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…)Author: Shahnawaz Akhter
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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.
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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.
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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.
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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).
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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.
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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.
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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).
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Prof. Sharif Becomes First Pakistani to Chair WFNS Committee
Karachi, July 3, 2024 – In a historic achievement for Pakistan, Prof. Salman Sharif, Head of Neurosurgery at Liaquat National Hospital & Medical College, has been appointed as the Coordinator of the World Federation of Neurosurgical Societies (WFNS) Committee.
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Motor Vehicle Tax Rates Updated by Sindh Finance Act 2024
Karachi, July 3, 2024 – The Sindh government has issued updated motor vehicle tax rates under the Sindh Finance Act, 2024. These new rates, applicable from July 1, 2024, aim to standardize the tax regime for both imported and locally manufactured vehicles, reflecting the government’s strategy to balance revenue generation with promoting local automotive industries.
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