Islamabad, September 21, 2024 – The Inland Revenue Service Officers Association (IRSOA) has voiced strong opposition to the Federal Board of Revenue’s (FBR) new transformation plan, expressing grave concerns over its content and execution.
(more…)Author: Shahnawaz Akhter
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Definition of Person – Section 80 of Income Tax Ordinance 2001
Karachi, September 21, 2024 – The Federal Board of Revenue (FBR) has issued an updated explanation on the definition of a “person” for the purposes of tax treatment under Section 80 of the Income Tax Ordinance, 2001. This revision, updated up to June 30, 2024, clarifies who qualifies as a “person” and is thereby subject to tax under the laws of Pakistan.
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FBR Sticks to No Deadline Extension in Return Filing for TY 2024
Islamabad, September 21, 2024 – The Federal Board of Revenue (FBR) has made it clear that there will be no extension for the deadline to file income tax returns for the tax year 2024, emphasizing the importance of compliance among taxpayers.
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KSE-100 Index Shatters Records, Hits 82,074 Points Peak
Karachi, September 20, 2024 – The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) continued its bullish momentum and soared to a record high of 82,074 points, marking a significant milestone for Pakistan’s equity market.
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FBR Enforces Banking Requirement for Property Deals
Karachi, September 20, 2024 — In a significant move aimed at enhancing transparency and combating tax evasion, the Federal Board of Revenue (FBR) has mandated that all immovable property transactions exceeding Rs 5 million must be conducted through the banking channel.
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FBR Flexes Muscles Against Non-Filers of Tax Returns: A New Era of Accountability
The Federal Board of Revenue (FBR) has finally drawn a firm line in the sand, signaling its uncompromising stance against non-filers of income tax returns for the fiscal year 2024.
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Bank Deposits Surge 18% YoY in August 2024: SBP
Karachi, September 19, 2024 – Bank deposits in Pakistan surged by 18% year-on-year (YoY) in August 2024, according to data released by the State Bank of Pakistan (SBP) on Thursday. Total deposits reached Rs 30.78 trillion by the end of August 2024, up from Rs 26.11 trillion during the same period in 2023.
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Pakistan’s Net Forex Reserves Up $31 Million in a Week
Karachi, September 19, 2024 – Pakistan’s net foreign exchange reserves increased by $31 million during the week ending September 13, 2024, according to the State Bank of Pakistan (SBP). The country’s total forex reserves now stand at $14.827 billion, up from $14.796 billion recorded on September 6, 2024.
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FBR Issues Strict Warnings Ahead of Return Filing Deadline
Karachi, September 19, 2024 – The Federal Board of Revenue (FBR) issued a stern reminder to taxpayers on Thursday regarding the upcoming deadline for filing income tax returns for the fiscal year 2024, with warnings of serious consequences for non-compliance.
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Rupee Appreciates to PKR 277.91 Against Dollar as CAD Shrinks
Karachi, September 19, 2024 – The Pakistani Rupee (PKR) showed a positive trend on Thursday, appreciating to PKR 277.91 against the US dollar. This rise comes as a result of the significant contraction in Pakistan’s Current Account Deficit (CAD) during the first two months of the fiscal year 2024-25.
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