders to Boost Economy with Tax Compliance
Karachi – The Pakistan Business Forum (PBF) has called on traders and shopkeepers across the country to fulfill their tax obligations, emphasizing the importance of increased tax collection for long-term economic stability.
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Pakistan’s Total Debt Rises to Rs 69.6 Trillion by July 2024
Karachi – Pakistan’s total debt surged to Rs 69.6 trillion at the end of July 2024, reflecting increased borrowing from domestic and international sources to cover the country’s fiscal deficit.
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