Karachi, July 5, 2024 – The Finance Act, 2024, has empowered the officers of Pakistan Customs to seek assistance from the Intelligence Bureau (IB) for resolving particular cases.
(more…)Author: Shahnawaz Akhter
-
FBR Announces Major Reshuffle of 51 Senior Customs Officers
Karachi, July 4, 2024 – In a significant administrative move, the Federal Board of Revenue (FBR) of Pakistan has announced a comprehensive reshuffle affecting 51 senior officers within the Pakistan Customs Service (PCS).
(more…) -
KTBA Flags Technical Issue Post SRO 350 for Sales Tax Returns
Karachi, July 4, 2024 – The Karachi Tax Bar Association (KTBA) has identified a critical impediment affecting taxpayers’ ability to submit their final sales tax returns following the issuance of SRO 350.
(more…) -
SBP Reports $494 Million Increase in Weekly Forex Reserves
Karachi, July 4, 2024 – The State Bank of Pakistan (SBP) has announced a notable increase of $494 million in its official foreign exchange reserves for the week ending June 28, 2024, reflecting positive inflows from multilateral agencies.
(more…) -
FBR Makes Batch of 27 BS-20 Officers as OSD
Karachi, July 4, 2024 – In a sweeping move aimed at cleansing its ranks of alleged incompetence and corruption, the Federal Board of Revenue (FBR) has relegated a cohort of 27 officers to Officer on Special Duty (OSD) status.
(more…) -
Petrol Pumps Face Shutdown as PPDA Announces Strike on July 5
Karachi, July 4, 2024 – Pakistanis are urged to fill their tanks today as the Pakistan Petroleum Dealers Association (PPDA) prepares for a nationwide strike starting tomorrow, July 5th. The strike, which could last more than a day, comes after failed negotiations between the PPDA and the government regarding a newly imposed tax.
(more…) -
SBP Tightens Oversight on Foreign Currency Accounts
Karachi, July 3, 2024 – The State Bank of Pakistan (SBP) on Wednesday issued a directive to all banks, requiring detailed submissions of transactions conducted through foreign currency accounts (FCA).
(more…) -
SRB Introduces 3% Sales Tax for Hospital Rooms and Beds
Karachi, July 3, 2024 – The Sindh Revenue Board (SRB) has implemented a reduced rate of 3% sales tax on services provided by hospitals for rooms and beds, effective from July 1, 2024.
(more…) -
Finance Act, 2024: Rs100M Penalty for Failure in ITGO Compliance
Karachi, July 3, 2024 – The Finance Act, 2024, has introduced significant penalties for utility providers failing to comply with the Income Tax General Order (ITGO). The government has recommended a penalty of up to Rs 100 million for non-compliance.
(more…) -
Mari Mining Gets Mineral Licenses for Exploration in Balochistan
Karachi, July 3, 2024 – Mari Mining Company Private Limited announced on Wednesday that it has secured mineral exploration licenses in Chagai, Balochistan. The company, a wholly-owned subsidiary of Mari Petroleum Company Limited (MPCL), disclosed this development in a communication shared with the Pakistan Stock Exchange (PSX).
(more…)