Karachi, August 2, 2024 – The Federal Board of Revenue (FBR) has clarified the changes to the capital gains tax (CGT) regime on securities as implemented through the Finance Act, 2024. The FBR issued Circular No. 1 of 2024-25 to detail these modifications, providing comprehensive insights into the updated tax structure.
(more…)Author: Shahnawaz Akhter
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FBR Introduces Progressive Tax Rates for Property Transactions
Karachi, August 2, 2024 – The Federal Board of Revenue (FBR) has announced the introduction of progressive tax rates on the sale and purchase of immovable property, effective from July 1, 2024. This change, brought about through the Finance Act, 2024, aims to create a more equitable tax structure for property transactions.
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FBR Clamps Down on Full Tax Exemption Certificates
Karachi, August 2, 2024 – The Federal Board of Revenue (FBR) has announced new restrictions on Inland Revenue (IR) Commissioners, limiting their authority to issue 100% exemption certificates on payments made to non-residents. This significant change comes in the wake of the amendments introduced through the Finance Act, 2024.
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FBR to Notify Values of Imported Goods for Advance Income Tax
Karachi, August 2, 2024 – The Federal Board of Revenue (FBR) has announced it will soon disclose the values of imported goods for the purpose of collecting advance income tax.
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Pakistan Witnesses 20% Swell in July 2024 Trade Deficit
Karachi, August 2, 2024 – Pakistan has witnessed a significant widening of its trade deficit by around 20% on a year-on-year (YoY) basis in July 2024, according to official data released by the Pakistan Bureau of Statistics (PBS) on Thursday.
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Provincial Tax to GDP Ratio Slips to 0.73%: Finance Ministry
Karachi, August 1, 2024 – The federal finance ministry has reported a decline in the provincial tax to GDP ratio, which has slipped to 0.73% for the fiscal year 2023-24.
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Weekly Forex Reserves of Pakistan Increase by $57 Million
Karachi, August 1, 2024 – Net foreign exchange reserves of Pakistan saw an increase of $57 million on a weekly basis, the State Bank of Pakistan (SBP) announced on Thursday. By the week ending July 26, 2024, the country’s total foreign exchange reserves had risen to $14.392 billion, compared to $14.335 billion recorded the previous week.
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SBP Unveils Risk Coverage Scheme to Boost SME Financing
Karachi, August 1, 2024 – The State Bank of Pakistan (SBP) on Thursday launched a groundbreaking risk coverage scheme aimed at enhancing the financing landscape for Small and Medium Enterprises (SMEs).
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FBR Relaxes Sales Tax Return Filing Conditions
Karachi, August 1, 2024 – The Federal Board of Revenue (FBR) has announced the relaxation of various requirements for filing sales tax returns, addressing the challenges faced by taxpayers following the issuance of SRO 350.
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Pakistan Registers 11.1% Increase in July Headline Inflation
Islamabad, August 1, 2024 – Headline inflation in Pakistan rose by 11.1% in July 2024, according to the Pakistan Bureau of Statistics (PBS). This increase, based on the Consumer Price Index (CPI), highlights a significant economic challenge as the country navigates its fiscal and monetary policies.
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