ISLAMABAD, July 16, 2024 – The Federal Tax Ombudsman (FTO) has directed the Federal Board of Revenue (FBR) to conduct a detailed withholding tax (WHT) audit of commercial banks to address potential revenue leakage.
(more…)Author: Shahnawaz Akhter
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FBR Says ATL 2023 Gets Over 5 Million Active Taxpayers
ISLAMABAD, July 16, 2024 (PkRevenue.com) – The Federal Board of Revenue (FBR) has announced a significant milestone, revealing that the number of active taxpayers for the tax year 2023 has surpassed 5 million.
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Bank Deposits of Private Sector Surge by 13.50% in FY24
Karachi, July 16, 2024 – The State Bank of Pakistan (SBP) has reported a significant surge of 13.50% in bank deposits from the private sector during the fiscal year 2023-24, marking a notable increase from the previous year.
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Pakistan Oilfields Strikes Black Gold in Jhandial-03 Well
Karachi, July 15, 2024 – Pakistan Oilfields Limited (POL), a leading oil and gas exploration company, has announced a significant discovery of hydrocarbon reserves at its Jhandial-03 well located in Attock district. This promising development comes after drilling commenced in October 2023.
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FBR Implements New Withholding Tax Regime for Motor Vehicles
Karachi, July 15, 2024 – The Federal Board of Revenue (FBR) has introduced a new withholding tax regime applicable to the purchase or registration of new motor vehicles, marking a significant shift from the previous tax structure.
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FBR Tightens Income Tax Rules on Royalty Payments
Karachi, July 15, 2024 – In a significant move, the Federal Board of Revenue (FBR) has rolled out new tax changes affecting royalty payments, as introduced through the Finance Act, 2024.
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Finance Act 2024 Sets Significant Fines for Tax Filing Delays
Karachi, July 14, 2024 – The recently enacted Finance Act 2024 has introduced significant penalties for failing to file income tax returns on time. This stringent measure aims to enforce compliance and boost revenue collection.
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Pakistan Targets Foreign Entities with New Tax Rules
Karachi, July 14, 2024 – Pakistan has introduced measures through the Finance Act 2024 to capture significant economic presence by non-resident entities in Pakistan, aiming to close tax avoidance loopholes and broaden the tax base.
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Finance Act 2024 Cracks Down on Late Tax Return Filings
Karachi, July 14, 2024 – The Finance Act 2024 introduces stringent measures to curb the practice of filing income tax returns after the due date, signaling a significant shift in Pakistan’s tax compliance landscape.
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Rupee Outlook Against Dollar Brightens After IMF Agreement
Karachi, July 14, 2024 – The outlook for the Pakistani rupee against the US dollar has improved following a recent staff-level agreement (SLA) between the International Monetary Fund (IMF) and Pakistan.
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