Karachi, August 30, 2024 – The Federal Board of Revenue (FBR) has released the updated guidelines for business income tax for the tax year 2024-25, offering detailed insights into tax obligations under the Income Tax Ordinance, 2001.
(more…)Author: Shahnawaz Akhter
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Iranian Oil Giant Urges Ban on Unofficial Pakistan Trade
KARACHI, August 30, 2024 – Reza Babak Afghahi, Chief Executive of Iranian Ta’min Petroleum & Petrochemical Investment Company (TAPPICO), emphasized the importance of eliminating unofficial trade between Iran and Pakistan, advocating for the enhancement of official trade channels.
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KTBA Demands Swift Changes to Sales Tax Advance Rules
Karachi, August 30, 2024 — The Karachi Tax Bar Association (KTBA) has raised serious concerns about the complications faced by taxpayers in dealing with sales tax on advances, following recent legislative changes.
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KSE-100 Index Adds 138 Points Despite Profit Selling
Karachi, August 30, 2024 — The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) showed resilience on Friday, gaining 138 points despite some profit-taking observed during the trading session. The index closed at 78,488 points, up from the previous day’s closing of 78,350 points.
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SBP Designates Three Banks as Systemically Important for 2024
Karachi, August 29, 2024 – The State Bank of Pakistan (SBP) has announced the designation of Domestic Systemically Important Banks (D-SIBs) for the year 2024.
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Pakistan’s August Inflation May Drop to Single Digits: Analysts
Karachi, August 29, 2024 – Analysts at Insight Research have forecasted a notable decrease in headline inflation for August 2024, with projections suggesting that it may drop to single digits for the first time since October 2021.
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SBP Records $111 Million Increase in Foreign Exchange Reserves
Karachi, August 29, 2024 – The State Bank of Pakistan (SBP) has reported a modest increase in its foreign exchange reserves, marking a $111 million rise for the week ending August 23, 2024. This uptick brings the total reserves held by the central bank to $9.403 billion, up from $9.292 billion the previous week.
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Pakistan Stock Market Surges 357 Points Amid Volatile Trading
Karachi, August 29, 2024 – The Pakistani stock market experienced a robust rally on Thursday, defying initial volatility to close with a significant gain. The benchmark KSE-100 index surged by 357 points, ending the day at 78,350 points, a substantial improvement from the previous day’s closing of 77,993 points.
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Rupee Slumps 19 Paisas Under Foreign Payment Pressure
Karachi, August 29, 2024 – The Pakistani rupee faced renewed pressure on Thursday, succumbing to a 19-paisa decline against the US dollar. The weakening currency was primarily attributed to a surge in foreign payment demands, which outpaced inflows, highlighting the ongoing challenges faced by the country’s economy.
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FBR Announces Deductions for Property Income Tax: What Property Owners Need to Know
Karachi, August 29, 2024 – In a notable update for property owners across Pakistan, the Federal Board of Revenue (FBR) has announced several deductions available under the Income Tax Ordinance, 2001, for calculating tax on income derived from property.
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