Karachi, September 13, 2024 – The Site Association of Industry (SAI) has urged the State Bank of Pakistan (SBP) to lower interest rates to a single digit, calling for a more aggressive approach to stimulate economic growth.
(more…)Author: Shahnawaz Akhter
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KTBA Seeks Exemption for Reporting of Fixed Asset Disposal
Karachi, September 13, 2024 – The Karachi Tax Bar Association (KTBA) has called upon the Federal Board of Revenue (FBR) to introduce an exemption for taxpayers reporting the disposal of fixed assets, highlighting significant procedural challenges faced by taxpayers in complying with current regulations.
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FBR Reveals Withholding Tax for Electricity Bills in 2024-25
Karachi, September 13, 2024 – The Federal Board of Revenue (FBR) has released updated withholding tax rates applicable to electricity bills for the tax year 2024-25.
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Tax Credit for Pension Fund Contributions for Tax Year 2024-25
Karachi, September 13, 2024 – The Federal Board of Revenue (FBR) has announced the tax credit benefits available for contributions made to approved pension funds during the tax year 2024-25. The FBR, in its updated Income Tax Ordinance, 2001 (valid as of June 30, 2024), highlighted the details under Section 63, which governs contributions to pension funds.
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Is Pakistan on the Verge of Introducing Mini-Budget?
Karachi – The Pakistani government is gearing up to introduce a mini-budget aimed at generating an additional Rs650 billion in revenue. This fiscal strategy will primarily target tax evaders and include an increase in the General Sales Tax (GST) on properties, tractors, and other goods.
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Pakistan’s Foreign Exchange Reserves Inch Up to $14.796 Billion
Karachi, September 12, 2024 – Pakistan’s foreign exchange reserves recorded a modest increase of $56 million, bringing the total to $14.796 billion by the week ending on September 6, 2024.
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FBR Empowers Commissioners to Condone Time-Limit
Karachi, September 12, 2024 – The Federal Board of Revenue (FBR) has granted powers to Commissioners of Inland Revenue (IR) to condone time-limits in order to facilitate taxpayers.
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Business Community Terms 2% Rate Cut Too Little
Karachi, September 12, 2024 – The business community in Pakistan has voiced its disappointment over the State Bank of Pakistan’s (SBP) decision to cut the key policy rate by 2%, terming it insufficient given the current economic conditions.
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Pakistan Stocks End Up 366 Points Amid Blue-Chip Buying
Karachi, September 12, 2024 – The Pakistan Stocks closed on a positive note Thursday, with the benchmark KSE-100 index rising by 366 points, primarily driven by heavy buying in blue-chip stocks.
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Rupee Gains 10 Paisas to Dollar on Lower Import Demand
Karachi, September 12, 2024 – The Pakistani rupee gained 10 paisas against the US dollar on Thursday, closing at PKR 278.44 in the interbank market, up from the previous day’s PKR 278.54. This marginal appreciation is primarily due to reduced demand for dollars to pay for imports, especially as global oil prices have sharply declined.
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