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.
(more…)Author: Shahnawaz Akhter
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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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Final Tax Regime Continues for Service Exports in Pakistan
Karachi, July 14, 2024 – Officials of the Federal Board of Revenue (FBR) has said that the export of services will continue to be subject to the final tax regime in Pakistan.
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FTO Exposes Tax Credit Problems in Leased Vehicles
Karachi, July 14, 2024 – The Federal Tax Ombudsman (FTO) has uncovered a significant problem with the withholding tax system for leased vehicles in Pakistan. This issue can lead to double taxation and denial of rightful tax credit for individuals and businesses leasing cars.
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Pakistan Stocks Expected to Rise Next Week Following IMF SLA
Karachi, July 13, 2024 – Pakistan stock market is anticipated to see a positive response in the upcoming week following the announcement of a staff-level agreement (SLA) between Pakistan and the International Monetary Fund (IMF) for a $7 billion Extended Fund Facility (EFF).
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IMF, Pakistan Reach Staff-Level Agreement on $7 Billion EFF
Islamabad, July 13, 2024 – The International Monetary Fund (IMF) and Pakistan have announced a staff-level agreement for a $7 billion Extended Fund Facility (EFF). However, the disbursement of these funds awaits approval from the IMF’s executive board.
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Shipping Companies to Operate on Saturdays for DO Issuance
KARACHI, July 12, 2024 – In line with the Prime Minister’s recent decision to establish a regulatory authority for the shipping sector, a crucial meeting was held under the supervision of Chairman Karachi Port Trust (KPT), Syed Syedain Raza Zaidi.
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SITE Industries Forced to Halt Production Amid Water Crisis
Karachi, July 12, 2024 – The water crisis in Karachi’s largest industrial area, SITE, has worsened significantly, leading to a cessation of water supply to industries and severely affecting production.
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Monsoon Woes: KATI Seeks Action on Drainage, Traffic Flow
KARACHI, July 12, 2024 – With monsoon rains on the horizon, the Korangi Association of Trade and Industry (KATI) is urging local authorities to implement a comprehensive plan to mitigate potential disruptions.
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FBR Directs BS-21 Officers to Submit Asset Declaration
Islamabad, July 12, 2024 – The Federal Board of Revenue (FBR) has directed all BS-21 officers to submit their asset declarations and performance evaluation reports (PERs). This directive applies to officers in the Inland Revenue Service (IRS) and Pakistan Customs Service (PCS).
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