As the deadline of September 30, 2024, for filing annual income tax returns for the tax year 2024 draws near, taxpayers in Pakistan are advised to gather the necessary documents to ensure smooth compliance with tax regulations.
(more…)Author: Shahnawaz Akhter
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Disposal, Acquisition of Assets Under Pakistan Income Tax Laws
Karachi, September 19, 2024 – The Federal Board of Revenue (FBR) has provided a comprehensive clarification regarding the disposal and acquisition of assets under Pakistan’s Income Tax laws. The updated provisions, outlined in Section 75 of the Income Tax Ordinance, 2001 (as of June 30, 2024), aim to ensure transparency and proper tax compliance concerning asset transactions in the country.
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Building Transparency: FBR’s Game-Changing ATL Revisions
The recent amendments introduced by the Federal Board of Revenue (FBR) to the Active Taxpayers List (ATL) represent a landmark effort towards promoting transparency and efficiency within Pakistan’s taxation framework.
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Pakistan Witnesses 55.5% FDI Surge in First Two Months of FY25
Karachi, September 18, 2024 – Pakistan has experienced a remarkable 55.5% surge in foreign direct investment (FDI) during the first two months of the current fiscal year 2024-25, according to data released by the State Bank of Pakistan (SBP) on Wednesday. This sharp increase signals renewed global confidence in Pakistan’s economic outlook, driven by various policy reforms and improved investment conditions.
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FBR Announces Major Overhaul to Active Taxpayers List Rules
Karachi, September 18, 2024 – In a significant development, the Federal Board of Revenue (FBR) has unveiled comprehensive amendments to the rules governing the Active Taxpayers List (ATL).
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Banking Sector Grows 11.5% in H1CY24: SBP Report
Karachi, September 18, 2024 – The State Bank of Pakistan (SBP) reported on Wednesday that the country’s banking sector experienced a robust growth of 11.5% during the first half of the calendar year 2024 (H1CY24). In its mid-year performance review, covering the period from January to June 2024, the SBP attributed this growth primarily to an expansion in the banking sector’s asset base, driven by a surge in investments.
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Bulls Take Control as KSE-100 Index Surges 970 Points
Karachi, September 18, 2024 – The Pakistan Stock Exchange (PSX) experienced a strong bullish rally on Wednesday, with the benchmark KSE-100 index surging by 970 points. The index closed at 80,461 points, significantly higher than the previous closing of 79,491 points on September 16, 2024.
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Pakistan’s Current Account Deficit Contracts by 81% in 2MFY25
Karachi, September 18, 2024 – Pakistan’s current account deficit witnessed a sharp contraction of 81% during the first two months (July–August) of the current fiscal year 2024-25, according to a report released by the State Bank of Pakistan (SBP) on Wednesday. The deficit fell to $171 million, compared to $893 million in the corresponding period of the previous fiscal year.
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FBR Explains Duration of Tax Year in Pakistan
Karachi, September 18, 2024 – The Federal Board of Revenue (FBR) has provided a detailed explanation of the duration of the tax year in Pakistan as per the Income Tax Ordinance, 2001, updated until June 30, 2024.
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Pakistan Imports Cars Worth $48 Million in 2MFY25; Jumps 53%
Karachi, September 17, 2024 – Pakistan has witnessed a significant surge in car imports during the first two months of the fiscal year 2024-25, with total imports valued at $48 million.
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