KARACHI, September 17, 2024 – Pakistan’s food exports witnessed an extraordinary 42% growth during the first two months of fiscal year 2024-25, according to data released by the Pakistan Bureau of Statistics (PBS). Food group exports reached a remarkable $1.01 billion from July to August 2024, compared to $711 million in the same period last year.
(more…)Author: Shahnawaz Akhter
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FBR Issues Withholding Tax Card for Property Sale in TY 2024-25
KARACHI, September 17, 2024 – The Federal Board of Revenue (FBR) has released the updated withholding tax card for property sales for the tax year 2024-25, bringing clarity to tax obligations associated with the sale of immovable properties.
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FBR Determines Fair Market Value for Tax Year 2024-25
KARACHI, September 17, 2024 – The Federal Board of Revenue (FBR) has officially announced the determination of fair market values for assets and properties under the Income Tax Ordinance, 2001, applicable for the tax year 2024-25.
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Pakistan’s Textile Exports Rise 5.37% in First Two Months of FY25
Karachi, September 16, 2024 – Pakistan’s textile exports have witnessed a significant growth of 5.37% during the first two months (July–August) of the current fiscal year 2024-25, according to data released by the Pakistan Bureau of Statistics (PBS) on Monday. The country’s textile exports reached $2.92 billion during this period, up from $2.77 billion in the corresponding months of the previous fiscal year.
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Political Tension Restricts KSE-100 Index to 158-Point Gain
Karachi, September 16, 2024 – Political uncertainty surrounding constitutional amendments weighed heavily on Pakistan’s stock market on Monday, restricting the KSE-100 Index to a modest gain of 158 points. The Pakistan Stock Exchange (PSX) saw the KSE-100 index close at 79,491 points, up from Friday’s closing of 79,333 points.
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Gold Prices in Pakistan Skyrocket to Record High at Rs 268,000
Karachi, September 16, 2024 – Gold prices in Pakistan surged to a new record high of Rs 268,000 per tola (24-karat) on Monday, driven by escalating prices in the international bullion markets.
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FBR Issues SOP for Disposal of Condonation of Time Limit Cases
Karachi, September 16, 2024 – The Federal Board of Revenue (FBR) has officially issued a Standard Operating Procedure (SOP) for the disposal of condonation of time limit cases, aiming to streamline and clarify the process for taxpayers and tax officials alike.
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FBR Reaches 5.6 Million Active Taxpayers on ATL 2023
Karachi, September 16, 2024 – The Federal Board of Revenue (FBR) announced on Monday that the number of active taxpayers in Pakistan has increased to 5.6 million by the week ending September 15, 2024. This marks a notable rise from the 5.54 million active taxpayers recorded in the previous week, reflecting an addition of 60,000 new taxpayers to the Active Taxpayers List (ATL).
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Tax Credit for Investment in Pakistan During Tax Year 2024-25
Karachi, September 16, 2024 – The Federal Board of Revenue (FBR) has announced that companies investing in Pakistan during the tax year 2024-25 are eligible to receive a tax credit under Section 65B of the Income Tax Ordinance, 2001. This initiative aims to encourage companies to invest in expanding, modernizing, and upgrading their industrial undertakings, which will contribute to the overall economic growth of the country.
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Withholding Tax Rates for Telephone and Internet in TY 2024-25
Karachi, September 15, 2024 – The Federal Board of Revenue (FBR) has updated the withholding tax rates on the usage of telephone and internet services for the tax year 2024-25. This update follows the release of the FBR’s withholding tax card for the current tax year, which outlines the applicable tax rates under Section 236 of the Income Tax Ordinance, 2001.
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