KARACHI, July 31, 2024 – United Bank Limited (UBL) posted impressive consolidated earnings of Rs12.1 per share for the second quarter of 2024 (2Q2024), marking a 17% year-on-year (YoY) increase, although reflecting a 7% quarter-on-quarter (QoQ) decline. The results were in line with market expectations.
(more…)Author: Shahnawaz Akhter
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Pakistan Stocks Plunge 742 Points in Wild Trading Session
KARACHI, July 31, 2024 – Pakistan stocks experienced a sharp decline on Wednesday, shedding 742 points amid a volatile trading session.
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FBR Abolishes Holding Period for Immovable Property
Karachi, July 31, 2024 –The Federal Board of Revenue (FBR) has eliminated the holding period concept for immovable properties acquired on or after July 1, 2024. This change marks a substantial shift in the taxation of real estate transactions within Pakistan.
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Exporters to Pay 2% Tax to Withholding Agents: FBR
Karachi, July 31, 2024 – The Federal Board of Revenue (FBR) has announced that exporters must now pay a 2% income tax to withholding agents. This tax is divided into two parts: a 1% minimum tax and a 1% adjustable advance tax.
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FBR Empowers Commissioners to Inquire About Foreign Assets
Karachi, July 31, 2024 – The Federal Board of Revenue (FBR) has empowered commissioners of Inland Revenue (IR) to inquire about foreign assets held by residents, as part of its efforts to enhance tax compliance and transparency.
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FBR Exempts NICOP Holders from Non-Filing Travel Restrictions
Karachi, July 31, 2024 – The Federal Board of Revenue (FBR) has announced a significant exemption for individuals holding a National Identity Card for Overseas Pakistanis (NICOP) from penalties imposed for non-filing of income tax returns.
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Aurangzeb Calls for Broader Tax Net to Ease Burden
Karachi, July 30, 2024 – Pakistan’s Finance Minister Muhammad Aurangzeb expressed concern over the heavy tax burden on salaried individuals and businesspersons during a meeting with the business community at the Karachi Chamber of Commerce and Industry (KCCI) on Tuesday.
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FBR Defers Biometric Verification Implementation to August 31
Karachi, July 30, 2024 – The Federal Board of Revenue (FBR) has postponed the implementation of biometric verification requirements until August 31, 2024, as announced by the FBR Chairman.
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Higher Tax Rates Imposed on Late Filers, Non-Filers: FBR
Karachi, July 30, 2024 – In a bid to ensure timely compliance with income tax filing requirements, the Federal Board of Revenue (FBR) has announced the imposition of higher withholding tax rates on late filers and non-filers. This significant change has been enacted through amendments in the Finance Act, 2024.
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FBR Tightens Tax Exemption Rules for AOPs Under Finance Act
Karachi, July 30, 2024 – The Federal Board of Revenue (FBR) has introduced significant changes to the tax exemption policies for Associations of Persons (AOPs) through amendments in the Finance Act, 2024.
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