Karachi, May 2, 2024 – Pakistan’s foreign exchange (forex) reserves have shown a modest increase, reaching $13.32 billion by the week ended April 26, 2024, according to the latest figures released by the State Bank of Pakistan (SBP).
(more…)Author: Shahnawaz Akhter
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Pakistan’s Trade Deficit Narrows by 17% in Ten Months of FY24
Islamabad, May 2, 2024 – Pakistan has witnessed a substantial narrowing of its trade deficit by 17 percent during the first ten months of the fiscal year 2024, according to the latest data released by the Pakistan Bureau of Statistics (PBS).
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Pakistan’s Fiscal Deficit Swells 27% to Rs 3.9 Trillion in 9MFY24
Karachi, May 2, 2024 – Pakistan’s fiscal landscape has shown significant volatility, as the nation’s fiscal deficit expanded by 27% year-on-year (YoY), reaching Rs 3.9 trillion in the first nine months of the fiscal year 2023-24, data from the Ministry of Finance revealed.
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Enigma of Tax Litigation and FBR’s failure
The labyrinthine world of tax litigation in Pakistan has long been a subject of acute professional scrutiny and debate. The introduction of the Tax Laws (Amendment) Bill, 2024, by the Pakistani Parliament ostensibly seeks to expedite the resolution of a staggering Rs 2.7 trillion currently mired in the quagmire of income tax tribunals and higher courts.
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FBR Forms Strategic Policy Cell to Steer Finance Bill 2024
The Federal Board of Revenue (FBR) has announced the formation of a dedicated policy cell tasked with shaping the Finance Bill for the fiscal year 2024-25.
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Habib Bank Tops Customer Complaints List in 2023
Karachi, May 1, 2024 – Habib Bank Limited (HBL) has been identified as the bank with the highest number of customer complaints in Pakistan for the year 2023, according to the Annual Report released by Banking Mohtasib Pakistan.
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FBR Set to Revamp Property Valuations by July 1st
Islamabad, May 1, 2024: The Federal Board of Revenue (FBR) is gearing up for a significant overhaul of property valuation tables, aiming to bring them closer to fair market value (FMV) starting July 1, 2024.
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FBR Faces Criticism for Exposing Identity of 0.5 Million Non-Filers
The Federal Board of Revenue (FBR) has stirred controversy by revealing the identity of over half a million citizens who have not filed their income tax returns, according to Income Tax General Order No. 1 issued on April 30, 2024.
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FBR Portal Denies Input Tax Adjustment for Registered Taxpayers
In a recent development that has caused widespread disruption among the business community, the Federal Board of Revenue (FBR) portal is currently denying input tax adjustments to registered sales tax persons, in the wake of the implementation of SRO 350.
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MTO Karachi Achieves 80% Growth in April Tax Collections
Karachi – The Medium Tax Office (MTO) in Karachi has reported an extraordinary 80% year-on-year increase in tax collections for April 2024, according to the latest provisional figures released this Tuesday.
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