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.
(more…)Author: Shahnawaz Akhter
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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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FPCCI Announces Launch of Modern Digital Media Channel
Karachi, September 5, 2024 – The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) announced the launch of a modern digital media platform aimed at addressing key economic, social, and societal issues.
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SBP Records $34 Million Rise in Weekly Forex Reserves
Karachi, September 5, 2024 – The State Bank of Pakistan (SBP) reported an increase of $34 million in its foreign exchange reserves for the week ending August 30, 2024.
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FBR Unveils Rules for FED Collection on Property Transactions
Islamabad, September 5, 2024 – The Federal Board of Revenue (FBR) on Thursday announced new rules for the collection of Federal Excise Duty (FED) on property transactions. The updated regulations were formalized through SRO No. 1376(I)/2024, amending the Federal Excise Rules, 2005, and introducing a new chapter titled “Excise Duty on Property.”
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Rupee Gains 9 Paisas Against Dollar After Three-Day Decline
Karachi, September 5, 2024 – The Pakistani rupee rebounded today, gaining 9 paisas against the US dollar after a three-day decline. The rupee closed at PKR 278.68 per dollar, up from PKR 278.77 the previous day in the interbank foreign exchange market.
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Analysts Anticipate 150 Basis Points Policy Rate Cut by SBP
Karachi, September 5, 2024 — Analysts at Arif Habib Limited forecast a substantial reduction of 150 basis points in the State Bank of Pakistan’s (SBP) key policy rate, projecting the rate to fall to 18% during the upcoming monetary policy announcement on September 12, 2024.
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